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The Secret to Affordable Luxury Property: Why Co-Ownership Vacation Homes Are Taking Off
Co-ownership of vacation homes offers a great alternative for those wanting to own a luxury vacation home with a lower capital investment and where everything is taken care of.
The rise of the 'Economy of Sharing'
In the last ten years, the emergence of a sharing economy has modified the way goods are consumed and owned. As reported by Statista, sharing economy services have exploded in popularity over recent years, with the total value of the global sharing economy projected to grow to USD 335 billion by 2025 (from only USD 15 billion in 2014). Personal and dedicated ownership may no longer be the primary way in which consumer needs are fulfilled. From transport to crowdfunding, the sharing economy is now part of every single aspect of the economy. With the idea of home ownership changing and the sharing economy already reshaping the real estate market (coworking, short-term rentals, house sharing, shared storage), the shift could also spill over to second homes, with fractional ownership being the solution to meet the demands of a new type of customers.
Did you know these facts ?
“Only a quarter of second home owners used their home more than four weeks a year.”
"In Southern Europe alone, there are 18 million homes which are occupied only 15% of the time."
"On average, annual running costs stand at $10,000 per year for detached (second) homes."