Currently, despite the number of owners trying to get out of their timeshares along with the crisis-stricken economy, the development of residential areas in Dubai is raising interest in the shared ownership of property. Timeshare or shared ownership is expected to become much more popular in Dubai as newly built areas of the city attract thousands of new visitors and property owners seek to maximize profits from their investments.
The prerequisites for profitable timeshare development such as high room rates and significant numbers of leisure travellers have been increasingly evident in the city since the development of residential areas such as Downtown Burj Khalifa, Palm Jumeirah and Dubai Marina.
As Jeff Tisdall said, the managing director for the MENA region at RCI, these prerequisites have been in place for a number of years. He added that the Dubai market recently has been strengthened very significantly from a hospitality perspective with area like Burj Khalifa and the surrounding downtown area, Palm Jumeirah, Marina Walk, and The Walk in the Jumeirah Beach. The said areas were either construction zones or master plans three or four years ago. Today those are areas that are online and they’re attracting thousands of visitors in their own right. Moreover, the state of the property market in the emirate would also encourage the adoption of the shared-ownership model.
Up until and including most of 2008, the whole ownership residential market enjoyed a period of phenomenal success. In fact, international hotel operators agree that Dubai is an attractive market for establishing a vacation industry such as timeshare resorts.