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News Release

Lisbon

JLL’s residential business grows 37% since the acquisition of Cobertura at the beginning of 2016


  • New Estate Agency opened in Cascais, reinforcing the company’s growth strategy
  • In addition to the increase in sales, the firm won 23 new contracts to market residential developments this year

Sales carried out by JLL’s residential department increased 37% in the 1st semester of 2016 compared with the same period in 2015, the consulting firm revealed in an initial assessment after acquiring Cobertura at the beginning of this year, a company with almost 30 years experience in the premium housing market. This positive performance is also evident in JLL’s growing recognition in this market segment where, since January, was appointed to the sale of 23 new residential developments in the medium-high and high-end segment in Lisbon, Cascais and Porto, on an exclusive or co-exclusive basis.

Focused on its positioning as a market leader in the premium residential segment in Portugal and following the growth strategy that led to this acquisition, JLL launched a new space yesterday to attend clients in Cascais. The estate agency is located in the centre of town, with great visibility and a clear commitment to provide a closer and more customised service, requirements that are increasingly demanded by the public that seeks medium-high and high-end residential products. JLL is currently operating another estate agency in Lisbon, which shall be relocated to a more central location in the city by the end of this year, and intend to further reinforce the firm’s presence in key points for contact with the public in the cities of Lisbon and Porto.

“The performance has been extremely positive and the results have surpassed our initial expectations, confirming that this merger has been a success. We are, therefore, very satisfied with the decision we made”, estates Pedro Lancastre, Managing Director of JLL. “Through the acquisition of Cobertura, we have widened the range of services we provide to include the used residential sale and rental segments, thereby increasing our scope both in terms of services rendered and zones covered, as well as sales channels. This has enabled us to gain the trust of several developers and clients, which has had an obvious affect on our portfolio of developments under sale, currently the largest in the medium-high and luxury segment, and which has made us the player with the broadest range and knowledge of what is being sold in this market”.

Patrícia Barão, Head of Residential at JLL, adds: “This growth is indeed considerable, and it is obviously also being driven by the good phase the residential market is experiencing. This sector is showing unprecedented momentum, not only due to strong international demand, but also growing demand among national consumers. Thus, given the positive prospects for the sector’s evolution, as well as our quality service and capacity to deliver, we believe that, by the end of the year, we will continue to grow not only in terms of sales but of projects under sale as well”.

In the first six months of 2016, JLL/Cobertura sold residential units to buyers with 22 different nationalities, with 35% of the transactions carried out by Portuguese and 65% by foreigners, where Brazilian, French and Middle Eastern clients predominate.
The portfolio of projects whose sale the company is currently managing, on an exclusive or co-exclusive basis, includes a great diversity of medium-high and luxury residential developments located in prime zones in Lisbon, Cascais and Porto, including products that are differentiated both in terms of typology and location, as well as concept, features, price and target, but that stand out as market references in highly valued zones.

At the beginning of 2016, JLL acquired Cobertura to reinforce the firm’s growth in the residential segment, launched by the consultancy in 2015 and considered strategic for its operation in Portugal. In order to position itself as a market leader and offer clients a comprehensive service, JLL currently provides a range of services that include the sale of residential projects, consulting and marketing for this market, covering new and used products for both rental and sale.