Ukio to open first apartment in Paris
This January 2023, property startup Ukio will open their first apartment in Paris to the public. The move is the latest in a rapid expansion, which sees Paris as the 5th city where Ukio have apartments available. This will come as good news to landlords looking to rent out their properties, as well as digital nomads looking to spend a few months in one of the world’s most popular cities.
The move has, in part, been made possible by a huge round of funding acquired in November. As reported by Forbes, the company raised €27 million through a combination equity and debt, to continue its growth in Europe. The money raised is already being put to use, as they are looking to increase their presence across Europe.
The company was founded in 2020 by brothers Jeremy and Stanley Forteau, and aims to target remote workers and digital nomads with high quality mid-term rentals. These workers often look to move to a new city for just a few months, so traditional rental options were often inadequate. The brothers have looked to exploit this gap in the market, and their plan seems to have worked so far.
The number of digital nomads looking to move city more freely has exploded in recent years, spurred on massively by the pandemic. A recent Qualitrics report found that 80% of employees looking for a new job feel that the opportunity to live where they want is an important factor to them. 10% said they would probably quit their job if there were no remote working options.
Governments are also jumping on the bandwagon by introducing digital nomad visas, in order to cut down the hassle required to live in a new country. At present 49 countries, including Spain, Germany and Portugal, have introduced this type of visa in order to attract the best young talent to their shores. This is great news, especially for residents of countries from outside the EU. Until recently, these people had to go through a more complicated process if they wanted to move around Europe.
Ukio currently leases over 500 apartments across Europe. Their model for acquiring these properties is to rent them from landlords for 7 to 10 years. During this time they provide a guaranteed income for their landlords, and perform creative renovations, leaving the owners with an upgraded property at the end of the lease.
Initially based in Barcelona, it has taken the company less than three years to expand first to Madrid, then Lisbon and Berlin, and now Paris. Still not satisfied, Ukio already has plans to expand to London by the end of this year, and then beyond.
Their first apartment in Paris is located in the Montorgueil district. The central district is famed for its markets, and cute, vintage streets. They plan to have many more by the end of the year.
Their next destination after London is currently unknown, but with so many people choosing the lifestyle of a digital nomad- one imagines that Ukio’s European expansion will continue for quite a while yet.