Dubai Timeshare Property Still Not Exploited to the Fullest

Dubai property analysts have been predicting a boom in timeshare property sector in Dubai since the last few years. Reasons attributed to the impending boom in Dubai’s timeshare property:
• Beachfront property communities• Great shopping and dining options• Geographical location of Dubai
All in all, Dubai is hailed as one of the most popular holiday destinations of the world. Consequently, timeshare property is something that has great potential when it comes to the emirate. But, the statistics from Dubai property market reveal that this potential has not been exploited to the fullest.
Resort timeshare property ownership has shown only 2 percent UAE penetration rate although it was estimated that Dubai timeshare will gradually overtake Orlando to become the world’s largest timeshare property market. This is ample testimony that the local timeshare sector in Dubai is still untapped. The main restraining force acting behind this is the absence of a proper regulatory framework to manage Dubai’s timeshare industry.
The endless possibilities of Dubai timeshare property sector
Dubai as one of the most sought after holiday destinations opens its doors to a whole spectrum of prospective buyers who want to own some property in the emirate, but do not wish to stay there whole year round. Once the rules and regulations are in place for timeshare property, it can usher in a new phase of Dubai property market boom. Moreover, timeshare property is comparatively cheaper to other options, and thus more affordable to holiday-makers.
Fractional ownership property and vacation clubs are already witnessing phenomenal annual growth world over. The timeshare property market has a turnover of more than 20 billion AED on global level. Property experts estimate 2 billion AED worth of timeshare sales per year in the Middle East region. However, in the absence of timeshare laws to protect the interests of the investor, the growth curve has not shown the expected spurt.
Rules governing withdrawal of an investor from timeshare property as well as cancellation of the timeshare contract are also required urgently. A lot of timeshare property units in Dubai are still under construction.
Dubai timeshare market is still in its infancy but in due course of time will mature as the pre-requisites get into shape.
Timeshare Property
For those who do not know or have a vague idea about timeshare property, here is the definition.
Timeshare property entails buying the right to spend a particular period of time in a holiday property.