Not only that, but the properties are often of a higher value and larger than many individuals would otherwise be able to afford – meaning members can enjoy a millionaire lifestyle at a fraction of the cost.
The idea of fractional ownership clubs has been around for a while, but they feel particularly relevant right now. Over in the US, Pacaso has seen Hollywood stars and retired NFL players sign up, tempted by the opportunity to make their money go further and not have the upkeep of an empty property to contend with. In Europe, The Hideaways Club is leading the field. The way it works is simple: members all own equity shares in the fund which means they co-own all the villas in the club’s collection, which are located in 30 destinations around the world (though mainly around Mediterranean Europe). With The Hideaways Club, they can also dip into a portfolio of houses from partner outfits, in order to have more choice of holidays further afield in the US, Caribbean and Asia.
Selecting from a sliding scale of investment options depending on holiday needs, members use a points-based system to book in advance or take advantage of last-minute availability. Membership covers all maintenance and costs, along with housekeeping, and includes the know-how of a clued-in, locally based property manager for each home, as well as a concierge service that can arrange anything from private chefs and yoga sessions to a private tour of art galleries.
The benefits for members, who are buying into a lifestyle as much as a bricks-and-mortar house, are clear. Compared to buying a second home outright, it involves a lower capital investment, and brings far more flexibility and choice. They can choose a house according to character and size, and tap into the services of a concierge service that goes above and beyond anything you’d get at a five-star hotel. And behind it all is the reassurance that they are investing in properties spread across different countries, which minimises the risk.