Berkshire Hathaway HomeServices, Warren Buffet’s real estate division, which specialises in luxury housing, seeks to expand its business on the Mediterranean coast, the Balearic Islands and the Canary Islands after the purchase of a first local agency in Costa del Sol’s Marbella.
According to Forbes, Larvia, which is part of the Petrus real estate group, with offices in Barcelona and Madrid, was the consultancy company chosen by the fourth richest man in the world to gain a foothold in the luxury home market in Spain.
“The company is looking for allies around the world and we are its ambassadors in the country,” explains Luis Rabassa, CEO of Berkshire Hathaway HomeServices Larvia – the new name of his real estate firm – and executive vice president of Petrus.
Larvia, which has an office in Barcelona and four in Madrid, has allowed the US corporation to start operating in these two markets, where high supply and demand for high-end properties exists.
However, Buffett’s real estate agency has taken one more step in regard to its expansion in Spain with the purchase of the Marbella consultancy Value Added Property in July. This agency has a decade of experience and around a dozen workers but will now be named Berkshire Hathaway HomeServices Marbella.
This operation marks its landing on the Costa del Sol, an area that attracts luxury tourism from all over the world, and is a great starting point to continue expanding its business in the country. The group, therefore, continues to seek business opportunities in Spain, with a focus on three specific areas: the Balearic Islands, the Canaries and the Mediterranean coast, which Rabassa describes as “the Florida of Europe.”