Paris — Many people fantasize about owning a little place in France, with its culture, history and seductively unhurried lifestyle.

But who can afford it? Properties are prohibitively expensive, especially with the weakened value of the dollar against the euro.

Paris Home Shares (ENLARGE)

This view of Paris' Marais neighborhood is from an apartment that's a fractional property. How is fractional ownership different from a traditional time share? Equity in the property.

French Property Shares (ENLARGE)

Other places in France – such as Cruzy, a 30-minute drive from the Mediterranean – also have fractional ownership.

French Property Shares (ENLARGE)

Stuart and Margaret Bramwell of Atlanta own a share of this three-bedroom home in Cruzy. Their time is split between high season and low season.

BUSINESS Latest Headlines: [an error occurred while processing this directive] • More business news • Business photo galleries

[ Submit your comments below. ]

Many Americans have found a new way to live out their dream through fractional ownership, a concept popular in the United States but just catching on in Europe.

Stuart and Margaret Bramwell of Atlanta embarked on fractional ownership two years ago. Failing to find the ideal retirement home in Costa Rica, they decided to look in the southwest of France.

With the falling dollar, purchasing and maintaining a house throughout the year was going to be wildly expensive, so fractional ownership seemed the perfect option.

They found a three-bedroom home in the picturesque village of Cruzy, a 30-minute drive from the Mediterranean. The four visits they've made have so far have exceeded their expectations.

"The rotation of time, three weeks in high season and three weeks in low season, has required some elasticity of schedule, but it enabled a better understanding of France, seeing her in all seasons," Margaret Bramwell said. "Also, taking vacations off-season enables us to use more reasonably priced flights."

Foreigners make up more than 8 percent of all property buyers in Paris alone, with Americans ranking in second place behind Italians, according to the Paris Chamber of Notaries, a trade association of real estate professionals.

It's not clear how many fractional developments have been launched across the country, although experts say the number is growing.

"From a small start a couple of years ago, I am seeing the number of available properties roughly double each year," said Tony Tidswell, a real estate consultant in southern France.

Most fractional ownership plans don't allow redecoration but do handle daily maintenance.

But the real draw is being able to use a luxury property in a stunning locale at an affordable price.

A company called Fractional Paris offers a professionally decorated 800-square-foot, two-bedroom apartment with a terrace in Paris. Prices start at 120,000 euros, or about $186,000.

"A similarly appointed apartment with a terrace would cost today's buyer well over 1.1 million euros if bought outright, plus the associated headache of purchase and closing costs, renovation and furnishings," said Laura Sanders, marketing and sales director for Fractional Paris.

Steve Navaro, a Colorado-based lawyer who develops fractional ownership properties in Paris, said that group ownership is an economical way to visit France frequently despite a steadily declining dollar.

"We completely furnish and decorate properties so that you can pretty much walk in, bring your toothbrush and stay for a month," he said.

Properties also include basement storage areas with lockers for each owner so that they can leave good wine, heavy coats, family photos or other items they don't want to lug back and forth from the United States.

Ginny Blackwell, a New York-based entrepreneur who founded French Property Shares, a fractional ownership company, said it's the home-away-from-home allure that makes fractionals more appealing than a time-share arrangement.

Generally, a company owns the property and offers shares allowing fractional buyers to use the property for a few weeks to up to three months a year.

A management company oversees maintenance, while the weeks available to each buyer rotate each year so that one person doesn't always get the best slots.

Fractional ownership also can mean an investment opportunity.

Fractional ownership differs from a traditional time-share because of equity in the property, meaning an owner can benefit from any rise in the property's value.

In comparison, time shares are simply contracts specifying the right to use a property certain weeks of the year.

But many experts warn that fractional properties in France should be considered luxury purchases — not investments.

Tidswell said it's still not clear under French law whether fractional owners would be subject to French commercial taxes if they accepted renters for unused time.

Some fractionals allow this, but others do not.

Most buyers seem only to care about acquiring a base from which they can enjoy France.

Bill Walker, a longtime anchor with WSOC-TV in Charlotte, and his wife, Eva, recently purchased a share in a French apartment.

"We love Paris and think this is an ideal way to continue our love affair in retirement," he said.