Words: Ashley Rigg
Published: 18th May 2010
First fractional resale offering launched on Costa del Sol
A real estate agency in Marbella has launched what it claims is the first fractional resale property portfolio on the Costa del Sol.
Members only: Please Log In or Join to view this article
Source: Global edge
User Comments
Ken Spencer is absolutely right. There are too many misconceptions surrounding fractional ownership; apart from the obvious one of those that say 'it's just timeshare', there are those Developers who see it as a way of shifting stock no one else wants.
This is completely wrong and highlights a huge opportunity for better PR and training in the industry. Fractional is an upsell; the opportunity to buy the very best, at least for the time you will use it, rather than settling for 100% of a property in a poor position and with limited potential to rent or resell.
Peter Mitry,
Egypt Real
I think this is a sensible way forward that puts the needs of the consumer at the heart of the sale, rather than the needs of the developer. Ken Spencer is exactly right that many developers were wooed into thinking Fractional would solve their problems. Taylor Woodrow de Espana is one such case, someone used the analogy that they were given or rushed into buying a car without an engine or map. Fractionalising, if that's a word, individual properties which are in demand therefore seems sensible but purchasers should ensure that the properties are actually owned by the promoter and not on option contracts otherwise if only say 6 out of 10 fractions have been sold, the promoter may never be able to exercise their option to purchase the individual property and the fractional owner could be left waiting forever to use their allotted time, agents commissions may have been paid out from fund received as well. All in all the concept is a good one but look for promoter ownership over promoter option or again as mentioned before this could serve the developer(owner) and not the client.
Guy Tolhurst,
Intelligent Partnership