A relatively new way for sophisticated travelers to own the vacation home of their dreams at the world’s most idyllic locations, co-ownership, also known as fractional ownership, is gaining popularity in all the more territories and is currently one step from reaching Greece.
The method of ownership begin in the U.S. during the early 1980s – the practice of joining together with family and friends to share ownership of vacation property has been around for many years.
Most recently, however, this breakthrough property owning model has been rapidly evolving in outreach, independence, and flexibility, with the aim to provide a hassle-free, luxurious vacation experience to co-owners who may have nothing else in common but their love for jet setting and a taste for high-end living.
Thousands of properties in the U.S., and most recently Europe, are listed for co-ownership on real estate marketplaces which often have the additional role of coordinating property management, time allocation and personalized services to ensure a smooth and carefree co-ownership experience for everybody involved.
Benefits of co-owning a vacation home
In its most updated version, the concept of co-owning a secondary home anywhere from a vibrant city to a paradisical beach resort, sees a number of unconnected individuals -usually between two to twelve- divide a property into more affordable segments and match each one’s ownership time to their actual usage time of the property.
Multiple owners are exclusively accommodated at different occupancy slots, sharing the number of days or weeks when each can use the property, while maintenance costs are also fairly and equally divided between them, thanks to clearly stated rules and obligations.
In some of the schemes, the property or individual shares can be sold after a predetermined time, distributing the proceeds back to the owner(s).
Roughly put, fractional ownership affords much of the freedom and usage benefits offered in the older timeshare vacation systems; however, the fundamental difference with fractional ownership is that the purchaser owns part of the actual real estate title, as opposed to units of “time”. Fractional ownership also tends to be more flexible in defining each owner’s occupancy periods than the typical timeshare, allowing for shorter and more frequent periods of stays, as well as for shorter notices of arrival.
Last but not least, the fractional ownership model usually targets luxury properties and high-demand locations, which not only offers an upscale vacation experience like timeshare would have rarely aspired, but also contributes to the value increase of the property over time as an investment.
A more affordable way to own luxury vacation homes in Greece
Besides the U.S., co-ownership of vacation homes is already widely known and successful in UK, Spain, and Portugal, while it is also making baby steps in Italy.
With co-ownership having already made its way to the Mediterranean, establishing new habits in the real estate market in the area, Greece will be soon the latest country to welcome this fresh model of vacation home ownership.
A new real estate marketplace, Owners.gr, has just launched with a vision to enable people to co-own their luxury dream secondary home in iconic locations in Greece and enjoy memorable escapades with their loved ones, while the company handles everything else.
Their listings are carefully selected, ready to move-in and fully managed homes, outfitted with all the equipment and replenish items each time the owners visit the property, consisting a premium yet more affordable and practical alternative to conventional ownership.
At the same time, this effort is kick-starting a new product for the real estate agents operating in Greece, who are now able to provide an extra, intriguing proposal for their clients interested in a second home in the country, also securing unique benefits the platform is offering them.
Co-ownership of vacation homes in Greece
Addressed to Greeks in Greece as well as Greeks abroad; expatriates and members of the diaspora; even second or third generation Greeks who would be proud to have their own secondary home in the country of their ancestors -and ideally in their actual place of origin- Owners.gr sets aspiring vacation home owners free from the usual hassle of property maintenance and management, and allows them to focus on their relaxation and enjoyment of their stay in Greece.
It proposes shared ownership of luxury vacation homes between two to six owners per property, ensuring that everyone has enough time to enjoy their ownership.
“We have the pleasure of living in one of the most beautiful countries in the world, where many wish to own a secondary home. But time-consuming legal procedures and the cost of acquisition and maintenance often prevent them,” says Owners co-founder Kostas Pappas.
“A transparent, simple, affordable and innovative model that provides solutions so that anyone can enjoy unforgettable experiences with their family and friends, while someone else takes care of everything else, in a luxury holiday home that they have acquired at a fraction of the total cost, will attract many supporters,” he believes.
