New co-ownership scheme ‘completely different to Timeshare’

A new service launched in the UK this week selling one-eight to one-half ownership of luxury holiday homes insists it is entirely different to the controversial Timeshare system.

Pacaso offers buyers the opportunity to co-own shares. A spokesperson says: “With Timeshares, people purchase only the right to use for a set period of time. With Pacaso, you own a real estate property asset, which you can sell on in the future. It’s completely different.”

Established in the US in 2020, Pacaso launched its first non-US destination in Marbella last November and now operates in 35 locations worldwide, having raised nearly £170m in equity financing. 

Now it’s coming to London with the first property available for co-ownership being a three-bed penthouse flat in Mayfair. 

The publicity material describes it this way: “Spanning over two floors in a period building, the modern home is light and airy with elegant interiors and a cool, neutral palette. The upper level boasts two different outdoor spaces that look out over the historic neighbourhood, which is just steps away from the restaurants and nightlife of Berkeley Square and a short walk away from Hyde Park.”

“Pacaso is thrilled to be launching in the UK which has been on our radar since we first launched in Europe last year” says the company’s global president Razor Suleman. 

“London is an international cultural and business hub, with world-class theatre, dining, and art. We’ve seen an incredible amount of demand already, and are excited to be able to offer people a new way to co-own a luxury home.”

And the company’s chief executive - co-founder Austin Allison - adds: “Co-owning a home is a more responsible way to own a holiday home as it better utilises existing property on the market.

“We are boosting sustainability in the second home real estate market by now helping families purchase and enjoy their homes that would otherwise be sitting empty a majority of the year. With Pacaso, homes have a nearly 90 per cent occupancy rate.”