A Greek island development is targeting the fractional market by offering one-twelfth fractions of resort apartments for less than £20,000.

UK-based developer Barrasford and Bird Worldwide are planning to build the Halcyon Hills Luxury Resort and Spa on the island of Samos, with fractions offered in one-bedroom apartments for £19,000, and in one, two and three-bedroom villas for between £28,000 and £70,000.

“We wanted to open up the fractional properties to as wide a market as possible, and make luxury property ownership more accessible,” said managing director Robin Barrasford.

Commenting on the move, Jerry Cobb, chief executive the Fractional Ownership Consultancy, said the fraction size was well suited to the offering: “These are slightly smaller fractions than is often the case and that works perfectly well for the Greek market, which is not as easily accessible for British buyers as places like Spain and France.”

However, Barrasford and Bird are hoping to reach a number of nationalities with the scheme, and Barrasford noted: “We have clients from as far afield as China and New York, so it’s not just UK buyers. In some cases, buyers outside of the UK market are more open minded towards the notion of fractional ownership. For instance, fractional ownership has long been a fond favourite of the American market.”

The Halcyon Hills resort will be situated along the southeastern coast of Samos. The planned five-star facilities include a 1200sqm, restaurant, shops and marina. Completion is due in 2011.

The developer is offering to pay buyers 5% of their deposit every year for three years or until completion of the property. This is intended to cover payments on customers’ interest-only mortgages with 40% initial deposits. All fractions also come with a minimum 7% guaranteed rental return.