The modern co-ownership model that breaks the boundaries of traditional property ownership.

OWNERS introduces an innovation in Greece that transforms the premium real estate market.

In October 2020, Austin Allison and Spencer Rascoff left behind the research company Zillow and decided to focus on an innovative real estate model. They founded Pacaso, based in Silicon Valley, California, which introduced the co-ownership model to the U.S., disrupting the real estate market and establishing a new economy. Its core offering is a unique combination of reduced costs, flexibility, comfort, luxury, and access to investment opportunities in homes and vacation properties.

A success story without borders.

The valuation of Pacaso increased to $1.5 billion in September 2021 after a $125 million funding round led by SoftBank, as it gradually shifted to selling properties to one or more co-owners from the ground up.

Its market penetration is such that in areas like California and Florida, 15-20% of secondary homes are now being acquired through co-ownership models.

The impact has proven strong for local communities, as shown in an EBP study of the U.S. market. ‘Pacaso’s unique approach to home co-ownership provides multiple benefits for the communities in which it operates,’ said Glen Weisbrod, Chairman of the EBP Board of Directors. ‘This includes additional household spending at local stores and services, as well as extra tax revenue, compared to other second homes. We also concluded that, by consolidating multiple owners in luxury homes, Pacaso offers a new option to second-home owners without disrupting local markets.’

In its 2023 'Consumer Housing Trends Report,' Zillow highlighted the growing trend of this model. Half of the buyers (50%) proceeded with a co-purchase with a partner or spouse, while 44% of the 6,500 buyers surveyed identified affordability as the primary motivation for co-ownership.

Does it remind you of timeshare?

It may seem similar to the concept of timeshare, however, these are two different models. The so-called 'timesharing' involves purchasing the right to use the property for a specific period, usually one or two weeks per year, which may not coincide with the preferred vacation period of the buyer.

While the figures speak of a timeshare industry valued at over $10 billion, studies have highlighted how 85% of buyers ultimately regret their decision.

The reason is either that the shares and the investment are devalued over time or that buyers become trapped in an agreement that does not deliver as they initially believed.

The difference with co-ownership

On the other hand, co-ownership allows the buyer to own a percentage of the property.

And not only that. The co-ownership model combines all the elements that ensure the ownership of a share in a home, without taking away the joy and excitement that comes with such a move, along with a series of advantages.

The buyer only pays for the share corresponding to their use of the property, which means significant savings both in purchase and maintenance costs. Unlike traditional ownership, co-owners are required to pay only their share of the maintenance costs, avoiding the financial burden of exclusive ownership of a property.

OWNERS brings co-ownership to Greece.

Seeing how the model works in other countries and due to Greece's high tourism profile, the new Greek prop tech company OWNERS introduces this unique model of premium real estate to Greece, offering the opportunity for up to six different people to acquire their own share in the vacation home of their dreams. And thanks to technology and a full ecosystem of services, they can enjoy all the benefits of the co-ownership concept.

Property management is made simple and efficient through the OWNERS app. The company takes care of all the maintenance and operational processes of the property, while through the app, owners can have full control of their property at any time.

Advantages

You enjoy 80+ refined amenities in every home, and we restock all consumables before each stay. Additionally, there is a dedicated employee available 24/7 from OWNERS – the home manager – who is responsible for scheduling all maintenance and cleaning tasks, overseeing the property, and also offering personalized services upon request, such as a personal chef, scheduling activities, or making restaurant reservations.

And the most important part? Unlike timesharing, with co-ownership, buyers have the flexibility to choose the periods they wish to use the property, based on their personal needs, ensuring a pleasant experience without commitments. You handle all reservations through the app, which updates your calendar instantly.

A Sustainable Solution for All

Modern consumers want a vacation home that fits their lifestyle and their schedule. OWNERS delivers this need with its innovative co-ownership model. It gives you the time you want in a luxury property without the burdens of traditional ownership.

In this way, 2 to 6 families, who do not necessarily need to know or be related to each other, can acquire a share of ownership in a property with corresponding usage rights, sharing the costs of acquisition, taxes, equipment, maintenance, cleaning, bills, and management services.

An Investment Opportunity

Co-ownership creates new opportunities for investors and buyers seeking the flexibility and comfort of a luxurious second home, without the constraints of exclusive ownership. It is no coincidence that in the last five years, the Greek real estate market has seen an increase, with property prices rising by 41.3%. What is even more impressive is that Greece ranks as the 5th most affordable country for a luxury second home, attracting international buyers.

A big thank you to in.gr for the article and for helping us share the exciting concept of co-ownership!