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Fractal Homes, a UK-based start-up offering fractional home ownership in European capital cities, has launched a second home co-ownership model aimed at simplifying the purchase, maintenance and upkeep of select properties for GCC residents.
To coincide with the announcement, Fractal Homes has launched a new website and is offering four luxury apartments in London as part of a launch promotion.
According to the UK start-up, the initial focus will be on prime properties in popular west London destinations such as Knightsbridge, Notting Hill, Chelsea, Kensington and Mayfair.
A statement from Fractal Homes said it plans to expand to other holiday and business destinations such as Paris and Madrid next year.
Fractal founders Labib Kaddoura and Wadih Abou Bechara, French and British nationals of Lebanese descent, want to upend traditional second home ownership and make it affordable, accessible and free through their co-managed co-ownership model. worry.
The company provides access to prime real estate at a fraction of its cost; creating a lower entry point for GCC buyers looking to purchase a luxury second home in Europe.
“Our platform makes it easy for buyers to own and enjoy a second home in Europe’s most desirable cities. By dividing each home into eight equal parts, we reduce the initial capital outlay required to buy a home and the often overlooked high property operating costs,” explains Kaddoura.
Through the Fractal app, co-owners can manage every aspect of their property, from arranging accommodation, 24/7 concierge service, to booking private services such as drivers and childcare. Owners also have the option to store personal belongings at the property so they can feel at home, he added.
It said the British start-up saw potential in ski resorts and Mediterranean beach destinations in the future.
“Besides all the maintenance and operational hassles that come with it, buying a second home that you only use for a few weeks a year doesn’t mean much to us, and that’s one of the main reasons we created Fractal,” Kaddoura said.
“Having come from and lived in the Middle East, we have experienced firsthand the benefits of a second home for individuals and families who spend a lot of time traveling between the two countries for business, school and leisure,” Bechara said.
“The attractiveness of European capitals for GCC buyers, combined with good market entry points from the recent appreciation of the US dollar, make now an excellent time for buyers to consider fractional ownership models,” he added.
With a major focus on clients from the region, Fractal will soon expand its presence in the GCC, possibly opening a new office in Abu Dhabi next year.
As part of Fractal Homes’ $30 million seed funding, the equity portion of the financing was led by global multi-stage technology investment platform White Star Capital, and additional debt investment from a private credit fund in London.
“We were immediately impressed with the talent of the Fractal team, who identified a key pain point of homeownership that could be solved through a combination of technology and innovative approaches,” said White Star Capital.
“We are excited to embark on this journey with them, disrupting the property co-ownership model with their scalable solution. Furthermore, the Fractal team’s ambitions align with our view of the growing ties between the GCC region and Europe Very consistent,” he added. –trade arab news agency
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