Fortunately, there are opportunities to not only own one's very own Paris flat but to share the expenses with a small group of co-owners. Otherwise known as fractional ownership, this concept offers the best elements of time sharing and direct ownership.
Typically, a residence is purchased by a developer who then renovates, decorates and furnishes the property. Each unit is sold to between 4 and 13 owners who can use the residence for a set amount of weeks (however many are purchased). In addition to the purchase price, each owner pays annual maintenance fees to cover utilities, maintenance, wear and tear, and other incidental expenses. This way, each owner can share these expenses while reaping the benefits of an appreciating asset. Additionally, the buildings are managed by a local team that maintains the day-to-day operations of each unit. Many times, these management teams can arrange rental options for the units when not in use so the owners can receive additional income for the property.
You, as the owner, end up with an appreciable asset and a comfortable place to call home while not having to deal with the hassles of maintenance.
There are several companies that offer fractional ownership within the City of Light. Each offers attractive studio, one- and/or two-bedroom units that are tastefully decorated and furnished by professional decorators.
• Co-Investir-Paris offers quarter-share properties that translate to about 13 weeks of flexible use per year. In other words, the owners can choose which weeks throughout the year they would like to use the residence; the schedule is overseen by the management firm. This firm offers two options: one apartment overlooks the Eiffel Tower on avenue Bosquet. The other is at 12 rue des Beaux Arts in the Saint-Germain-des-Prés Quarter on the Left Bank. Cost: Each 13-week share ranges between 250,000€ and 350,000€ (US $359,774 to $503,864).
• DwellParis offers a unit located at 11 rue Cujas in Paris' Latin Quarter. This firm offers four-week fixed shares or permanently assigned weeks. Owners are then free to sell or gift his or her share at any time without restriction or group interaction. Prices for a four-week share start at 60,000€ (US$86,349).
• Paris Fractional Ownership offers L'Abbaye Lutece, a two-bedroom residence and Le Notre Dame, a studio apartment. Both are located next to Notre Dame on the Ile de la Cite. The company not only provides owners with the benefits of fractional ownership, it also offers concierge and daily maid service. Shares are sold in two-week fixed increments. Annual fees, including taxes, insurance, utilities and maintenance, are based on two sets of two-week shares per owner. Prices of two-week shares for L'Abbaye Lutece range from 34,900€ to 54,000€ (US$50,224 to 77,711). Le Notre Dame prices range from 14,900€ to 34,900€ (US$21,442 to $50,224)
• Le Palace des Vosges offers another opportunity for owners to partake in Paris life. Located at 9 Place des Vosges, the three-level apartment provides 81 square meters (872 square feet) of living space. Prices per four-week share range from 138,900€ to 147,900€ (US$199,890 to $212,842). Annual maintenance, taxes and fees are estimated at 2000€ (US$2878) per share.
In Part 2 of this article, you can find out about some larger Paris fractional apartments, that also offer full concierge services.
As additional options several of the destination clubs and equity funds have homes in Paris, including Equity Estates, Exclusive Resorts, Quintess and Rocksure Property. There are also fractional and destination club homes in other parts of France, including the Alps and the South of France.