Dils enters the Spanish market with Lucas Fox, market leader in the residential sector

Dils has agreed to acquire a majority stake in Lucas Fox, Spain’s leading independent real estate player with 20 years of experience in the market known for its focus on the sale of premium residential properties. The transaction is expected to close within the first quarter of 2025.

Founded in 2005, Lucas Fox has established itself one of Spain’s largest and most recognised real estate businesses, playing a key role in the country's most important markets. With gross revenues exceeding 30 million euros (including franchising), the company employs more than 250 professionals, operating across Spain from its headquarters in Barcelona and offices in key cities including Madrid, Valencia, and prime lifestyle destinations such as the Costa Brava, Costa del Sol and Costa Blanca.

Dils, a leading European real estate group headquartered in Italy, focuses on driving the transformation of the real estate sector through digital innovation and technology. The company has outlined a significant investment plan for Spain, aiming to accelerate growth and transform the residential sector, with a focus on new developments, while also expanding into commercial real estate services, including offices, retail, logistics, and hospitality. The goal is to grow the team countrywide to approximately 400 people over the next three years. Madrid is also a primary focus, with plans to strengthen its presence in the city through substantial investments and by attracting top professionals and talent.

The strategic partnership with Lucas Fox enables Dils to introduce its unique business model to Spain, having been developed in the Italian market and successfully exported to the Netherlands and Portugal. The focus is on strong innovation-oriented expertise and the ability to anticipate market trends in various real estate asset classes, thanks to a team of highly experienced professionals and the use of advanced digital technologies. To this end, Dils will leverage its in-house Transformation Team of 70 professionals specialising in Technology, Marketing & Digital, Graphic Design 3D Visual, Research & Data.

According to Dils’ Team Research, from 2019 to 2023 there has been an average of 560,000 residential transactions annually and in 2024, the Spanish residential market recorded 642,000 transactions, marking the third-highest figure in history.

The residential markets of Madrid and Barcelona are among the most dynamic in Europe, with strong prospective for future growth in values and the Spanish coastline continues to be one of the most attractive destinations for international lifestyle buyers, with growing interest from non-European buyers. Spain presents significant potential across major commercial asset classes, with nearly 60 billion euros of investments recorded in the last five years, including 14 billion euros in 2024. As one of Europe’s most attractive real estate investment destinations in 2025, it continues to see strong demand. The hospitality sector remains a key focus, driven by Spain’s robust tourism industry and the country is a prime destination for private capital and UHNWI investment, especially from Northern European, US and Latin America.

“We are very proud to welcome the exceptional team of talented professionals, who have worked to make Lucas Fox a market leader in residential real estate in Spain”, stated Giuseppe Amitrano, Group CEO of Dils. “The strategic partnership we have signed marks a key milestone for Dils in consolidating our international expansion plan initiated in 2023. Our collaboration with Lucas Fox and ongoing expansion makes Dils an independent and innovative player at a European level with a multidisciplinary team of over 600 people in four countries and revenues expected in excess of 100 million euros. Our attitude when entering new markets is to offer best-in-class services to our clients, combining local expertise with our insights, competencies, and technologies.

The goal is to continue with our investment and consolidation program in the countries where we are present (Netherlands, Portugal and Spain in addition to Italy) and to expand in other countries such as France, Germany, Poland and the UK, to become a new independent, smart, and alternative player in the European real estate market”.

Alexander Vaughan, cofounding partner of Lucas Fox, added: "The partnership with Dils represents a new and exciting chapter for Lucas Fox. Over the years, we have built a leading company in the Spanish luxury real estate sector and earned a solid reputation, both for the professionalism of our people and the best-in-class service we offer to our clients. The expertise of Dils, with whom we share values and a long-term vision, will propel us to new levels of success while preserving the essence of the business we have built so far. We are very excited to be part of Dils’ ambitious project to become the leading pan-European real estate services company, and together we will thrive within the dynamic environment that awaits us."