The concept of co-ownership of luxury vacation homes is being introduced to the local real estate market by ‘Owners’ a new real-estate company.
The concept allows for the buying and selling of luxury homes with full management by more than one buyer. Owners can acquire between 1/6 and 1/2 of a home.
This is the second time that the idea of co-ownership is being explored in Greece. The first time was two years ago when the company Flyway, offered ownership in urban homes through a more advanced form of multi-ownership, allowing buyers to purchase between one and six shares out of 12 for a single home.
However, Owners Proptech S.A. is a purely Greek initiative, the sixth such company in Europe and the only one offering shares that can be divided among up to six owners.
According to data from a 2023 RE/MAX survey there is a high percentage of interest amongst prospective buyers- 65% of Europeans expressed interest in co-ownership, with 67% of Greeks also open to this model. This places Greece in ninth place in Europe in terms of interest, behind Turkey, Romania, Slovenia, Poland, Bulgaria, Croatia, Ireland, and Portugal.
The concept is particularly developed in other countries, such as the U.S., while in Italy, homes are sold in 12 shares and in France homes can be divided into 24 shares across three properties in three different countries.
The properties that are for sale undergo technical and legal pre-screening to ensure they are in good condition, without liens or unresolved issues. Homes are then listed on the company’s platform for 90 days, giving potential buyers the opportunity to asses them and express their interest.
Through a series of safety mechanisms, up to six owners can use their vacation home according to their share, all managed through the Owners app.
The target market for co-ownership includes Greeks who wish to acquire holiday homes at a low cost, foreign clients and business people.
The shares are transferable, inheritable, and can be sold after three years, following a meeting of each Special Purpose Vehicle (SPV).
