Nowadays, owning a timeshare is considered one of the most popular ways of vacationing. But we can’t also deny that a number of scams and the plights owners who are eager to get out of their timeshares have also added to its popularity. However, one may wonder how this industry has grown to be one of the biggest and most profitable business these days.
Such industry was born in the German part of Switzerland, in a small town called Baar. As the founders of a holiday company called Hapimag wanted to explore a new holiday concept, they invested in real estate and used the apartments within an ecologically and economically sustainable holiday model. Hapimag members were then offered shares that enable them to book holiday accommodation using a points system and such was the appeal of this new way of holidaying in France and the Alps that Hapimag’s membership quadrupled during the ‘80s and ‘90s before leveling out and then booming again in recent years.
By 1990, there were almost 2,500 resorts around the world with over 40 million timeshare members who were enjoying a different way to holiday. The nineties also saw the opening of resorts in Eastern Europe and Asia. On the other hand, timesharing was well on its way to becoming a familiar model within the overall holiday industry in Western Europe and North America as members criss-crossed the globe in search of new, more unusual destinations.
From its small, Swiss beginnings to the major global industry as it is now, timeshare has come a long way since the days of “same week, same location.” The timeshare industry is almost fifty years old now and although recently, there are a number of complaints like frauds that operate in various ways and often victimizing those owners who are eager to get rid of their timeshares, it’s still an industry that continues to evolve and is offering timeshare owners a world of holidays all over the world.