A fraction of the price

Spanish property developer Taylor Woodrow de Espanahas converted 16 of its unsold residential units on its Las Encinas de los Arqueros and Los Robles de los in Andalucia into fractional units, in order to satisfy greater demand for cheaper homes in Spain...

The developer hopes that the fractional property model, which allows people to purchase shares or the time they require from a property asset, will help boost sells during the current Spanish property market downturn.

Unlike timeshares, fractional ownership allows people the means of physically owning a percentage of a property, with the rights to sell the shares in the property on in the future.

The developer believes that with a drop in property prices across Spain, and a lack of buyer liquidity, the new model will help shift stock across the country.

"It is also a more eco-friendly option as properties are not left empty for long periods during the year," said a spokesperson. "This is an innovative way for Taylor Woodrow to tackle the problem of oversupply in Spain positively."

Research conducted by Taylor Woodrow shows that owning a holiday home is still the primary reason for consumers looking to buy in Spain in 2008.

Source: www.homesoverseas.co.uk/news