Oceanico Developments has apartments, penthouses and townhouses for sale in its Stepping Stones scheme in the western Algarve, where the joint owners can avail of three months' stay each every year.

The scheme will appeal to those wishing to get a foot on the property ladder, but who have found themselves priced out the market, says director Gerry Fagan.

"Unlike rentals or timeshare, owners will have an affordable home in the Algarve that will become more valuable each year and which is fully managed by us."

What if the attraction of three months in the same resort, year in year out, begins to lose its appeal? Owners can swap locations with any one of thousands of destinations worldwide under Oceanico's link-up with Interval Resorts International, an exchange network operating in 95 countries. Simply put, the swimwear can be packed away and the ski-suit donned instead for some, or all, of the designated three months.

In a country where property ownership has practically become a national obsession, will Irish buyers warm to the idea of joint ownership?

Oceanico spokesman Matthew Clark says that market research conducted here resulted in a much more positive reaction than envisaged, particularly among the focus groups of young first-time buyers who wouldn't have the huge sums required to buy a property outright, and also among existing owners with families anxious to cash in on equity built up by investing in an overseas property.

Those investors who want to sell can either offer their share to the three remaining owners; avail of Oceanico's waiting list of buyers; or simply advertise it on the open market.

A range of properties is available, from one-bed apartments in Vila Baia from 70,000- 150,000 (per quarter share) to three-bed villas in the Amendoeira Golf Resort, from 225,000 (per quarter share).

Capital appreciation for the past three years was between 8-12 %.

Each investment requires a 30% deposit with the balance due on handover of keys.

Interested parties can get further information and avail of some scheduled special offers on the shared ownership scheme at the Stepping Stones exhibition on Friday 31 March to Sunday 2 April in the Round Room at the Mansion House, Dublin 2.