The Fractional Summit 2009, held at the Hilton Metropole in London in April, gave fractional real estate professionals from around the world an overview of the current state of the industry in Europe with a two-day programme of presentations and real life examples.
Piers Brown, Founder of Fractional Life, who chaired the event, was encouraged by the level of attendance this year, which was around 80% up on last year. “The appetite for fractional ownership in Europe is now well and truly here,” he announced.
One of the highlights of this year’s Summit was a new live case study session where a panel of experts discussed case studies which illustrated a number of issues, from usage plans or the benefits of exchange to resort specific fractional topics. The presentation of each case study was followed by an open forum, with participation from the audience.
The findings of the first ever research paper dedicated to the fractional property market in Europe were also unveiled at the Summit. The report, under the title “Europe: Trends in fractional real estate 2009”, was commissioned by Northcourse Advisory Services and Fractional Life.
The study identified 90 fractional products in Europe in the form of private residence clubs and fractional properties. Over 60% of these are located near the beach or a golf course, although there has been a recent growth in urban properties. Italy was chosen by those interviewed as the most desirable location, and new opportunities were identified in emerging destinations like Croatia.
Of those interviewed, 33% said they were likely and 13% very likely to purchase a fractional property in the future. The remainder 54% said they were not likely to purchase a fractional at present, which highlights the need for increasing awareness of the fractional product. The full report is available from www.fractionallife.com
Other topics covered at the Fractional Summit ranged from luxury fractional ownership and the exclusive fractional jets market to the benefits for developers or what makes a fractional hotspot.
Speakers and panellists were upbeat about the future of the fractional industry despite the economic downturn, pointing at a sustained growth curve in the European fractional property market over the next few years.
The newly-launched Fractional Life Summit Awards were also presented, with Avenio Prieuré, a luxury resort development company in Provence member of The Registry Collection, scooping the Fractional Life Award for Innovation and Excellence, the top accolade in the fractional industry.