In Tuscany, Italy for instance, there has been a twenty to thirty percent (20%-30%)increase in the number of properties sold through fractional ownership.
Piers Brown from Fractionallife.com has said:
“100% ownership, count me out. If you consider yourself financially astute in these uncertain times, fractional ownership is for you.”
It’s clear during challenging economic times, consumers tend to reassess what’s important to them and man are not choosing whole ownership of Luxury items like houses, boats and aircraft.
People are placing more emphasis on enjoying quality time, new discovery and experiences.
Fractional ownership may be for those who desire the experience of wealth and an element of ownership, without the obligation that comes with it 100% ownership. 100% ownership to some is not the privilege, access is”.
Our Luxury Real Estate partner, Jim Walberg, of Caribbean Island Realty – an expert when it comes to fractional ownership – recently commented that Caribbean fractional sales have been being the “shot in the arm” for a healthy Caribbean real estate market for the past 13 months.
Jim, a fellow Regent, states that “the Buyers are coming from Chicago eastward to the Atlantic states – 80%, from eastern Canada, and from Europe – the remaining 20%. Over half of the purchases are all cash with the remaining Buyers are securing some type of financing”.
In recreation and lifestyle areas throughout Australia, fractional ownership is gaining momentum and Marquette Turner Luxury Homes is currently offering several overseas based developments where fractional ownership is an option.
I am aware of some Australian opportunities which are being discussed and look forward to releasing more information when it becomes available.