Reimagining European Vacation Homes: Inside the 21-5 Co-Ownership Model

In today’s increasingly mobile world, affluent individuals seek more than just a traditional second home. They seek flexibility, quality, and access to premium properties in diverse destinations - all without the complications of sole ownership. Danish company 21-5 offers an attractive solution: a co-ownership model that provides access to five luxury homes across Europe, tailored to a discerning clientele who value simplicity, efficiency, and lasting value.

With a growing presence and a proven track record, 21-5 offers an equity-based ownership model designed for long-term enjoyment and appreciation. For those considering alternatives to conventional property investment or second-home ownership, 21-5 provides an appealing proposition.

Company Background

Launched in 2011 in Denmark, 21-5 was created by husband-and-wife team Laila and Anders Køj, two entrepreneurs who identified a market need among families that desired multiple vacation homes but lacked the time or interest in managing the burdens of ownership. Their idea was simple: create a co-ownership structure where like-minded families could jointly own five fully managed vacation properties, all while maintaining legal ownership and long-term access.

The name “21-5” reflects the concept: 21 families sharing 5 homes, providing ample access while spreading costs and responsibilities. The company has since grown from a novel idea into a sophisticated platform, managing dozens of owner associations across Europe. As of 2025, more than 1,400 families have invested through 21-5, with over 300 homes acquired and operated under its model.

Associations now include a wide range of property types - from beachfront villas in Southern Spain to chalets in the French Alps, city apartments in Paris, Rome, Cannes or Barcelona, and restored farmhouses in Tuscany. Each home is carefully selected and renovated to high specifications, often located in iconic or culturally rich areas.

The 21-5 Ownership Structure

At the core of the 21-5 concept is its owner association structure. Each group of 21 families forms a legal entity, a limited liability company, established solely for the purpose of owning five distinct vacation homes.

Ownership is equity-based, not usage-based. Families become true co-owners of the properties, with their investment secured by real estate. Families have an average of 12 weeks each year, and they book through a flexible online booking system. Families with schoolchildren usually book 5-7 weeks every year - typically in the peak, school holidays. Families without schoolchildren often book more weeks, up to 15 weeks or more, these weeks are usually booked in the shoulder seasons. Weeks are split across the five homes, offering a curated portfolio of experiences - from sun to snow, city to countryside.

Importantly, 21-5 is not the owner or developer of the homes. The company acts as a professional advisor and manager, handling all aspects of property selection, acquisition, renovation, furnishing, administration, maintenance, and even resale of shares when needed. This arms-length, conflict-free relationship allows the company to act purely in the owners' best interest.

Costs are transparent and shared: each family pays a one-time capital contribution (typically ranging from €300,000 to €1 million+ depending on the association tier), plus an annual fee covering maintenance, local taxes, insurance, and management, and a cleaning and utilities fee for each stay.

When an owner wants to leave their association, they can either sell their share themselves, or 21-5 offers a proven resale process. Resale shares are available on the 21-5 website, with most resales completed within a few months at market value. Shares can also be passed to children, accommodating long-term family usage.

Recent Owner Associations and Properties

21-5 continually launches new owner associations based on demand, investor interest, and strategic location analysis. Each group is tailored to a specific tier of investment, typically divided into four levels:

“Family” associations: Entry-level investments (~€309,000 per family), featuring charming, well-located homes in Southern Europe.
“Large” associations: 3-4 bedrooms (~€445,000), often with more spacious properties or prestigious addresses.
“Grande” associations: Exclusive offerings, with 4-5 bedrooms (€795,000+), featuring villas, estates, and large properties with panoramic views and premium amenities.
“Beyond” associations: The latest level of association, offering particularly unique homes, (€3,500,000), with fewer families per home, which allows for even more flexibility. The overall quality of things is simply beyond.

Anders Køj tells SherpaReport that 21-5 is focusing more on the bigger associations in the future and notes, “going forward, we'll probably do around 10 new groups a year.” And these more recent associations tend to have a much more international owner base with Danish, Belgian, German, Dutch, American, Canadian, South Africans, and Australians, amongst the owners, says Anders.

Homes in Recent Associations

A few examples of recent home additions include:

• Chamonix, France – A ski-in/ski-out chalet near Mont Blanc with dramatic mountain views, private sauna, and four-season usability.
• South of France: A unique stone villa with soul, charm and breathtaking views in the heart of Provence.
• Mallorca: beautifully secluded yet within walking distance of the cafés and restaurants in Deià, on the west coast of the island.
• Tuscany: A classic Tuscan gem in an exceptional location in the coveted hills of San Gimignano.
• Barcelona: Perfectly located apartment in the heart of Barri Gòtic, where you are surrounded by city life and just a short walk from the beach.
• Mallorca: seafront with its own private steps to the azure Mediterranean.

Properties are fully renovated and furnished with custom interiors and curated art, before they are available for owners.

Overall, 21-5 has homes in 17 destinations and Anders notes that for each location they have a team, to assist with all aspects of the homes. “We have a network of local agents, and lawyers and engineers, to help with all the things before we buy a home,” says Anders, adding “Then we need local contractors, local architects, we need somebody who can help us work with the local authorities if we want to change things. And once it's up and running, we need handymen, cleaners, gardeners, pool guys, it’s a long list.”

For affluent families seeking flexible, asset-backed access to multiple vacation homes, 21-5 offers a compelling alternative to traditional ownership. With well over a decade of proven execution, a transparent structure, and beautifully curated properties, 21-5 continues to redefine how homeowners enjoy their leisure time - whether for skiing, beach, culture, or cuisine.

“The most important thing is our families are well taken care of,” says Anders Køj.