The Simplest Way To Own A Vacation Home in Greece

A luxury villa as a vacation home in Greece can be acquired for a fraction of the price -and the hassle- via OWNERS, the first co-ownership real estate marketplace in the country. Credit: Owners.gr

OWNERS, a new company specialized in shared ownership, offers a unique opportunity to people from all over the world to own a luxury vacation home in Greece for a fraction of the price -and the hassle- it would normally cost them to buy the entire property on their own.

By acquiring anywhere between one half to one sixth of the property, an owner can enjoy their vacation home exclusively on their selected dates, thus sharing with their co-owners only the ownership title and usage rights, not their stays.

The houses come fully equipped with over 80 appliances and items for full functionality —from plates and cutlery to pool umbrellas, kids’ toys, and bicycles- while each property has a 24/7 house manager responsible for scheduling maintenance, managing cleaning, and inspecting the house. This dedicated employee is also charged with preparing the house for the stays, according to the specific needs and preferences of each visiting owner at any time.

In an interview with the Greek Reporter, founder Kostas Pappas explains how Owners simplifies second-house acquisition in Greece.

Which are the challenges of traditional second-home ownership?

K.P.: From personal experience or through friends, we all know that owning and maintaining a second home often requires significant personal effort and expense for cleaning and upkeep.

A destination that should serve as a haven for relaxation and shared experiences can become just another household obligation.

In other cases, second homes are rented out to cover some of the costs, but the returns often only cover basic wear and tear rather than providing meaningful income.

Effectively, a traditionally-owned second home carries the same expenses as a primary residence, but is used only for 5-6 weeks per year. This raises the question of whether there’s an alternative for those who want a private property for their getaways instead of options like hotels, Airbnb, or monthly vacation rentals.

How is OWNERS different to traditional second-home ownership?

K.P.: OWNERS is a real estate platform introducing the co-ownership model for luxury second homes in Greece. This model, which is well-established in other markets, allows 2 to 6 families, who don’t necessarily know or are related to each other, to acquire ownership shares in a property with respective usage rights. They share the costs of acquisition, taxes, furnishing, maintenance, cleaning, bills, and management services.

Co-owners can each enjoy their vacation home exclusively on their selected dates, thus sharing only the ownership title and usage rights, not their stays. Credit: Owners.gr

Through our platform, customers can find properties to buy shares in at various areas across Greece; city centers, islands and seaside or traditional mountain resorts.

Using the OWNERS app, available on Android and iOS, customers can select the days or weeks they wish to book for their stay up to two years in advance.

They can also communicate with the property’s dedicated Home Manager to arrange their preferences, and access each home’s smart functions. The Home Manager can also book for the owner personalized services upon request, such as a personal chef, activity planning, restaurant reservations, and more. They also prepare the property with specific supplies before each stay, ensuring it is fully functional, with water in the fridge and stocked pantry essentials.

All of the above is included in the annual share price. Therefore, our clients pay only the amount listed on our website and no additional costs for a full year.

Each property’s dedicated Home Manager prepares the property with specific supplies before each stay and can also book for the owner personalized services upon request. Credit: Owners.gr

Is second home co-ownership the same as timesharing?

K.P.: No, it isn’t. The fundamental difference between them is that the co-owner of a second home owns part of the actual real estate title, as opposed to units of “time.” Co-ownership also tends to be more flexible in defining each owner’s occupancy periods than the typical timeshare, allowing for shorter and more frequent periods of stays, as well as for shorter notices of arrival.

It also guarantees single occupancy during stays, which is not always the case with timeshare.

Last but not least, the co-ownership model usually targets luxury properties and high-demand locations, which not only offers an upscale vacation experience like timeshare would have rarely aspired, but also contributes to the value increase of the property over time as an investment.

Overall, what solutions does Owners offer to the market?

K.P.: In a nutshell, with OWNERS, customers can enjoy the benefits of traditional ownership without the full cost of acquisition and maintenance, while they can also access personalized services and professional property management.

They have a home that is always ready to welcome them, their families or friends, and they are even able to purchase shares in properties in different locations and at a lower cost than buying an entire property alone.

In addition, when they decide to sell their share, they can achieve the desired price more easily and quickly than if they were trying to sell a whole property.

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