The pandemic and linked rise of remote working have had an increasing number of people wondering whether they should invest in a getaway property.

But, while many people have some savings, most would not have enough to consider serious, high-end luxury, or in a sought-after location, such as the French coast.

But now, two property start-ups in France are trying to change that. They offer second-home hunters the chance to buy a part share in a luxury property – similar to a time share – that will make the dream accessible to more people. The greater the number of investors buying-in, the lower the price.

As well as price, the idea is sold on convenience, since the companies will take care of repairs and maintenance. 

The start-ups Prello and Altacasa both say – for a monthly fee on top of the price of a mortgage – to clean and maintain the property on buyers’ behalf, and to advertise for holiday rents when it would otherwise lie empty.

According to their figures, 13 percent of people in France own a second home, but spend – on average – 40 days or less a year at their getaway property. Meanwhile, some 40 percent of people dream of owning a place in the country or by the sea, or in the mountains.

A single share in a high-end luxury property gives the buyer the right to stay there for 44 nights per year, or an eighth of a year – assuming eight separate ‘buyers’. Two shares would mean 88 days, and so on. 

“The idea is really for the owners to make the most of their property without having to worry about the day-to-day running of the house,” Ludovic de Jouvancourt, co-creator of Prello told Le Parisien.

“And when no owner is at the property, we put it up for seasonal rental. Our profitability varies between 7 percent and 12 percent depending on the time of use.”

They say they try to carefully match investors in each property to cut down on periods when more than one owner might want to use it. 

“We ask detailed questions to each client in order to know their desires so as to put in the same house groups that do not have the same rhythm of life,” de Jouvancourt added. “We will mix couples with children, retired people, single couples… to make sure that periods like school vacations are not overbooked.”