By Contributing Reporter
SÃO PAULO, BRAZIL – One apartment and 26 owners. This is BKO’s plan for 20 of the 76 properties of the Citizen Paulista development, currently under construction in the upscale Consolação district of São Paulo.
The building was designed for people who do not want to be tied to just one property — or who want to invest but do not have the money to buy an apartment on their own.
Using a time-share model, the same unit may have up to 26 owners, who will need to take turns to use the space. The minimum share costs R$50,000 (US$12,500) and entitles the user to two weeks each year.
The venture’s source of inspiration stems from a similar model that has long been used in the hotel business. In a time-share, the traveler may purchase a fraction of a hotel (or a chain) and be entitled to stay there a few days a year.
Daily usage may be on consecutive or interspersed dates or may be exchanged for accommodation in other properties in Brazil and around the world, through a partnership with a time-share company.
The time-share purchase was regulated in December of last year in Brazil, by Law 13.777/2018.
The regulation states that each fraction of the property must entitle the owner to at least seven days of use. The shares are regarded as individual assets, and their sale does not depend on the agreement of other owners of the property.
In addition to shared ownership, the wave of shared economy has inspired other ways of living, including co-living. This concept ranges from properties divided by people who do not know each other, to buildings with small units and common spaces, such as kitchen, laundry, and co-working areas.