The aging of the population in Portugal is a pressing social issue, particularly for many elderly people who face rising living costs alone, while living on low pensions. On the other hand, older people who own their homes are now, at the same time, owners of properties that have significantly increased in value due to the generalized rise in housing prices across the country. It was in this context that the American startup UZU identified a business opportunity in the Portuguese market: selling homes with usufruct rights. This model allows seniors “to convert the value of their home into quality of life, without having to leave it,” as explained by its CEO, Ellos Campos, in an interview with idealista/news.

UZU Home arrived in Portugal in the summer of 2025. And the first steps of this housing solution have been “accompanied by doubts and concerns,” admits the CEO of the startup, which recently opened its headquarters in Porto. But he demystifies the process by explaining that once seniors and families understand that they can sell their home and continue living in the property for life, the model starts to make sense to them. Especially because “legal security is guaranteed through contracts with public deeds and property registry,” he assures.

“By keeping the usufruct and selling only the bare ownership, they gain immediate liquidity and stability.”

They already have several home acquisition processes underway in Portugal, particularly among “seniors living on low pensions in highly valued homes, but with increasing expenses,” says Ellos Campos, who also highlights this solution for cases of divorce and inheritance distribution during one’s lifetime. And it is real estate investors who are keeping an eye on these properties, especially because they are sold with a discount due to the usufruct, while still offering strong potential for future appreciation.

“The goal is to reach 2026 with at least 100 properties commercialized,” reveals the UZU CEO in this interview with idealista/news. He also shared that the American startup has already begun its international expansion in Peru and wants to transform lives in countries “where there is a mismatch between property values and the financial capacity of families.”

Selling a house with usufruct rights

Ellos Campos, CEO of UZU Home
Credits: UZU Home

The population in Portugal is aging, with more elderly people living alone. What challenges and opportunities does this scenario bring for housing in the country?

The aging of the Portuguese population, combined with increasing financial pressure on elderly people living on modest pensions, creates an urgent social situation. Many seniors struggle to cover basic expenses such as food, healthcare, and energy. All of this while living in properties that, although valuable, are financially underutilized. We identified an opportunity here: enabling seniors to convert the value of their home into quality of life, without leaving it. By keeping the usufruct and selling only the bare ownership, they gain immediate liquidity and stability at a time when the cost of living continues to rise.

“We help people maintain their home and lifestyle while unlocking the economic value of their property.”

How do you assess the supply of senior residences and other housing solutions for the elderly in Portugal? Is it enough to meet demand?

Certainly not — the current supply is insufficient in terms of quantity, diversity, and especially financial accessibility. According to the Portrait of Senior Residences in Portugal, only 11% of units had available openings by the end of 2024, showing the scale of imbalance between supply and demand. Many elderly people cannot afford assisted living facilities or adapt their home to their new needs. And even when they want to continue living independently, their income is not enough to keep up with the ongoing rise in living costs. This is where our model stands out: we help people stay in their homes and maintain their lifestyle while unlocking the economic value of their property. We do not offer a financial product — we offer a housing solution with direct social impact.

Elderly people selling homes

Freepik

What led the American startup UZU to enter the Portuguese real estate market in 2025? And why did you choose Porto for your headquarters?

Portugal offers the ideal conditions for implementing our model: an aging population, a strong emotional and cultural connection to homeownership, and an economic reality where many seniors live on low incomes despite owning highly valued homes. This creates genuine social tension, but also an opportunity for positive impact.

Choosing Porto as our headquarters was strategic. The city has a high density of elderly homeowners, particularly in parishes where property values have risen sharply in recent years, creating a mismatch between family wealth and income. Porto also offers a dynamic real estate market with growing interest from national and international investors, helping us create a “bridge” between those selling bare ownership and those investing in future appreciation.

Another important factor was the strength of the local ecosystem. Porto has strong legal, technological, and real estate talent, with a collaborative environment that supports social innovation. And of course, we have a strong base of partnerships here: C21 Arquitectos, which supports us with real estate mediation, and TELLES, which provides legal support for all our operations.

“Usufruct is lifelong and legally protected, meaning no one can evict them from the home.”

The UZU business model consists of selling bare ownership while allowing seniors to retain usufruct. What are the main advantages of this arrangement? What should be taken into account?

This model allows seniors to unlock part of the value of their assets without leaving the home they have always lived in. At a time when expenses increase while income remains low, this liquidity is often the difference between living peacefully or under uncertainty. With UZU, usufruct is lifelong and legally protected, meaning no one can evict them from the home. Legal security is ensured through contracts with public deeds and property registry, handled by our internal team along with our partner TELLES Advogados. The transaction is conducted transparently and without surprises.

Usufruct rights

UZU headquarters in Porto – Credits: UZU Home

How has the senior population in Portugal received this type of business? Do you sense there is still hesitation? How many homes are currently in your portfolio?

As with any innovation, the first contacts come with doubts and concerns. But once seniors and their families understand that they can continue living in their homes while having money available to cover expenses or improve quality of life, the model becomes completely logical. We know a home is more than an asset — it is part of each person’s life story. That’s why we listen and respect the emotional connection each owner has with their home.

We already have several acquisition processes underway involving seniors living on low pensions in highly valued homes but facing growing expenses. These are clear examples of how UZU solutions can transform lives.

“The value of bare ownership is calculated from market value, minus the value of usufruct.”

What guarantees do you offer homeowners in terms of legal security and long-term stability? Is the usufruct period defined in the contract, or is it lifelong?

We offer legal security to usufruct holders regardless of the chosen arrangement. We work with lifelong usufruct — the most common among seniors who wish to remain in their home until the end of their life — and also with fixed-term usufruct, which makes sense in specific situations such as divorcing couples or people who want to retain a second home without placing too much strain on their family budget.

Regardless of the type of usufruct, all contracts are formalized through public deed, registered with the property registry office, and accompanied by our internal team in partnership with legal advisors. This structure ensures that usufruct rights are legally protected and that all agreed conditions are strictly followed. Contract flexibility is one of our strengths: we adapt to each person’s reality and life goals without compromising security or transparency.

Property deeds with usufruct rights

Freepik

What criteria does UZU consider when selecting properties? How is bare ownership valued? Is it always lower than market value?

We select properties based on location, accessibility, and appreciation potential. C21 Arquitectos ensures that property assessments are accurate. Bare ownership is calculated based on market value minus the value of usufruct, which varies depending on the owner’s age or duration of usufruct, the condition and type of property, and the specific context of the usufruct holder. The “UZU price,” which is published on our platform, serves as the basis for negotiations and is always transparent.

“By selling bare ownership, parents can distribute that value to heirs in an equitable way while retaining the right to live in the home for life.”

Selling a home with usufruct rights can also be a solution in cases of divorce or inheritance distribution during one’s lifetime. How so?

In the case of divorce, selling bare ownership while retaining usufruct is an efficient and fair way to organize family assets without long court disputes. For example, one spouse may receive part of the value from the sale of bare ownership, while the other spouse — typically the one staying with the children — keeps the right of usufruct and may also receive part of the value. In these cases, fixed-term usufruct is common, adjusted to the spouses’ ages and the time needed to ensure stability for the children. This solution minimizes the emotional impact of separation, avoiding sudden routine changes during an already sensitive period. The model provides stability for the person remaining in the home and liquidity for the one needing to start over. It is simple, flexible, and legally secure.

Regarding inheritance, our model has proven to be a powerful tool for seniors who want to help their children during their lifetime while avoiding future family conflicts. By selling bare ownership, parents can distribute the proceeds among heirs in a balanced way, while retaining the right to live in the home until the end of their life. This allows them to anticipate the distribution of assets without losing the security of their home.

Selling a home due to divorce or inheritance

Freepik

Is this type of business attractive to real estate investors? Why? Who are the investors showing the most interest?

Absolutely. Our model is particularly attractive because it allows investors to acquire properties at significant discounts compared to market value, while maintaining predictable future appreciation potential — and accessing properties that are not available on the conventional market. It is a solid-return operation without the complexities and tax costs associated with active rental management.

We are seeing growing interest from private investors with a social conscience and from real estate investment funds focused on strong returns, low risk, and sustainability criteria. These investors value the fact that they can invest in assets that provide financial return while generating real, measurable social impact by helping seniors live with dignity and autonomy.

“The main challenge will be continuing to educate the market, (...) combating misconceptions and showing that it is possible to turn property assets into financial stability and social impact.”

What are your expectations for the development of UZU’s business in Portugal? How many homes do you expect to have on the market, and how many deals do you anticipate closing next year? What challenges do you expect to face?

We began in the third quarter of 2025, and this is proving to be a year of solid portfolio construction in Portugal. We have been meeting with many property owners and investors of various sizes, and the feedback has been very encouraging. The number of properties under negotiation supports this optimism.

Our goal is to reach 2026 with at least 100 properties commercialized, establishing UZU as a reference in this segment of the market. We know that this growth requires not only scale but consistency, with a strong commitment to the satisfaction of both property owners and investors.

The main challenge will be continuing to educate the market, explaining the model clearly, combating misconceptions, and showing that it is possible to transform property assets into financial stability and social impact. We are confident because we have a solid model, strong partnerships, and a market increasingly aware of the urgent need for innovative housing solutions for the elderly population.

Real estate investors

Freepik

Does UZU plan to operate in other countries? Which ones, and why?

Yes, we are already in an international expansion phase. We have launched a pilot project in Peru, a market with different characteristics from Portugal in terms of demographics and other market dynamics. This choice is based on the fact that Peru is a relatively small country in Latin America, serving as a cautious entry point into the continent.

Our focus is on countries where there is a mismatch between property values and the financial capacity of families, and where usufruct can be legally structured, creating real impact on people’s quality of life. The UZU model has enormous potential for positive impact across multiple regions. Our mission is to scale this solution responsibly, adapting it and always respecting the reality of each market.