A different proposal for the acquisition of a luxury vacation home was presented by the newly founded company Owners.
It is aimed at Greeks who are looking for a vacation home with lower acquisition and maintenance costs, expatriates who want a house in their homeland, foreigners who want to visit our country, businessmen who have professional obligations in Greece as well as owners of vacation homes who want to sell a percentage.
According to the co-founder of Owners, Kostas Pappas, the company starts with 4 properties for sale, among others, in Artemisa and Mykonos. Their value ranges from 600,000 euros to 2.7 million euros. Other areas of interest are Crete and Halkidiki, while interested buyers of a share in a vacation home come from Germany, Italy and Bulgaria.
Based on the business plan developed by the co-ownership company, in the first year (2025) the goal is to sell 6 properties and in the second (2026) 12. Based on the estimates of its founders, its income will come from the sale and the management of the properties after their sale while the company is expected to be profitable after the sale of 18 properties. Provided that the whole project is successful, Owners will build their own vacation houses to be sold.
Special Purpose Company
A Special Purpose Company (SPV) is created for each property and interested parties may acquire one or more shares out of the six available. Owners undertake the legal process and then the provision of all management services, providing also the application for arranging the time each owner will be able to spend in the holiday home.
This new ownership model is established in the United States. Owners cited Pacaso as the most important player in the US co-ownership market. 15-20% of secondary homes in prime tourist markets such as California and Florida, according to Pacaso, are now being purchased through condominium models, while the resale of shares in co-owned properties is on the rise, with many shares increasing in value by up to 10% over time.
A RE/MAX survey in 2023 recorded that 67% of Greek respondents consider co-ownership to be a smart response to rising property prices, especially in popular holiday destinations. Accordingly, 65% of Europeans would consider co-ownership.
High interest is recorded from Eastern and Southeastern European countries, such as Turkey and Romania.
