Pandemic-Weary Luxury Vacation Home Buyers Embracing Co-Ownership

Abstract

Pandemic-Weary Luxury Vacation Home Buyers Embracing Co-Ownership Riviera Maya's Fairmont Heritage Place Mayakoba and its resident-only amenities are convincing many ... [ ] buyers to embrace the benefits of co-ownership. The average vacation home is used just 11 percent of the year, while the homes of one major co-ownership provider are occupied more than 90 percent of the year. Co-ownership with brands like Fairmont offers second home buyers a smart alternative to traditional property ownership, says Jeff Tisdall, senior vice president development, residential and extended stay, Accor. "Co-ownership enables buyers to purchase an interest in a vacation property that is proportional to their ability to use It," Tisdall says. In co-ownership, buyers own the property along with other owners. Co-ownership allows buyers on a less than $500,000 budget to own a far more inviting and luxurious home than they could have purchasing a full-ownership domicile. "The residences available for co-ownership at Mayakoba have been very popular post pandemic," says Kappner Clark, chief marketing officer for RLH Properties, which owns the resort community of Mayakoba and sells the real estate at Farimont Heritage Place Mayakoba.