You invest
You buy shares in the company that owns the house. You have a stake in the asset, not a right of use or a club membership.
Co-owned holiday homes · Fully managed
Invest in a house. Collect the rent. Spend your holidays there.
From €40,000 you take part in the company that owns a Mediterranean house with a pool. We buy it, furnish it, rent it out and maintain it. Every year you choose: take the full payout, or trade part of it for weeks at the house.
€60,000 invested≈ €3,300 a year (≈ 5.5%)or 2 weeks at the house — worth €3,600 — and ≈ €1,900
If you were going on holiday anyway, doing it this way leaves you about €2,250 ahead.
The model dossier, Casa Mar numbers and risks before you decide. Six places per house. No commitment.
CASA MAR / SELECTED HOME
In 30 seconds
It is rented year-round
We market it, maintain it and report to you. The net income to distribute is split according to your share.
And you live in it too
A week a guest would pay €1,800 for costs you €675 — and you don't pay it now: it comes off your annual payout.
The aha, soon
Your year
Amount
Weeks of use
Your share of the house16.7%
Your annual payout€3,292
Weeks at the house0
What a guest would pay for those weeks€0
Cash yield: 5.5%
You take the full payout. If you want to go some year, you can decide that year.
What a guest would pay is not cash you receive: it is what you save by going yourself. The economic advantage of each week is the gap to the co-owner rate: €1,125. What co-owners pay to use the house goes into the common profit and is shared among everyone, so part of it comes back to you; we do not count that here, so as not to inflate the figure. Simulated figures on the Casa Mar central scenario, before tax.
Selected homeA PROPIA home
Casa Mar01
Casa Mar is a Mediterranean home in Sant Pere de Ribes, ten minutes from the beaches of Sitges. It has a tourist licence, a long rental season and spaces designed for both guests and co-owners.
185 m² of built space on a 620 m² plot, with three double bedrooms, two terraces, a private pool and a shaded outdoor dining area. It is rented for an average of 155 nights a year.
- 185 m² built space
- 3 double bedrooms
- Private pool
- 155 nights a year
Contribution per investor€60,000
Estimated annual payout≈ €3,292
Cash yield≈ 5.5%
6 investors · no mortgage
See how the €360,000 breaks down
Property purchase
€295,000Taxes and purchase costs
€32,000Furniture, fit-out and photography
€15,000Launch reserve
€12,000Legal and administration
€6,000Total project cost€360,000
Six contributions of €60,000. No mortgage financing in this example.
See the costs, line by line
Estimated gross revenue€45,000
−Estimated annual costs€25,250
=Net income to distribute€19,750
Marketing and booking channels (10%)€4,500
Local operations management (10%)€4,500
PROPIA fee (5%)€2,250
Property tax, insurance and fees€3,000
Utilities€2,400
Maintenance, pool and garden€3,600
Replacements and repairs€2,000
Company administration€1,500
Reserve and replacement fund€1,500
Cleaning between stays is paid by the guest, as is standard in holiday rentals: that's why it doesn't appear as a project cost.
Between replacements (€2,000) and the reserve fund (€1,500), the budget sets aside €3,500 every year. Over eight years that's about €28,000 — roughly the scale of a full furniture and equipment renovation. If a major repair exceeds the fund, co-owners would need to contribute proportionally.
Our business is about €2,250 a year per house. That's why we need it to rent well, and for you to come back next year.
See how revenue is derived
The central scenario assumes 155 nights rented a year — 42% occupancy — at an average of €291. It does not assume a fully booked house.
| Season | Nights booked | Average price/night | Revenue |
|---|---|---|---|
| High (Jul–Aug) | 55 | €420 | €23,100 |
| Mid (June, Sept., Easter, long weekends) | 60 | €260 | €15,600 |
| Low (rest of the year) | 40 | €160 | €6,400 |
| Total | 155 | €45,100 |
Sensitivity grid: occupancy × average price → gross revenue
| €260/nights | €295/nights | €330/nights | |
|---|---|---|---|
| 36% (131 nights) | €34,100 | €38,700 | €43,300 |
| 42% (153 nights) | €39,800 | €45,100 | €50,500 |
| 48% (175 nights) | €45,500 | €51,600 | €57,800 |
The August Sunday you don't want to end.
A house where the kids already know where everything is. The table outside, a swim before dinner, the same friends next year. None of that shows up in a spreadsheet, and it is half the reason to do this.
We charge 5% of rental income. Nothing else.
Get the dossierA few PROPIA homes
Homes made to be lived in
Casa Mar
Sant Pere de Ribes · 185 m² · 3 bedrooms · private pool
Ten minutes from Sitges, with two terraces, a shaded outdoor area and 155 rental nights a year.
Project capital€360,000
Reference contribution€60,000
Estimated annual payout≈ €3,292
Cash yield≈ 5.5%
Co-owner weeks3
Casa Pineda
La Molina · 210 m² · 4 bedrooms · garden and hot tub
A timber home with valley views, fireplace, ski storage and 24 weeks of annual occupancy.
Project capital€420,000
Reference contribution€70,000
Estimated annual payout≈ €3,840
Cash yield≈ 5.5%
Co-owner weeks3
Casa Vella
Pals · 160 m² · 3 bedrooms · patio and pool
A restored old-town home with exposed stone, an inner patio and 28 rental weeks a year.
Project capital€240,000
Reference contribution€40,000
Estimated annual payout≈ €2,194
Cash yield≈ 5.5%
Co-owner weeks3
Each home combines a location with proven demand, comfortable spaces for longer stays and a rental operation that works for much of the year.
There is no single future
Four scenarios, the same asset.
Simulated estimates before tax. They are not a guarantee of returns.
| Scenario | Revenue | Per investor | Annual cash | 10-year IRR |
|---|---|---|---|---|
| Adverse | €32,000 | ≈ €1,670 | ≈ 2.8% | negative |
| Cautious | €38,000 | ≈ €2,420 | ≈ 4.0% | 1.5–2.5% |
| Central● | €45,000 | ≈ €3,300 | ≈ 5.5% | 4.5–5.5% |
| Favourable | €52,000 | ≈ €4,170 | ≈ 6.9% | 7–7.5% |
In the central scenario, nominal appreciation of 2% a year would value the property at about €359,600 after ten years. After 5% estimated selling costs, the net share would be roughly €56,930 per investor. Appreciation helps absorb initial costs; it should not be added directly to rental yield.
In the adverse scenario you do not get all your capital back: after ten years you would have recovered about €58,700 of the €60,000 you put in. This is the outcome you must be able to absorb before investing.
An essential distinction
PROPIA and the real alternatives
| An essential distinction | PROPIA | Buying the whole house | Index fund | Treasury bills | Real estate crowdfunding | Timeshare |
|---|---|---|---|---|---|---|
| Capital required | from €40,000 | €250,000+ | from €100 | from €1,000 | from €500 | variable |
| Cash yield | ≈ 4–7% estimated | similar, with more work | ~6–8% historical, volatile | ~2–3% | varies by project | none |
| Can you use it? | Yes, at half net value | Yes, without limit | No | No | No | Fixed allocated weeks |
| Your work | None: fully managed | A lot | None | None | None | None |
| Tangible asset | Yes, via the owning company | Yes | No | No | No (loan or stake) | No: only a right of use |
| Exposure to appreciation | Yes, proportional | Yes | n/a | No | Depends on the project | No |
| Liquidity | Low: annual window and matching | Low | Very high | High | Low | Very low |
| Diversification | Low: a single asset | None | Very high | High | Medium | None |
PROPIA's returns are simulated estimates; the other instruments' figures are historical or market references. None is a guarantee. PROPIA is clearly worse than a fund on liquidity and diversification: if that's what you need, a fund is the better choice.
How we work
Selection, fee and contact.
How we select
- Purchase price below 7 times estimated annual gross revenue.
- Valid, transferable tourist licence, in a municipality with no moratorium in progress.
- Area occupancy above 40% a year with an average nightly rate of €250 or more for six guests.
- Less than 90 minutes from an airport or high-speed rail station.
- No pending structural work: roof, utilities and habitability certificate in order.
- Usable outdoor space and a private pool: what sustains the nightly rate.
- Community bylaws with no restrictions on tourist rental.
- Comparable sales in the last 12 months, so we don't buy into a market with no exit.
And what we rule out: Off-plan new builds, flats in conflictive communities, municipalities with regulation under review, and any price above 8 times revenue.
How PROPIA makes money
PROPIA charges 5% of rental income. Nothing else: no fee on your capital, no entry fee, no exit fee, and nothing for buying the house. If the house is not rented, we do not get paid. And because we earn nothing on the purchase, we have no incentive to overpay for it.
Our fee is just another line in the table, and it is already deducted: the 5.5% we show you is net of what we charge.
5% × €45,000 ≈ €2,250
Direct contact
Write to us and we'll reply within 24 hours. If you prefer, we can talk on the phone before anything else.
propia@calxic.netTransparency before promises
This is real estate. It carries risk and is illiquid.
Income can vary, the property can lose value and selling a share may not be immediate. There are also regulatory, operational, maintenance and single-asset concentration risks.
No guarantees
Returns, occupancy and appreciation are not assured.
A long horizon
This is designed as a long-term holding, not a daily-liquidity product.
Full information
Every opportunity must disclose its budget, risks and terms before any decision.
Exit and liquidity
Annual transfer window. Every January a period opens to sell your share, with a reference value set by independent appraisal (the cost is shared among co-owners). The other five have 30 days' right of first refusal at that value. If they don't exercise it, you can sell to a third party who accepts the shareholders' agreement. If there's no buyer either, the share is not sold that year.
This is not liquidity. Exiting can take months or more than a financial year, and the appraisal price may be lower than what you put in.
Planned structure, pending closure with legal advice on each project.
Governance
- Quarterly report on occupancy, income and expenses; annual meeting.
- Ordinary decisions: executed by the management company within the approved annual budget.
- Extraordinary expense above a threshold (e.g. €3,000): simple majority.
- Sale of the house: reinforced 4/6 majority from year 5; unanimity before that.
- Non-payment: late fee and forced acquisition by the rest at appraisal value with a penalty.
- Special assessments: possible. If the reserve fund does not cover an extraordinary expense, a proportional contribution is required.
Tax
All figures on this website are before tax. The owning company pays corporate tax, and what it distributes to you is taxed as savings income. With the same gross payout, two investors can end up with different net figures. We do not provide tax advice or claim any tax advantage: before investing, your own advisor should review this for your specific case.
Frequently asked questions
What exactly do I buy?
At PROPIA you buy shares in the company that owns the house, in proportion to what you contribute. The house belongs to the company, and you are a shareholder of that company alongside the other five co-owners. It is not a right of use or a reservation of weeks.
Can I use the house in August?
Co-owner weeks are reserved primarily in the mid and low seasons, when the house often would not be rented out anyway: that's why the rate is half the week's net value. High season is shared by rotation among co-owners and valued at market price, because it's what sustains everyone's returns. And when a co-owner uses the house, their rate goes into the common pot: it takes nothing away from the other five.
How many weeks do I get?
In proportion to your share. The model reserves 18 weeks a year for co-owner use, split pro rata: with €60,000 out of €360,000 that comes to 3.
What happens if I want to exit?
There is an annual transfer window with valuation by independent appraisal, a 30-day right of first refusal for the other co-owners and, if they don't exercise it, a free sale to a third party who accepts the shareholders' agreement. This is an illiquid investment: it can take months, and the price may be lower than what you contributed.
Who decides when the house is sold?
The shareholders' agreement. The management company executes ordinary decisions within the approved budget; selling the house requires a reinforced majority of 4 out of 6 from the fifth year onward, and unanimity before that.
What happens if a co-owner doesn't pay their share?
The shareholders' agreement provides for a late fee and, if non-payment persists, the possibility for the rest to acquire their share at appraisal value with a penalty.
Can there be special assessments?
Yes. The annual budget sets aside €3,500 between replacements and the reserve fund, which accumulates to about €28,000 over eight years to renovate furniture and equipment. If a major repair exceeds the fund, co-owners would need to contribute proportionally.
What is my tax situation?
All the figures on the website are before tax. The owning company pays corporate tax, and what it distributes to you is taxed as savings income. With the same gross payout, two investors can end up with different net figures. We do not provide tax advice: your own advisor should review this for your case.
Can I invest through my own company?
Foreseeably yes. We will confirm this on each project along with its documentation.
What happens if the house doesn't rent as well as expected?
In the cautious scenario, with €38,000 in revenue, the payout drops to about €2,420 (4.0%); in the adverse scenario, with €32,000, to about €1,670 (2.8%). The €14,000 in fixed costs don't fall; only the 25% variable share does, because marketing, operations and our fee are charged on what is actually billed.
Where will the houses be?
On the Catalan Mediterranean coast and areas with a long season, a valid and transferable tourist licence and a resale market with recent comparables.
Can I visit the house before investing?
Yes. No project closes without you having been able to see the house and the full dossier with budget, risks and terms.
Who manages the rental?
A local professional operation handles marketing, guest support, cleaning and coordination. Its 20% of revenue — 10% marketing and 10% operations — is already deducted from every figure you see.
How does PROPIA make money?
PROPIA charges 5% of rental income and nothing else: no fee on your capital, no entry fee, no exit fee, and nothing for buying the house. In the central scenario that's €2,250 a year per house, about €375 per co-owner, and it's a visible line in the cost table, already deducted from every figure you see. If the house is not rented, we do not get paid.
What happens if tourist rental regulation changes?
It's a real risk. If tourist rental were restricted, the house would switch to seasonal or residential letting, with income well below the central scenario. That's one reason we only select municipalities with a stable framework and a transferable licence.
What happens to my share if something happens to me?
Shares are transferable by inheritance, subject to the same right of first refusal held by the other co-owners.
What happens if PROPIA ceases to exist or to manage the house?
The house belongs to the owning company, not to PROPIA: your ownership and rights do not depend on PROPIA continuing. The shareholders' agreement allows co-owners to replace the management company by majority vote, and the management contract has a limited, renewable term. The 5% fee is charged against each year's income: there is nothing paid upfront that could be lost.
The dossier
Get the full model before you decide.
The dossier, Casa Mar numbers and key risks in one email.
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