Luxury homes at a fraction of the price: holiday home co-ownership company launches GBP7.3m Mayfair penthouse

A Mayfair penthouse, a Cotswolds chalet with a private roof terrace designed by Philippe Starck, or an Ibizan villa can all be yours for a fraction the price of their multi-million-pound prices. This is thanks to a start up selling co-ownership of high end holiday homes. Pacaso was founded in the USA in October 2020. It buys properties and refurbishes them before turning them into limited liability companies. It then sells them in one eighth increments, upto half a property. Owners have access to the homes for a set number of days per annum — 44 days for a single-eighth share. The first property available is a GBP7.3million three-bedroom duplex penthouse located on Queen Street in Mayfair. Inside London’s first Pacaso home / PacasoA one eighth share costs GBP1,084,000 and requires a minimum 30% deposit of GBP325,200. The next property available is a three-bedroom, GBP1.5 million house in the Lakes By Yoo development in Cotswolds. One-eighth shares will be available for GBP293,250. Razor Suleman, global president, stated that London and the Cotswolds were on our radar ever since we launched in Europe last January. “We have seen a tremendous amount of demand for these destinations and are thrilled to be able offer people a new way of co-owning a luxury home. The company has sold 400 units in 35 locations so far, but it has not always been a popular choice with residents. READ MORE London’s most wealthy renters spend millions on luxury homes with swimming pools to recreate five-star holiday experiences. More than 11,000 properties have been converted to holiday homes during the staycation boom. Free move to Sicily: A restored 1Euro house in Sambuca is looking for an Airbnb host to live in for a year. Mr. Suleman stated that homes purchased through Pacaso 90 percent of the year are occupied by a small number of families who take pride in owning the property and plan to invest in their community over the long-term. All Pacaso owners agree to a code of conduct, and rentals are strictly prohibited. We have found that community members learn more Pacaso and develop warm relationships with their neighbors. They also understand that Pacaso actually solves the problems associated with traditional second-home ownership.