RIO DE JANEIRO, BRAZIL – QuintoAndar, the startup with the largest real estate sales and rental platform in the country, will hoist its flag in a new Brazilian region. As of Monday, January 18th, properties in Salvador and Recife can be registered for rental on the company’s website. With its debut in the Northeast, QuintoAndar will be present in a total of 30 cities.
“We had an expansion strategy in 2020, but we paused because of the coronavirus pandemic. The news is that we are restarting our plans to enter new cities,” said Thiago Tourinho, partner and director of QuintoAndar.
Salvador and Recife were chosen as the gateway to the Northeast for being the largest capital cities in the region. Tourinho says that the startup is conducting an extensive study to map the rental potential of cities and the experience of local tenants and owners. “These are markets we already know something about. I, for instance, am from Salvador and I know Recife very well, but we have a team doing great work on market research,” he says.
In both cities, QuintoAndar will begin with the most important neighborhoods and will gradually expand its presence to other areas around them. This has been the case in other regions: the platform holds properties in 30 cities, but there are only 12 metropolitan regions in total.
The period for accreditation and registration of real estate officially began January 18th, but it will take approximately two weeks until tenants from Salvador and Recife are able to use the QuintoAndar website. The service is expected to be available in early February. At first, only rental properties will be listed.
2021 different from 2020
Despite the shocks caused by the coronavirus pandemic, 2020 was a good year for QuintoAndar. The platform experienced a drop in the number of rentals in April, when the crisis was still unfolding, but the rebound came sooner than expected.
“At that point, we didn’t know what was going to happen to the economy, but the rebound from the second half of last year was very strong. We have already begun 2021 over the expected, and we believe it will be a year of growth”, said the director of QuintoAndar. He claimed that the advance in 2020 and market maturity in the cities where the platform is already present were major drivers for expanding to new regions.
The purchase and sale of real estate should also grow in 2021. For now, QuintoAndar offers this option only in the cities of São Paulo and Rio de Janeiro. Although restricted to the two major capitals, sales brokerage already plays an important role in QuintoAndar’s revenues. Hence, the goal is to progressively extend the service to other markets, including the two new cities.