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Emaar Hospitality Group has announced plans to enter the timeshare market in response to growing demand from tourists for spacious and personalised luxury accommodation in Dubai. Originally a European concept, timeshare is a generic term to describe a business model where a property owner sells ‘time-slices’ of property to customers.
Timeshare projects are projected to generate nearly four times the returns of traditional real estate, buy-to-use-and-let and fractional ownership, Emaar said in statement, pointing out that a legal framework for timeshares is currently being developed by the Dubai government. “A recent survey by NorthCourse research firm reveals that Dubai, followed by Sharm el-Sheikh and Makkah, is the most preferred timeshare location in the Middle East region,” said Emaar Hospitality Group CEO Marc Dardenne.
“Dubai is one of the few destinations that offer the three main attractions preferred by timeshare owners - golf, beach and city life,” he added.
Dardenne said the benefits of the concept included “guaranteed room revenues and assured occupancy post-opening to resorts that we are planning exclusively for timeshare business”.
Emaar said it would soon unveil its timeshare roster, encompassing serviced residences and custom-designed resorts in Dubai. It also plans to expand its timeshare business to Morocco, Jordan, Saudi Arabia, India, Turkey, Egypt and Indonesia. “The timeshare market in Dubai is poised for exponential growth,” said Emaar chairman Mohamed Ali Alabbar.
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