The Russians are accustomed to the fact that you can rest only on the basis of a package holiday. A package holiday is a system in which you buy a complete tour, including flights, meals, accommodation and transfers. And many do not even imagine that there may be some other form of recreation management. Behind the seemingly ease of use, in fact, there are large overpayments for the rest. If someone designs a tour for you, they naturally want money for it. You have to pay for this work, and we pay money for convenience. Yes it is. How much do you pay for this convenience? Have you ever asked this question? And be honest with yourself: the package holiday market can be called convenient, but it certainly cannot be called safe. Why?
You will receive the answer to this question on the TV screens of Russian channels. If companies that worked under the USSR go bankrupt, what can we say about small travel agencies that are not even licensed in Russia. When it comes to Western operators, these are other organizations: they have their own hotels, their own fleet, a fleet of transfer vehicles, so they make a profit from their tourist infrastructure. As for the model of work of the domestic tourist market of package holidays, this is a tandem of tour operators and banks.
Tour operators at the expense of bank loans are trying to compensate for their costs and from year to year more and more get into credit bondage. And what happens to them next, you have repeatedly seen on TV. As for the convenience of a package holiday, one more fact should be noted here. Package holidays were convenient at one time, but not now. It was convenient when modern communications, for example, such as the Internet, were not yet so developed. With the help of a smartphone and a credit card, you are able to become a tour operator yourself, and you will not need to pay extra money to someone for what you can easily do yourself, and your partner will not be a domestic company, but a hotel with assets, because on Russian tourism market is beginning to come collection companies. These are the companies that collect debts. Collection in this case from the word - collect, collect. These are all kinds of sites that offer hotel reservations or the purchase of air tickets. You heard about them BOOKING, AIRBNB. Now this is still the lot of gourmet tourism, who themselves want to manage their vacation and take the first steps from the package holiday market. Anyone who refuses the idea that the tour operator is safe, that this idea is absurd, will understand that the package holiday market is a thing of the past.
And against the background of these two models, the collection market and the package holiday market, Timeshare is, indeed, an island of stability and reliability in the ocean of world tourism. And this island has remained modern since 1964, where BOOKING and AIRBNB make their first steps. Timeshare created a high-speed highway back in 1974. The stability and reliability of this system is based on the principle of the economic model that is the basis of Timeshare. Why is Timeshare so good? It is a system that is able to satisfy the interests of all target audiences interested in tourism, and those who do not want to make unnecessary movements when booking a vacation, and gourmets who want to climb into the farthest corners of the world.
There is a joke that Timeshare is a house on wheels. And if you literally read this phrase, then it really is. Because this is really a house, and why it is on wheels, we will tell a little later, but for now let's figure out why this is a house. Imagine a cottage that you share with your relatives or friends and use it in turn at some time: for example, you use one week and your friends the other week. But the question is: who is the owner of this dacha, if everyone takes turns resting in it? You may object: what difference does it make who is the owner if we have access to this dacha? The difference is that you can somehow come to the dacha, but it simply isn’t there, because the owner, for example, decided to demolish the house or sell it to someone else who will no longer have the desire to let you into this dacha, and then you will need to look for a new cottage.
And whether it will be good or not is another question. And if you are the owner of a dacha, then other problems arise: it needs to be maintained, cleaned, repaired. Therefore, it causes a lot of trouble, but in reality we use it twice a week in the summer. The rest of the time it is idle. And how nice it would be if the cottage was owned only when you are resting, and the rest of the time it would not be yours. The magical option of ownership. And this magic is the basis of Timeshare. You are offered to buy ownership not of the dacha itself, but of the time on it, say, two weeks a year - for ownership. Many will think: what kind of property is this rent. And we will object; the rented premises cannot be sold, donated, bequeathed, and even more so rented out: you yourself rent it, you can only use the property.
The Timeshare system allows you to do this. The word Timeshare itself is English and is translated as time - time, share - share, that is, a share of time. You buy ownership of some property for a fraction of the time, and that fraction is usually one calendar week. In total, from the point of view of Timeshare, there are 52 weeks a year, and there are 53, technical ones, when the resort administration carries out maintenance work on the premises. And you buy this share of time for a certain period of time: from 1 year to 79 years. For 79 years, you can use one week a year, or maybe two or more, or buy all 52 weeks a year, and then your dacha will be your property all year round. The most important factor: you buy time as a property, and it becomes possible to manage this time as you like: donate, bequeath, lease and receive money for it, sell and make a profit. If you rent this room, you will not be able to do this. Think about this: you bought a Timeshare, used it five years ago, and then sold it. It turns out that all the time while you were resting on it, you did it for free.
Agree, it is illogical, having lived in a hotel, to ask him for money for living back. In the timeshare economic model, this is possible. And most importantly: all those who own time with you in the apartments at the resort will cherish it, because they are all owners, just like you, and a good owner always protects his property. Another important factor is risks. We often see beautiful photos of rooms on hotel brochures, but upon arrival we find that everything is really not so beautiful, and the number of rooms is not of such high quality. A hotel is always Russian roulette: we don’t know where we will end up: in a good hotel or not, will there be decent rooms or not.
Owning a timeshare interval, you will always know where you are going and what the apartments look like, what quality they are, and there will be no surprises. And they will be of really good quality. In a hotel, you can pay $200 a night and put up with some inconvenience. But when you have to pay 20,000 dollars for a timeshare interval, the buyer will not put up with the poor quality of the apartments. Timeshare's price is a guarantee of its quality. Some timeshare owners complain that European resorts are not as good as Asian or Middle Eastern ones. But you remember in what years they were built. Where new timeshare resorts are being built, such as Dubai, palaces are already being built. However, European Timeshares have more trading power.
Trading power is the "weight" of the certificate in the global timeshare market based on consumer demand. Trading power is a shorthand term that determines the value of each particular Timeshare.a Based on consumer demand, the trading power of a Timeshare determines how successfully a given Timeshare can be traded, rented, or sold on the secondary market. But the most important thing is that in Timeshare resorts an apartment is not a hotel room, it is an apartment, a full-fledged apartment, there is a kitchen equipped with the latest technology, utility rooms, a bathroom and many bedrooms. This is not only a convenient household infrastructure, it is space, a lot of space compared to a hotel room. That is, there is always a place where you can retire and drink tea. Many are worried: will it really be necessary to cook for yourself? But, first of all, maybe it's not so bad.
In addition to saving on food, you have the opportunity to eat whatever you want, and the ability to cook for small children, which is basically impossible in a hotel room. And sometimes this can be a decisive factor for a family with small children. It's also a matter of choice. Of course, there are restaurants in the resort, and if you do not want to cook yourself, you can get food in restaurants, the choice is yours. At the hotel you have no choice whether to cook or not. The apartments have this choice, because they have a kitchen. But there are still skeptics who will say that going to the same place is not interesting, you want to see the world. And they will be right: that is why tourism is given to a person in order to see the world. But, if you remember, at the very beginning we said: Timeshare is a house on wheels, it's time to talk about these same wheels.
As for management contributions, they are of several types:
An annual management fee, common in most clubs as a mandatory financial burden, you have to pay annually whether you use Timeshare or not, and this is an important aspect. For non-payment of the annual maintenance of membership, they can even be conditionally deprived. This is an analogue of the payment for utility bills, that is, it is not even an analogue, this is the payment for utility bills.
For some, this may seem like a negative factor, bondage. But, if you use a Timeshare, 300 euros per year is not that much money for real savings on your vacation. If you keep a close eye on the payment in the same way that you keep track of the rent, there will be no problems.
For use, pay a management fee, charged in the year of using the interval. This is a fairly new system of collecting management fees, it is certainly more interesting from an economic point of view, but it is not present in all resort systems, but is only now being gradually introduced in resorts.
For a score. There are such systems of Timeshare, in which there is a system of points, with the help of which you can form the housing stock you require. We will talk about this later. Now it is important to know that there is such a fee, and if you own a points system, you will need to pay a fee for each point, and this is also annual.
Full Timeshares themselves also have several forms of ownership. These forms regulate the frequency of access to the resort's room stock.
"Fixed"
In the beginning, most developers sold "fixed" weekly slots, which meant that the owner occupied certain apartments during a certain week, such as apartment #103, week 27. This is the simplest type of Timeshare. It gives the right to a certain week and certain apartments, usually in a certain resort, to which the owner returns again and again, unless he makes an exchange with an exchange company affiliated with the resort. Such a resort is called a "home resort". The first benefit of a Fixed Timeshare is that if you know you'll be using your home resort year after year on a given week, it will always be available to you without having to make a reservation.
Another advantage is that if you own a highly demanded interval (Racing Week in Florida, Carnival Week in Venice, etc.), your Timeshare will have the highest "trading power". All that's left to do is list your Timeshare in an exchange pool and you're sure to get a great alternative. There is a misconception about fixed spacing. Some believe that buying such a product will have to travel to the same place year after year. This is often not the case. But no matter what the product is: fixed, floating or points, location remains the most important criterion that determines the trading power of each particular Timeshare.
"floating"
The product (or also called "flexible") allows owners to choose their week at the resort from year to year, but usually within a certain season. The owners annually reserve the time of arrival at the resort on the principle of "who is the first, that is the choice." In some resorts, the apartments remain unchanged, and only the dates of stay change, in others, both dates and rooms can “float”. Such a product is more flexible in terms of use. Floating, like the fixed product, entitles you to one week of the year, but at the same time, the time of visiting the resort can be regulated within one season. The downside of this product is that you have to book your week in advance to get what you want.
"Biennale" ("every two years")
This possession is not every year, but every other year. Basically, the cost of such a product is not 50%, but 60% of the cost of a traditional annual Timeshare. 10% in this case covers the cost of management fees to development companies. Some resorts even offer "triennial" ownership.
"Fractional" ("fraction")
The product is the most expensive. The fractional product segment of the timeshare business is the fastest growing in the industry. "Factional" implies possession of a period exceeding one week per year. As a rule, this possession is from 4 weeks a year to 3 months. 1/12, for example, gives its owner the right to use the premises for one week in each of the 12 months, or to use the premises for a three-week period in each of the 4 seasons. Other types of fractional product: 1/4, 1/8, 1/18. Also, a fractional product can allow owners to divide their interval into segments of 2, 3 or 4 days to form mini-holidays throughout the year. Most "urban timeshares" provide this to some extent. Due to the fact that the fractional product is served mainly by management companies, this implies impressive management payments, and often also considerable membership fees.
Given that fractional product prices start at $100,000 and can go over $500,000, and management fees can go in excess of $10,000 per year, it's hard to compare to a traditional Timeshare. For the consumer who only wants the best, wants something special and has the money, the fractional product offers the concept of the holiday of the future. "Factional" resorts, "condo hotels", "hotel residences" and "private residence clubs" (PRC) seriously affect two areas: the leisure industry and the real estate industry.
Condo hotels are becoming a popular alternative to traditional vacations and, in fact, a second home for families. The consumer purchases a luxury suite at a fixed price, pays monthly management fees for room service and infrastructure, and uses it whenever he wants without the need for reservations.
Hotel residences and PRCs such as Trump International in Chicago and Hotel Mandarin Oriental in New York can hardly be called timeshare, they are second homes.
Condo hotels, hotel residences and private club residences are much more of a real estate investment than a traditional timeshare. They are positioned as an investment in recreation, not in real estate. While the Fractional product allows for trades, most owners prefer to purchase locations they want to stay on a regular basis, as opposed to Timeshare owners who see the ability to trade their vacations as one of the main benefits of this system.
According to 2005 data, consumer satisfaction with the traditional timeshare product is 85%, satisfaction with fractional products is estimated at 96%.
A fractional product can be with or without ownership of real estate.
Fractional product accommodation can range from timeshare apartments equipped with great amenities to super-luxury rooms in upscale hotels, which are mainly located in large metropolitan areas (urban timeshare).
As of 2004, there are 151 resorts in the world that offer a fractional product, of which 132 are located in the US. This number does not include detached houses and small condominiums, also available on a fractional basis.
Almost 50% of fractional resorts are ski resorts, 30% of resorts are beach resorts, the remaining 20% are golf resorts and "urban timeshare".
"Private Residence Club" (PRC).
This fractional product is an "ultra-luxury" category. These resorts are located in the most desirable locations. Often this product involves a personal car, a personal chef and a 24-hour personal service. PRC product consumers are wealthy people who do not try to somehow save their money.
Average cost of a fractional product (2005):
Comparison table of traditional timeshare and fractional product for 2005:
| Traditional timeshare | fractional product |
| Average cost $13,500, average cost of management fees $500. | Starting at $100,000, management fees can exceed $10,000. |
| Separation of ownership with 51 co-owners. | Separation of ownership, usually with 11 co-owners. |
| More comfortable than a hotel room, with more space and a kitchen. | Luxury apartments, more like a private house. |
| Possession of 1 or 2 week intervals per year. | Ownership from 4 weeks to 4 months a year. |
| Over 6,000 timeshare resorts worldwide. | A limited number of resorts grouped on the basis of exclusivity. |
| Banks do not lend to Timeshare at mortgage rates, consumer has to use loan programs with high interest rates, averaging 16% per annum (USA) Banks do not lend to Timeshare at mortgage rates, consumer has to use loan programs that offer high interest rates, averaging 16% per annum (USA) | More and more banks are beginning to perceive the essence of a fractional product as a second home and provide attractive lending conditions. |
| Timeshare can increase in value over time. There is a possibility to sell your Timeshare in 10 years for the same price that was paid for it. | Significantly more attractive in terms of real estate investment than Timeshare, but still not as the main home. |
| Limited opportunities for sports activities, meals in several restaurants, transfers to attractions, shopping centers, etc. | Unlimited possibilities of the available service. From prelubrication of skis to use of private jets and yachts. |
| It is purchased, as a rule, taking into account the possibility of exchanging for other locations and the opportunity to visit | It is purchased, as a rule, for use in a specific desired location. |
"Points"
Used as a "currency" for choosing accommodation in resorts. Some points programs are limited to the use of one resort, others allow you to choose within the club chain or the developer's network through internal exchange programs.
The goal of developing a points product is to allow the consumer more flexibility in using the resort than with a traditional fixed week purchase. Points are used to pay for accommodation according to the location of the resort, the size of the apartments and the demand, which is based on the days of the week and seasonality. For example, the owner of a certain number of points can choose both a studio that is in great demand for some three-day weekend dedicated to the holiday, or a three-bedroom apartment for up to 2 weeks during a “calm” time when there is no hype for accommodation , at the same cost. Many clubs use points, and some timeshare developers have developed points programs tied to the base value of a traditional fixed product.
In a points product, each week that someone owns is tied to a certain number of points. This number is determined based on criteria such as apartment type, resort rating, season, etc. In most cases, ownership of the resort facilities represented by a points product is held in trust by the developer, not the owner.
The biggest benefit of a points product is the ability to use it outside of the standard week. You can use 2-3 day intervals for rest. Sometimes points can be used to pay for flights, car rentals, cruises, hotels, and even theme parks.
The biggest disadvantage is that the points product, unlike the classic Timeshare, is most often not protected from inflation.
"Club"
Rest (vacation club) is a membership, but without ownership. It typically includes multiple locations and may include other leisure products and services. The clubs offer clients who expect to secure holidays at attractive prices in the future, the opportunity to purchase and satisfy their tourist needs "in one window".
For many consumers, a "Club" product is an alternative to hotel accommodation, but without the hassle and financial obligations that usually involves owning a "classic" Timeshare. And this is the main advantage that the "clubs" use to sell their product, offering the consumer accommodation in a Timeshare apartment, but without long-term obligations to pay management fees and many years of operation with all the encumbrances. Also, membership in the club is more affordable than the price of a Timeshare certificate, which is many times higher for obvious reasons. In fact, paying a one-time membership fee involves accommodation for one, two, three or four weeks a year at an attractive price. As a rule, the purchase of a membership gives the opportunity to use the services of a travel agency that provides discounts on flights, hotel accommodation, cruises, package holidays and more for members of the club. Club membership extends to family members and can also be bequeathed.
Example: In 2005, in Florida, it was possible to purchase a "club" membership for 10 years with the possibility of accommodation in a Timeshare apartment:
For 4 weeks a year for $4,995.
For 2 weeks a year for $3,995.
For 1 week a year for $2,995.
Moreover, in all cases, the annual membership fee is $149,
The average cost of a weekly accommodation when purchasing a membership is $500, and the consumer also received discounts on other travel products.
Comparative table of economic costs of accommodation in hotels when purchasing a club product for 10 years.
The annual inflation is set at 10%. Based on the basic cost of living in a hotel - $ 100 per day with an 8% tax. On the example of a 2 week vacation in 2005 in Florida.
| Hotel/tax | "Club" rest |
| Year 1 $1,400/$112 | $3 995/$1 000 |
| Year 2 $1,540/$123 | 0/$1 100 |
| Year 3 $1,694/$135 | 0/$1 210 |
| Year 4 $1,863/$149 | 0/$1 331 |
| Year 5 $2,049/$163 | 0/$1 464 |
| Year 6 $2,253/$180 | 0/$1 464 |
| Year 7 $2,478/$198 | 0/$1 771 |
| Year 8 $2,725/$218 | 0/$1 948 |
| Year 9 $2,997/$239 | 0/$2 143 |
| Year 10 $3,296/$263 | 0/$2 357 |
| Total: $22,295/$1,780 | $3 995/$15 934 |
| Total: $24,075 | $19 929 |
The next most important standard is the season. Depending on which season you choose, you can come to the resort at that time of the year, and this is very important. Because in the travel industry, peak dates like Christmas can cost twice as much. In Timeshare for the owner, this price does not change. There are other seasons - medium and low, there are three of them: "peak season", "middle season", "low season". Moreover, summer in our understanding, namely June, July and August, does not form the “peak season” in all countries. In Thailand, Vietnam and India, the "peak season" is from December to March. There are places where the weather is favorable all year round: The Canary Islands (Tenerife) is a unique place in terms of climate. There is almost always the same temperature all year round - within 25 degrees Celsius. Therefore, there is a "peak season" all year round. Finland, on the other hand, is famous for its winter resorts, which means that its "peak season" is in the winter.
Often "peak seasons" are tied both to transnational holidays: Christmas, New Year, and to local national and religious holidays. The tourist business solved this problem simply for itself: every tourist, leaving for a particular country, knows in advance what season he is traveling in, and accordingly pays for his tour at a price that relates to a particular season. Timeshare is deprived of such privileges, the concept of Timeshare is property, it is bought once. To solve such problems, a system of standardization of seasons was introduced. Conventionally, they are divided into three main positions: "high", "medium", "low". Moreover, if a club member has “high season” in his certificate, this does not mean at all that he can use his membership only in “peak seasons”. "High season" means the use of Timeshare all year round, regardless of the time of year and holidays. "Mid season" is generally any time of the year that is not peak season. And the last - "low season" - this is the season of the most unpopular time of the year, when the tourist activity of the resort region is very small, either due to weather conditions or religious reasons. If we translate this conditionally into the seasons of the Russian Federation, then we can conditionally determine that the “low season” is winter. Exchange systems do not use the concept of "high", "medium" and "low" season. They have these periods indicated by colors: "red", "yellow", "green", "blue" and "white". Although it is not uncommon when the seasons in the certificates are indicated precisely by the classification: “high”, “medium” and “low” seasons. Typically, this refers to a floating membership that does not have a sequential year number. That is, the period for choosing a vacation date is limited only by the season, and not by week numbers.
Super High - (super high) RED
One of the most visited and expensive seasons is marked in red. Means the possibility of visiting the resorts all year round, but also during the festive, Christmas weeks. This is the highest level of membership pricing, the highest priced type of season.
High - (high) RED
The most visited and expensive season is indicated in Timeshare in red. It also means that the user can relax according to his membership all year round, regardless of the seasons and other components that affect attendance: secular or religious holidays, features of resorts (ski, golf clubs, etc.). High - (high) RED (red) - the ability to visit resorts all year round, including holidays. And this is the highest level of membership pricing and one of the highest priced types of seasons.
Middle - (middle) YELLOW, WHITE (yellow, white).
If we conditionally transfer this classification to the climatic map of the Russian Federation, we can say that these are spring, autumn and winter, because summer is the most favorable season in Russia. In Timeshare, it is presented in two colors: yellow and white. They are exactly the same and do not differ in any way, just some resorts designate their middle season in one color or another. But they exist legally and are described in certificates: Middle - (middle) YELLOW, WHITE - (yellow, white) (the ability to visit resorts at any time, except for the peak season and holidays, climate symbol: autumn, winter, spring) are indicated by two flowers - yellow and white, while they have no differences. And this is the average level of membership pricing, that is, the type of season that is average in price.
Low - (low) BLUE (blue)
Lowest season with the least tourist load in the region - visits during the peak season are excluded. If we conditionally transfer this classification to the climatic map of the Russian Federation, we can say that these are autumn and winter, because summer is rather the most favorable season in Russia. In Timeshare, it is represented in blue. They are absolutely the same and do not differ in anything, just some resorts designate their low season in one color or another. But they exist legally and are described in certificates. Low - (low) BLUE (blue), the ability to visit resorts during the lowest tourist activity, visits during the peak season are excluded, climate symbol: autumn, winter is indicated in blue. And this is the lowest tier of membership pricing, the lowest priced type of season.
The next important Timeshare classifier is the type of apartment. Apartments in the Timeshare system are not hotel rooms in the usual sense, but full-fledged apartments that have a lot: a kitchen equipped with household appliances, as well as all the other attributes of a home apartment, this, in fact, is the ideology of Timeshare. In classical tourism, accommodation is paid for each person, and this does not suit Timeshare from the point of view that it is not a tour that is being sold here, but property for a family, but a family can be two people, or four, or ten. Therefore, in addition to the pricing policy, a number of Timeshare standards also introduce a restriction of users in one period of time in apartments. There is the following classification of apartments:
(Studio), "studio" (one-room apartment)- the room is a kitchen combined with a hall (like Russian one-room apartments, only without a wall between the kitchen and the room). In Timeshare, in addition to determining the type of premises, this also means that up to two people can live in the premises at the same time during the holiday period. If the owner's certificate says that the type of apartment he has is T0 - (Studio), this means that only one to two people can ride on it. If three vacationers come with such a certificate, then the third person will either be denied accommodation or offered to pay for the accommodation of a third person.
T0 - (studio) "studio" (one-room apartment) - accommodation for only one to two people. And this is the lowest level of membership pricing, the cheapest type of apartments.
(One bedroom), "van bedroom" (two-room apartment)- the room consists of a kitchen, a hall and one bedroom (similar to Russian two-room apartments). In Timeshare, in addition to determining the type of premises, this also means that from one to four people can live in the premises at the same time during the holiday period. If the owner's certificate says that the type of apartment he has is T1 - (One bedroom), this means that only one to four people can ride on it. If one or four vacationers arrive with such a certificate, they will easily be accommodated in the resort, but if there are already five of them, then the fifth person will either be denied accommodation or offered to pay for the accommodation of the fifth person.
T1 - (one bedroom) "van bedroom" (two-room apartment) - accommodation for only one to four people. And this is the average level of membership pricing, the average type of apartments for the price.
(Two bedrooms), "tou bedroom" (three-room apartment)- the room consists of a kitchen, a hall and two bedrooms (similar to Russian three-room apartments). In Timeshare, in addition to determining the type of premises, this also means that from one to six people can live in the premises at the same time during the holiday period. If the owner’s certificate says that the type of apartment he has is T2 - (Two bedrooms), this means that only one to six people can ride on it. If one or six vacationers arrive under such a certificate, they will easily be accommodated in the resort, but if there are already seven of them, then the seventh will either be denied accommodation or offered to pay for the accommodation of the seventh person.
(President) "President". The prefix "P", as a rule, goes with the type of apartments and speaks of their quality and no more, and the type T1 and T0 cannot be with the prefix "P". As a rule, only T2 apartments have this quality, therefore, if T2P is written in the certificate, it should be understood that these are apartments with T2 attributes, but at the same time improved comfort and quality of finishes. This does not affect the number of people - from one to six people can visit the resort at the same time.
R - (president) "president". A prefix to the type of apartments of the highest price category with improved comfort. And this is the highest level of membership pricing, the highest priced type of apartment.
And the last classifier is the star rating of the resort, you have already encountered this more than once, so you will most likely know this. The classification of a hotel (resort) determines the place of a particular hotel in the hotel services market, makes it easier for clients and specialists to get an idea of the guaranteed range of services that can be provided by a hotel of a certain class. Hotels are classified on the basis of their certification, which can be carried out both nationally and internationally.
The class of the resort is never described in the certificate, information about this can only be obtained in the charter of the resort, this attribute refers directly to the resort itself, and the level of the resort is never taken into account in the exchange. This is not a parameter by which the exchange is made, this attribute is taken into account only when pricing the membership itself.
The most common classification systems are:
The European classification system, based on the French national classification system, which is based on the division of hotels into categories according to one of five stars. The star level is directly proportional to the maximum level of comfort that the hotel is able to provide to its customers. Such a system is used in France, Austria, Hungary, Egypt, China, Russia, Brazil and a number of other countries:
Three star hotel.
This is the most common type of hotel. The room of such a hotel should have all the amenities: telephone, TV, possibly a mini-bar. Rooms are single and double as with one large bed, and with separate. There are triple rooms for parents with a child: usually a double room with an extra bed or a sofa bed. The service of hotels in different countries of the world can differ significantly from each other. For example, in Europe, a three-star hotel has fewer services than Greek three-star hotels. They have certain patterns: usually the higher the comfort and the more provided additional services the further from the center the hotel is located.
Four star hotel.
Hotels with a high level of service, designed for people whose earnings by European standards are average and above average. A four-star hotel is distinguished by an increased level of comfort and a good location; it can be located in the city center or on the first line of the beach. There must be secure parking. Large hotels have their own taxis and minibuses. This category includes many additional free services, the ability to use gyms, courts, and swimming pools, and various hotel shows, such as discos. In a four-star hotel, the room is furnished like an ordinary living room with standard household appliances: a color TV with remote control, a refrigerator, a mini-bar, air conditioning, a security system, a mini-safe, and a telephone with intercity access. Some hotels provide a heat press for ironing, and there is a light remote control system. In such hotels, you can order both a standard single or double room, and rooms with an improved layout, which includes not only a bedroom, but also a living room or kitchen.
Five star hotel.
A small town with all the necessary infrastructure for life. The hotels have several restaurants (with European and national cuisine), bars, a nightclub and shops. As well as hairdressers and laundries, fitness and business centers, swimming pools and beauty parlors. The rooms in them are very different: from single rooms with one bed to multi-room apartments. The most modest room in a five-star hotel is a single room with one double bed. This is followed by doubles, they come in two varieties: with two beds or with one large. Higher in rank is a double room, which may be two stories, usually with a bedroom or bedrooms upstairs. There are bunk rooms, which include 2-3 bedrooms, a couple of living rooms and offices, and rooms for servants or guards. For business people, some five-star hotels have business rooms with multi-line telephone, computer, fax and meeting room. Any room in a five-star hotel should have a complete set of necessary cosmetics in the bathroom, slippers in front of the bed, mini-bar, telephone, color TV, air conditioning and other luxury items that make life easier.
The letter classification system is used in Greece (although you can see the usual stars on the facades of hotels.) According to this system, all hotels are divided into four categories: A, B, C, D. The highest category of hotels is designated de luxe and corresponds to a five-star level, hotels of category A - four-star level, B - three-star, C - two-star, D - one-star hotel level.
The system of categories is typical for Italy and Spain. In Italy, hotels are classified into three categories: the first category can be conditionally classified as a four-star, the second - as a three-star, the third - as a two-star.
The crown system is common in the UK. To pass to standard stars, one must subtract one from the total number of crowns, i.e. in comparison with the pan-European star, the crown is one unit higher:
Silver crown "Silver crown" - SC.
Silver Crown resorts are mid-optimum resorts. This is the average level of membership pricing, the average price level of the resort.
Bronze crown - BC
Bronze Crown resorts are the lowest tier resorts. This is the lowest level of membership pricing, the lowest priced resort level.
timeshare this is one of the forms of ownership in which one property is rented by several persons. This system, which is now widespread in American resorts, in European and Asian cities, appeared in the 60s of the XX century. Timeshare is most in demand in Tenerife (Spain), Israel and Thailand.
Timeshares in Russia are most popular in the following schemes:
- Use of real estate for a week every 2 years.
- Use of the apartments for a month every year.
- Stay once a year for one specific week. This method is the most common, but is only suitable for people who have a fixed annual vacation schedule.
- "Floating" timeshare - the use of apartments at different times of the year in agreement with the management company.
The contract can be concluded for a period of 3 years to several tens. At the same time, "timeshare" weeks are divided into:
- red (typical for the holiday season) - the most expensive;
- white (for off-season);
- blue (non-tourist season)
When contacting exchange companies, you have the right to exchange more expensive weeks for less valuable ones, that is, red weeks for white ones, but blue weeks cannot be exchanged.
The timeshare scheme has its own Benefits:
- regular real estate for timeshare - apartments or studios, which are of the highest standard;
- the owner of the timeshare has the right to defer vacation weeks on account of subsequent years in order to increase the time of ownership of the apartment;
- the owner of the timeshare can transfer to friends, assign or resell their weeks;
- the timeshare user has the right to regulate the rest time;
- the management company provides bonuses - additional days;
However, there are also limitations:
- timeshare is quite expensive. In addition, the owner of the apartments undertakes to pay annual taxes;
- the timeshare user has the right to a limited stay in the apartment;
- timeshare is quite difficult to resell due to the high cost;
- after the expiration of the lease time, the ownership of the timeshare owner is not retained;
- high risks - in case of bankruptcy of the management company, the client loses his capital;
In general, it remains a mystery for what purpose these same timeshares are needed? After all, buying this type of property, you are doomed to spend your long-awaited vacation in the same place. And if a person has enough funds to invest in real estate, then it is better to acquire it as a property, and not to buy the right of annual temporary use of the same object. When buying a “certificate to the country of fools”, weigh the pros and cons, so that later you don’t have to think about how to return the money back or sell the timeshare to another buyer.
Today it is already possible to speak objectively about the advantages and disadvantages of timeshare, based on the real experience of implementing timeshare over the past 30 years.
The timeshare system is for life and is inherited. Once having invested money, the client and his children enjoy it forever. Owning club weeks is an indicator of financial solvency and a guarantee that worthy people will be neighbors on vacation. Of course, this is one of the advantages
Opportunity to use the services of RCI and RCI Travel - a division that will take over the services of purchasing tickets, obtaining visas and insurance, booking cars. There is a system of discounts for air travel. Clubs usually provide free transfers. The opportunity to relax in almost any part of the world.
Membership certificate, eliminating the hassle of obtaining a visa. Members of the club are relieved of the need to think every year about which travel agency to choose, they are not tormented by doubts about its reliability. Everything is predetermined.
Owners of a club vacation get weeks in the club that suits them best in terms of location, living conditions and comfort. Using the exchange system, you can visit any of the 5000 resorts in other countries.
Payment for purchased weeks is carried out most often on a 100% prepayment. But there is also an installment plan of up to 18 months. Initially, an entrance fee is paid, then annual membership fees must be paid: regardless of whether the client took advantage of the trip or not. Meals, air tickets, visas, medical insurance, visa fees must be paid separately.
But, like any system, the timeshare also has drawbacks. The most significant disadvantage of such a system is the large initial investment. The next problem that a member of the club faces is the acquisition of the so-called transport package, which includes tickets, visas, insurance, transfers, meals. An ordinary travel company will not provide such services - it works according to a different system and organizes the entire holiday, and not its individual parts. Thus, a member of the club either independently purchases air tickets, obtains a visa, arranges insurance, resolves the issue of food on the spot, or turns to companies specializing in the sale of transport packages. It may or may not be beneficial.
Possible abuse by the implementer, giving false information about the conditions of rest. The full time for processing the transaction takes an average of two to three months, which is associated with the need to issue club certificates, enter new owners in the register and legalize all documents.
When relaxing in a club suite, it is advisable to plan your trips in advance, although you can also take advantage of the “last minute vacation”, which, in addition, can provide much more attractive accommodation options. The advantage is also the fact that some major hotel chains such as Marriott, Hilton, Hyatt, Radisson cooperate with RCI and owners of club weeks can use their services.
Of course, everyone chooses for themselves: someone likes such a system of recreation, someone repents of the acquisition and wants to sell their “right to rest”. Unfortunately, this is quite difficult. In Russia, the secondary timeshare market is poorly developed. The situation is no better abroad. In any case, it is almost impossible to get the same amount on resale that was paid when purchasing a timeshare.
In countries that respect laws, club activities are regulated. The first piece of legislation in this regard was signed by Her Majesty Queen Elizabeth II on March 16, 1992. The UK was followed by the United States, France, Germany and other law-abiding states. Timeshare in foreign countries is a legal category. Unfortunately, in Russia there is no such law yet.
At first, the timeshare idea looked very nice. You pay $15,000 and never worry about your vacation again. For this money, for example, you buy out 1/25 of the hotel and every year for two weeks you get for personal use an exotic Pacific bungalow, a room in luxury hotel Nice or in a cozy club on the Mediterranean. Such a vacation was called a timeshare.
That's just, as always, in domestic conditions, its charm is very dimmed ...
Timeshare was invented in the 60s, when a crisis began on the global real estate market. The owners needed money to build new hotels and restore old ones, and some resourceful agency decided to take this money from potential vacationers. Roughly speaking, the service looks like this: the hotel is sold 50 times by the number of weeks in a year minus some time for repairs. If, by selling it to one person, the owner could receive, say, 100 thousand dollars, then when buying a timeshare, each of the 50 buyers pays him 10 thousand, and the cost of the hotel grows to half a million. Each of these buyers has the right to rest free of charge in this hotel for as many weeks as he has redeemed. The right to use can be for life and be inherited or "temporary" for a period of 30, 50, 70, 100 years.
There is no need to think that, having bought a timeshare, you will travel all your life to the same long-annoyed Cyprus. As soon as timeshare took shape as a separate service, club exchange systems appeared, the most famous of which are RCI (Resort Condominiums International) and II (Interval International). With their help, you can exchange your two weeks for a similar vacation elsewhere. Timeshares are divided into several categories depending on the time of year: so if you buy a week in the high season, you have a "red" timeshare, in the off-season - "white", and in the low season - "blue". "Red" week, of course, the most profitable in the exchange. Redeemed weeks can be either fixed (for example, from August 10 to August 24) or floating. A timeshare certificate holder has 3,600 resorts in 94 countries, and for one week in the Canary Islands, you can get two weeks in America. And if, for example, you bought a double apartment, you have the right to bring your friends there for free.
The average price of one week on the timeshare system in such popular places as the Canary Islands or Mallorca is 10-13 thousand US dollars. The same holiday in the resorts of Cyprus or Greece does not exceed 7-8 thousand dollars. Money for the average European or American, as you can see, is not very big. Therefore, the growth rate of timeshare tourism is 15% per year, while the growth of traditional tourism does not exceed 8%.
In our country, timeshare has become known since 1992. But while all over the world there are three and a half million "share" hoteliers, in our country there are still no more than 20 thousand of them. Yes, and those special lucky ones can not be called. Unfortunately, the reputation of timeshare in our country is badly tarnished, and there are no less scandals associated with club holidays than with financial "pyramids". And all because most of the deceived owners unknowingly contacted fraudulent companies. Most of the timeshare companies that operate with us are registered as travel companies and do not have a license to conduct such activities. They sometimes resort to dubious methods of work. A common way to attract customers is as follows: in a supermarket, a person comes up to you and says that he is conducting a statistical survey. He starts asking you about your age, marital status, income, where you spend your holidays. Then they call you at home and say that by participating in a poll, you won a prize. You need to come to an office for it. By the way, only middle-aged couples with an income of at least 15 thousand dollars a year are invited there. And in this very office, specially trained agents fool your brains so much that you leave the first $ 500 without even bothering to read the contract.
Half of these unfortunate buyers usually come to their senses in a couple of days and begin to feverishly think about how to sell this timeshare. So, the next option of taking money from the population is just used in the secondary timeshare market. The bell rings in your apartment: "Would you like to sell your timeshare?". The firm says that they already have a client who wants to buy your weeks, and he is going to pay a couple of thousand dollars more than you hoped. For the service, the intermediary asks for 10%. But you need to pay the money up front, and even purchase a certificate of authenticity of your timeshare certificate for $ 150. A significant part of timeshare owners usually decide to take a risk. Is it necessary to say that the agent, having received the money, is no longer announced?
Adviсe
So that you don’t join the army of timeshare owners storming the courts, here are some of our educational tips for you:
Never enter into contracts if the seller uses the "pressure selling" method. Signs of such marketing are the following formulations: you need to hurry with the purchase, since there are only a few free weeks left, only today there is a 20-30% discount, if you conclude a contract today, the company will make a gift in the form of payment for air tickets. Don't believe those companies that say you can make money by buying a timeshare. You can, at most, save money, and even that is still a big question. Never leave any deposit at the presentation, in all European countries you can take a deposit from the client under the contract only 15 days after the presentation. Take the contract home, consult with a lawyer and, if there are comments, seek to include them in the text of the contract. Often contracts are clearly designed for the incompetence of clients. And such a trifle as the absence of company details in the contract can deprive you of the opportunity to defend your rights in court.
It is extremely important that your club is part of one of the international exchange systems, such as RCI. Be sure to find out the current costs of maintaining the apartment. This figure can range from $200 to $500 a year, and it's best to find out before signing a contract, not after. Try to find out if the club is far from the sea, if there are nightclubs or the airport nearby. Ask about the availability of air conditioning, TV, refrigerator, washing machine, etc. in the apartment.
If you decide to sell your timeshare, please contact the club for which you are the certificate holder. You will be given the coordinates of the trust company with which this club cooperates, and this company will already help you with the sale or renewal of the certificate. And you should definitely be wary if you are offered to pay for this service in advance.
Timeshare timeshare, lit. "time sharing" - joint ownership of real estate (condominium) in the tourist business with the ability to use it for a certain time, in proportion to the monetary contribution. Commonly referred to as "vacation property" and purchased for a period of 10 years to perpetual use. Traditionally, apartments are sold from 4 to 6 people. Usage time is measured in time division weeks, which are grouped into three "colors" (Red Red - season, the most expensive and prestigious, White White - off-season, and blue Blue - off-season) and reflect the dynamics of demand by season. The owner, or rather, the co-owner of the condominium (that is, co-ownership), can relax in the purchased apartment in "their" weeks, or exchange a vacation spot for a similar one within the "color". In addition, red changes to red, white and blue - at the request of the client, white only to white and blue, blue - only to blue, respectively. Additionally, it is possible to change regions. At the same time, a super-popular and prestigious region changes to a less prestigious one with an increase in rest time.
Resort Condominiums International -- RCI
In 1971 created a global system RCI - Resort Condominiums International, which is engaged in providing joint ownership of real estate in resorts of the highest class and "exchange of holidays". The system includes over 2,300 complexes located in resorts in 70 countries of the world. At the end of 1992 timeshare owners in the RCI system were about 3 million families. In 1996, RCI opened its representative office in Moscow, and is currently actively promoting timeshare services in the Russian tourist market.
Interval International-II
Similar services are offered by the prestigious system of timeshare clubs Interval International, which includes more than 1000 high-class hotels (usually not lower than *****). The exchange rules state that you can exchange for RCI, but not back. By depositing approximately 22,000 USD, anyone, regardless of citizenship, can become a co-owner - for one week annually within 25 years - of a fashionable cottage in the Canary Islands or on the coast of Florida, for example, in the famous place - Cypress Bay (Cypress Hartbour) in Orlando. Unlike RCI - system L of a higher class, cottages are offered with an area of 160 sq.m. and better equipped; two bedrooms, a hall, a kitchen, color-video TV, as well as a host of other amenities and entertainment. At the same time, up to eight people can rest in the cottage (somewhat crowded) at no extra charge. You can choose any week during the whole year for a holiday, having declared it in advance. If this resort is tired, the client can apply and easily exchange it for any other in the same system or the RCI system. Clients receive discounts on air tickets up to 20% or more.
Holiday rights - in relation to TimeShare - temporary use rights or the right to grant third parties the right to use the cottage, villa indicated in the certificate of ownership for a certain period (for example, 25 years). A feature of a classic timeshare is the presence of a certificate of ownership for a certain period of rest, and these rights are inherited, can be the subject of collateral, assignment, loan security, etc. (all signs of property rights).
Selling a timeshare is a delicate matter, so marketing and customer service firms use the tactic of working with an individual client, the so-called individual presentations. Of course, the information is not sent to the press, the main information is communicated to the client privately, all negotiations and agreements reached are strictly confidential. Some marketing companies use aggressive timeshare sales practices that cause controversy and consumer complaints.
Spacebank is the RCI club's brand name for a vacation bank that reserves one week for each RCI member owner.
Two-for-One - The right of an RCI member to exchange one week holiday in the Canary Islands for two weeks holiday in the US or Canada, or three weeks in Australia or New Zealand. The rights of exchange also provide for the possibility of "hoarding" vacation time, if the owner does not use the vacation time in the current year, then he can reserve two weeks of vacation for the next year.
Almost every country has national timeshare clubs. For example, Timeshares Hellas is successfully operating in Greece. The club offers a condominium for 60 years - one week a year for 750,000 drachmas. The club has 5000 cottages in Greece, which can be exchanged for various others at (2300) resorts in 70 countries.
On the opposite pole of social tourism, the last decade has seen a significant development of one of the most dynamic sectors of tourism - the system of ownership of club holidays, better known as timeshare. According to the January 1997 Travel Industry Monitor, the growth of the leisure ownership industry over the past ten years has been more significant than the overall growth of the tourism industry.
The holiday ownership system is a rapidly growing sector of the global tourism business:
it has been developed in 81 countries;
there are more than 4,500 tourist resorts operating in this system;
owners of the recreation system live in 174 countries of the world;
more than 3.14 million families in the world own a recreation system;
sales were approximately $4.76 billion (1994).
According to WTO statistics, the number of arrivals in the world for the period 1985-1995. increased by 22.2%, and the number of exchanges in the vacation ownership system increased by 87.8% to 1.9 million exchanges. In the European market, these figures were even higher - 158.7% growth and 517,000 exchanges. In the last decade, the growth rate of this tourism sector has exceeded the growth rate of the tourism industry as a whole and reached 10-12% annual growth.
Buyers in the holiday ownership system are individuals with a fairly high annual income and increased requirements for the quality and location of accommodation facilities. The vacation ownership system and its variations - timeshare, club vacation, hotel vacation - is one of the ways to pay for and use a high-quality accommodation facility for a certain period of time, which, if desired, can be exchanged for a vacation elsewhere (at 4350 resorts around the world or at 1289 resorts in Europe). Leisure ownership is a tourism product that is maximally adapted to the needs of the buyer.
From studies conducted by Ragatz Accociates in Europe, Asia and Australia, it appears that high socio-economic performance of holiday ownership buyers can be seen in many parts of the world. More than half of North American vacation owners are between 35 and 55 years of age. Most of the owners (85%) are families, only 33% of them have children. The median annual income of owners is over $60,000; they, as a rule, have a prestigious education (54% of the heads of families graduated from a college or university).
So, a typical timeshare owner in England is married, over 35 years old, has no children in need of guardianship. The motivations for buying a timeshare vary. According to research by Ragatz Accociates, it is believed that approximately 72% of timeshare owners considered the opportunity to exchange a vacation spot as one of the important reasons for purchasing a club vacation. Other reasons for buying a timeshare are confidence in the quality of the apartments provided (62%); the habit of vacationing at a given resort (58%) and saving money on future vacation expenses (56%).
The concept of holiday ownership offers owners the right to use for a certain period of time (season and interval) annually a room, apartment or other type of accommodation, which, in turn, is part of a tourist complex (club) equipped to provide various services. The buyer pays a certain amount to acquire the right to own a membership in a holiday club, and after that he makes annual contributions: intended for the maintenance of the club property (local payments); for an exchange of rest in another club. The selling time period is usually based on weeks (intervals) and cannot, as a rule, exceed 51 weeks per year.
The time of stay in apartments (modules) is divided in some cases into seasons - red, white and blue (season, off-season and off-season). Thus, the interval, module and season are bought. Recently, membership in the club, evaluated in the form of points (credit points), has become widespread.
The convenience of accommodation facilities and the size of the modules vary:
studio, suite room (for 2 people) - T-0;
room with one bedroom and living room (for 4 people) - T-2;
room with two bedrooms and a living room (for 6 people) - T-2;
room with three bedrooms and a living room (for 8 people)--T-3, etc.
Custom-built accommodation modules often include elements such as terraces, balconies, pools, jacuzzis, video systems, etc., as well as kitchens (complete, incomplete, detached, etc.). The latter, as a rule, are equipped with a set of dishes, refrigerators, microwave ovens, combines, washing machines and dishwashers, etc.
The average resort (complex) size is 50 rooms. Resorts located in areas of greatest interest to customers vary in: beach (Spain, Portugal), urban (London, Paris, Vienna), mountains (Austria), theme parks (USA - Orlando, Florida and California, northeast Spain). Resorts are affiliated into the system under special programs. The average unit price ranges from $6,500 to $9.50. For example, in Spain the average two-bedroom unit costs about $7,500, but the average is $8,000 per season; $5,200 and $3,800 off-season and off-season respectively.
Most resorts sell 50 or 51 intervals (weeks) per year.
Europe is the most frequently visited holiday region. In 1996 it registered 347 million visits (51% of the total) with a sales volume of 214.7 billion dollars. At the same time, 47% of visits are in Western Europe and only 4% in Central and Eastern Europe. Russia, as you know, occupies 18th place in the world (data from 1996) - 1.6% of visits and 1.2% of tourism receipts (for comparison, in 1994 - 23rd place); however, the number of families owning a timeshare is as high as 20,000 (according to RCI).
The leisure ownership industry is fragmented. It involves several participants: promoters (project developers); sales specialists; resort management companies; holiday exchange companies; trust companies or trustee organizations to protect the rights of holiday owners; interval resale companies (secondary market); professionals working in the industry, including lawyers, auditors, consultants, etc.
The tasks to be solved by the developers include: choosing the location of the resort, arranging financing, creating a legal structure, attracting or creating companies for the marketing and management of the resort, creating associations of owners, organizing cooperation with exchange companies.
The resort accommodation service is the first place a customer visits. It serves three purposes: a meeting place for owners and exchange guests, and a key point for potential buyers visiting the resort in the course of buying a timeshare. A resort can be listed for internal sale (within the resort), external sale (outside the resort), or both.
RCI is now the world's leading provider of holiday ownership exchanges. It has 64 offices in 32 countries (including Russia, Moscow) and publishes materials for club members in 20 languages. In 1996 the company has secured almost 1.7 million confirmed exchanges. Thus, from 3 to 5 million people were able to spend their holidays with the help of RCI. The number of company members exceeds 2.2 million families who live in more than 190 countries around the world.
The network of RCI resorts consists of more than 3,000 recreation complexes (clubs) in 80 countries of the world. The growth of the company is the result of investments in three key areas: computer equipment, a network of representative offices in different countries, staff (more than 4,000 specialists work at RCI).
RCI includes a number of companies, including: RCI-Speybank, RCI-Travel, RCI-Consulting, RCI-Management, RCI-Computer. When you enter a week into the Spacebank, a price is set for it, which depends on the season, the size of the module, the demand for the resort and its location, the time of contribution and the quality level of the resort.
The quality control system of the resort depends on the clients. If its quality is below RCI standards, then either the resort's membership in the RCI is suspended, or it is excluded from the exchange network. The resort grading program was developed in 1991 to encourage quality improvement. The program includes two types of quality - "Golden Crown Resort" and "International Class Superior Service Resort", awarded to resorts affiliated with the RCI system.
There is no universally accepted definition of a vacation ownership system. Some see the system as a prepaid vacation, while others see it as a real estate acquisition. The most precise definition, in the author's opinion, is given in the very title of the document of the European Parliament and of the Council (94/47 / EC of December 26, 1994) "Directive on the protection of buyers in relation to certain aspects of contracts relating to the acquisition of the right to use immovable property in a divided time mode "(Appendix 4).
The Directive introduces such basic concepts as contracts (agreements) regarding the acquisition of the right to use one or more properties in a time-shared mode, concluded for at least three years, the minimum obligations that sellers must bear in relation to the buyer; the right of the buyer to cancel the contract without giving reasons within 10 calendar days from the date of signing the contract by both parties; information about the constituent parts of the contract and ensuring the transfer of this information, as well as a number of other equally important concepts, such as "seller", "buyer", "real property". If we mean by timeshare not the purchase and sale of property, real estate (which is expressly stated in the EU Directive), but the sale and purchase of membership in a recreation club that guarantees the provision of certain services by the club, then the timeshare contract falls under the definition of "paid services" (Chapter 39 of the Civil Code of the Russian Federation, Articles 779, 780, 781, 782), and the minimum obligations are the essential terms of the contract for the sale of a tourist product (Article 10 of the Federal Law of the Russian Federation "On the Fundamentals of Tourism in the Russian Federation").
In 1998 The Committee for Tourism and Sports of the State Duma, at its parliamentary hearings, considered the draft Federal Law "On the Basics of a Single Market for Club Recreation Ownership", which comprehends the above concepts, describes the club holiday ownership agreement and its mandatory conditions. The adoption of the draft federal law will serve as an impetus for the development of a recreation ownership system in the Russian Federation.
In a number of countries around the world, there are laws and regulations related to the vacation ownership system. So, in the UK - this is the Queen Elizabeth II Timeshare Act, 1992;
Isle of Man Time-Shared Property Act, 1994; German laws of 1996; Portugal dated 1993 and a number of others.
The United States has the Real Estate and Leisure Ownership Act of 1983. as amended in 1993 and 1995 Specific legislation exists in France, Greece, Portugal and the UK. All countries of the European Union until 1997 should have adapted their holiday ownership legislation to the EU Timeshare Directive of 1994 mentioned above.
