Co-Ownership: A New Trend in Greek Luxury Real Estate

In recent years, the Greek real estate market has undergone a gradual metamorphosis, embracing innovative practices that reflect the digital age. The advent of digitalization and PropTech has become increasingly salient, revolutionizing processes that range from the initial search for properties on digital platforms to the meticulous creation of electronic files. Yet, despite these advancements, the majority of transactions continue to adhere to traditional methodologies: buyers and sellers engage in negotiations through brokers or directly, with the completion of deals often stretching over weeks or even months.

In this evolving landscape, the PropTech company OWNERS has introduced a groundbreaking model: the co-ownership of luxury holiday homes. This trend, which has already garnered remarkable success in more mature markets abroad, is now making its debut in Greece. Among the pioneers in recognizing this burgeoning trend are two prominent Greek real estate brokerage firms: Mykonos Feelings Properties & Services, helmed by Dimitris Economou, and Vergos Real Estate, led by Christos Vergos. They have joined forces with OWNERS, heralding a new era in the industry. As they aptly articulate, Fractional Ownership is not merely a concept of the future; it is a tangible reality in our nation today.

OWNERS undertakes the pre-purchase of properties through specialized entities, ensuring both their legal and technical integrity. The dynamics among co-owners, the allocation of property usage according to their respective shares, and the overarching management are seamlessly facilitated through the OWNERS App—an intuitive application designed to enhance transparency and convenience. This digital platform delineates the relationships among co-owners, stipulating the duration of property usage based on their ownership stakes, all while adhering to a clearly defined legal framework instituted by OWNERS.

Moreover, the management process is streamlined through specialized services, rendering property ownership not only more affordable but also remarkably user-friendly. The advantages of co-ownership with OWNERS are manifold. By distributing the total costs associated with acquiring and maintaining the property, co-ownership significantly alleviates the financial burden on individual owners. The oversight of co-ownership operations is meticulously managed by OWNERS, which provides a user-friendly application to regulate accommodations and facilitate interactions among co-owners. Each property is also assigned an exclusive House Manager, tasked with ensuring both its upkeep and the satisfaction of the co-owners.

In a further testament to the flexibility inherent in this model, co-owners retain the autonomy to divest their stakes at their discretion, unencumbered by restrictions, and guided solely by prevailing market conditions. Thus, the co-ownership paradigm not only democratizes access to luxury holiday homes but also introduces a level of sophistication and ease that is poised to redefine the real estate landscape in Greece.