Based on the widely established concept of "Managed Co-Ownership" in the USA, MYNE makes the dream of owning a luxury holiday home a reality – with professional management and at a fraction of the usual costs for purchasing and maintaining a property. With the "Managed Co-Ownership" model, 2-8 co-owners with complementary usage preferences share a dream holiday property. This involves true property ownership, which is registered in the land registry and can be resold. Each MYNE co-owner only bears the proportional costs for the purchase and maintenance of the property but can use it flexibly and comfortably according to their preferences. Paying 100% of the property price but only using it for a few weeks a year is now a thing of the past. This model is growing in popularity, especially with holiday properties in desirable vacation regions.

Advantages of Co-Ownership

Co-Ownership offers a range of advantages, making it an attractive alternative to sole ownership, particularly for holiday properties.

a) Lower Purchase Costs

One of the greatest advantages of Co-Ownership is that the purchase costs of a property are shared among multiple owners. Instead of paying the full price for a holiday property, you acquire only a fraction that corresponds to your personal usage. This makes access to high-quality properties in prime locations more affordable.

b) Shared Maintenance Costs

In addition to the purchase costs, ongoing expenses such as operations, maintenance, insurance, and taxes are also shared among the co-owners. This significantly reduces the financial burden for each individual, compared to owning the property outright.

c) Better Property Utilisation

Holiday homes in sole ownership are often left empty for most of the year. With Co-Ownership, the property is used by several parties, improving occupancy and reducing vacancy. A study by EY suggests that Co-Ownership could reduce the vacancy rate of holiday homes from the current 80% to 40%, bringing both economic and ecological benefits.

d) Flexibility in Usage

Although the property is shared among several people, many Co-Ownership models offer reservation systems that allow most desired times to be booked. With complementary usage preferences, premium properties in desirable locations equipped for year-round use, and a sophisticated reservation system, up to 75% of your desired usage times can be realised with just one share.

e) Potential for Capital Appreciation

Since Co-Ownership involves real property ownership, co-owners benefit from potential capital appreciation, particularly in sought-after areas such as Palma de Mallorca and its surroundings, where stable growth has been observed. According to a report by Engel & Völkers, the average price for an apartment in Génova is €1 million. In popular areas such as the historic centre, Portixol, and Es Molinar, prices remain stable between €700,000 and €800,000. Prices in neighbourhoods like Santa Catalina and San Agustín continue to rise, ranging between €600,000 and €700,000. This trend shows moderate but steady growth, offering long-term investment opportunities that extend beyond just the use value.

f) Professional Management

Managed Co-Ownership models, like those offered by MYNE, provide an all-inclusive management service. This means that owners do not need to worry about maintenance, management, or coordinating service providers – everything is professionally managed, allowing co-owners to simply arrive and enjoy a completely relaxing stay.

Disadvantages of Co-Ownership

Despite the many advantages, there are also potential drawbacks to consider with Co-Ownership.

a) Limited Usage

If you plan to spend more than six months a year in your holiday property, the Co-Ownership model may not be ideal for you, as the property is used by several co-owners. Although platforms like MYNE take care to select co-owners with complementary usage preferences, there may still be restrictions during peak holiday times.

b) Potential Main Residence

Co-Ownership may not be suitable if you intend to make your holiday property your main residence in the long term. As the property is divided among several owners, it cannot be used continuously throughout the year.

c) Reduced Control over Management

If you prefer to manage the running costs, maintenance, and upkeep of your property yourself, Co-Ownership may not offer the level of control you desire. Management and maintenance are usually handled by a third party, which eases the burden but limits direct influence over decision-making.

d) Need for Coordination among Co-Owners

Co-Ownership requires a certain level of coordination and collaboration among the co-owners. Decisions regarding usage, maintenance, and potential renovations often need to be made collectively, which could lead to conflicts if there are differing opinions. However, platforms like MYNE facilitate this process by handling communication and organising decision-making based on majority votes.

e) Longer-Term Commitment

If you wish to sell your share of the property, this may take some time depending on the market and demand. With sole ownership, you have the option to sell the property at any time through an agent or privately. In Co-Ownership, platforms like MYNE also offer support by managing the sales process and accessing a waiting list of interested buyers.

Who is Co-Ownership right for?

Co-Ownership is particularly suitable for people who want to realise the dream of owning a holiday home without bearing the full costs and responsibility for maintenance and management. It is an attractive option for:

• Those who wish to use or rent their holiday home for 1-6 months a year.

• Those who only want to pay for the purchase and upkeep of their holiday property based on their usage.

• Those who prefer to enjoy their holiday property without dealing with management, maintenance, and upkeep.

• Those who want to effortlessly own properties in various locations, both domestically and abroad.

• Those who want to combine emotional return with potential capital appreciation.

Co-Ownership is ideal for anyone who wants to own and enjoy holiday properties without the high costs and responsibility of sole ownership.

The Pros and Cons of Co-Ownership

Co-Ownership offers a smart way to own high-quality property without bearing the full financial and organisational burden. It provides many advantages, such as shared costs, potential capital appreciation, and professional management. However, it also presents challenges such as the need for coordination and reduced control. For those seeking a flexible and cost-efficient solution to fulfil the dream of owning a holiday property, Co-Ownership could be the perfect option.