Shares in luxury properties
The property co-ownership model, proven to be particularly popular in recent years abroad and especially in the US, is about to be introduced to the Greek market by the Owners company.
The firm focuses on the purchase of luxury holiday homes, in various regions of the country, such as Mykonos, Paros, Halkidiki, Crete, Arachova, Mani, or even in Attica, providing access to properties worth from 600,000 to 2.7 million euros, at up to one sixth of the cost.
As explained by Kostas Pappas, one of the co-founders of the company, “this is possible through the sale of two to six shares of the same property. Our difference with timeshares, in addition to a complete property management package that we offer, is that with the amount someone pays, they also secure a part of the property, which of course can then be transferred. On the contrary, in the timeshare, all they acquire is the right to use the property.”
Therefore, a property worth €1 million can be acquired for €166,000 by six different owners, who will then share the management costs and of course the time of use.
Each property will be sold fully furnished and equipped. For all the houses listed on the Owners website, the required legal and technical inspection has been completed and they are ready for transfer. After all, as the company’s executives report, for these properties Owners have signed binding preliminary agreements, lasting 90 days, which guarantees the right to purchase if the buyers are found. At a minimum, a transaction proceeds once at least four co-owners are secured. The other two shares can remain owned by Owners, but four owners are enough to activate the pre-covenant. This is followed by the formation of a special purpose company, which buys the property and sells the corresponding shares to the new owners.
Each co-owner has control of the property through a related application, and can use it according to their share, even during peak periods. The platform’s booking system operates on a 24-month rolling calendar, offering booking availability up to two years later.
