Real Estate  

Flyway CEO shares plans to revolutionise housing

At the moment, the average price for a share of a Flyway home is between £200,000 - £250,000, but in the future Flyway plans to add less expensive homes to its portfolio, meaning that the model will be accessible to even more people. 

Currently, co-purchasing of a Flyway property cannot be done on finance, but the firm has plans to introduce this before the end of the year, which Drandakis said will democratise the second home market even further. 

In terms of the impact co-ownership of second homes can have on the housing market, Drandakis said it can be big.

“There’s two solutions to the housing crisis, one is to build more supply and the second is to make better use of the existing supply. That’s where we fit in," Drandakis said.

“Most second homes sit vacant 80 to 90 per cent of the time, so we are essentially consolidating demand into fewer homes and putting more people in fewer homes."

Flyway is not naive about the impact it can have in the short term on the housing crisis, but Drandakis believes that incentivising people to use a shared resource will have a positive impact over the longer term.

“You can think of it like carpooling.. What carpooling is to traffic, co-ownership is to the housing problem.”

Sustainability 

Part of Flyway's vision is to make peoples experiences of housing better overall. 

Drandakis explained how in his view, sustainability is about making the most efficient use of the resources we as humanity have access to. 

"What we do sits at the core of this. We help people make the best and most efficient use, not only of land resources, but of their capital resource," he said. 

All Flyway's homes will be from new developments and will come equipped with state of the art energy efficiency technology and smart thermostats. 

Drandakis also pointed out that the apartment he was doing the interview from does not have any parking spaces, instead it is equipped with basement space for bicycle storage. 

"I see a very large movement coming up in how people live their lives," Drandakis said. 

"My goal is to have a very big impact on the way people experience life in cities. Not only in second homes, but eventually in primary residence too."

jane.matthews@ft.com