Fractional Ownership – Greek Property Investment on the Cheap?

Fractional Ownership – Greek Property Investment on the Cheap?

Fractional ownership is a relatively new concept, based around the idea of buying a part share in a property. There is a little confusion between fractional ownership and timeshare, but the two ideas are slightly different. Fractional ownership gives you a portion of the deeds, rather than the mere right to occupy the property for a number of weeks in the year. This ownership allows you to take advantage of any rise in value, and promises to avoid some of the pitfalls associated with the notorious timeshare industry. In a way, most Greek properties are fractionally owned, and are often shared between many family members.

Is Fractional Ownership a Good Option in Greece?

As yet, I am not fully convinced that this idea will work in Greece, although I have not found an awful lot of information outside the usual sales hype. If you intend to use the property as a timeshare without the ridiculous management burdens, then fractional ownership may be a viable option. The only problem is that the Greek law appears to make part ownership difficult. Selling any property requires the consent of all of the names on the deed, and I have no idea if you can elect to sell your fraction independently. I have talked to a few lawyers, and they know very little about the legal issues surrounding fractional ownership in Greece. In fact, most of them had never heard of the idea at all!

If you are still interested, then make sure that you have a lawyer look over the fine print, and ensure that there is a way to extract yourself from the ownership. Certainly, there are some reputable fractional ownership agents out there, but many are timeshare companies on steroids.

The other possibility is to look for an alternative. Many people are insistent on buying a luxury property, in a five star resort, but struggle to find a property within their budget. Look for something less fancy, or in a slightly different location, and you may be pleasantly surprised at the price difference.

Certainly, I have not researched deeply into fractional ownership in Greece, so I am going to try to find some solid answers over the next few weeks.