Timeshare law ‘boosts leisure realty sector’
Dubai, April 19, 2008
New timeshare law is the foundation for the growth in the Middle East leisure real estate sector, according to an expert.
“We are extremely pleased that this new timeshare law is now in place as we know that this is an essential step to establishing the timeshare industry in this new market, said Wyndham Worldwide Chairman and CEO Steve Holmes.
“These protections will serve the interests of both developers and consumers alike while fostering a healthy growth environment. With this law in place, the vacation ownership industry should make a significant economic contribution to the market,” he said.
He will be one of the speakers at the Global Travel and Tourism Summit taking place in Dubai on April 21, 2008.
Group RCI was a major contributor as part of the industry group working with the Dubai Lands Department and Real Estate Regulatory Authority, (RERA), in the creation of the newly announced timeshare laws.
As interest in timeshare escalates, it is expected that Middle Eastern residents will spend an estimated $1.2 Billion a year on shared ownership properties by 2020, with top markets including Saudi Arabia, Kuwait, Iran, Egypt and the UAE.
Developers have been quick to respond to the potential of value-added timeshare offers. Most recently Group RCI formed an affiliation with Al Ghaith Holdings to operate a timeshare exchange program at the Bavaria Executive Suites resort.
This development will have over 2,000 units available in two towers on either side of Dubai’s Sheikh Zayed Road. Another example is the exclusive Ivory Grand development owned by Al Sawadi Real Estate, located close to Mall of the Emirates. - TradeArabia News Service