Tuesday, November 01, 2005
ULI Endorses Timeshare And Resort Investment Conference In Dubai
A broad range of delegates from the Gulf Cooperation Council (GCC) Region attended a recent ULI-endorsed a conference in Dubai on Timeshare and Resort Investment. The September event was co-ordinated by Interval International, a leading timeshare exchange company.
Timeshare has yet to make a significant impact on real estate sectors in the region, largely owing to a lack of familiarity with the concept and the absence of an appropriate legislative framework.
A panel of experienced speakers, including senior management from Interval International, Marriott Vacation Club International and local development companies, provided a thorough introduction to the timeshare concept; the economic benefits associated with both the sale and operation of timeshare; the role of exchange programmes; and case study examples of successful operations. In addition, and of particular relevance given the development context in the GCC Region, Tom Bell, Senior Vice President of Governmental Affairs at Interval International, highlighted the need for, and key characteristics of, balanced timeshare legislation.
The conference was well received and spawned a lively question and answer session at the end of the day. It became clear that not only are leading developers in the region already starting to think about incorporating a timeshare component within their schemes, but several of the world’s leading branded timeshare operators are also looking seriously at opportunities in the market.
The current lack of appropriate legislation for timeshare is holding the sector back, and there was a consensus at the conference that all parties should make every effort to apply appropriate pressure and expertise to encourage the foundation of a balanced legal framework for timeshare in the region; namely, one that provides flexibility for the developer whilst protecting consumer rights.
A general sense of optimism pervaded the conference, with most delegates agreeing that quality timeshare would have a significant role to play in the future, as destinations like Dubai continue to nurture consumer-orientated mixed use real estate schemes on a grand scale.
Timeshare has yet to make a significant impact on real estate sectors in the region, largely owing to a lack of familiarity with the concept and the absence of an appropriate legislative framework.
A panel of experienced speakers, including senior management from Interval International, Marriott Vacation Club International and local development companies, provided a thorough introduction to the timeshare concept; the economic benefits associated with both the sale and operation of timeshare; the role of exchange programmes; and case study examples of successful operations. In addition, and of particular relevance given the development context in the GCC Region, Tom Bell, Senior Vice President of Governmental Affairs at Interval International, highlighted the need for, and key characteristics of, balanced timeshare legislation.
The conference was well received and spawned a lively question and answer session at the end of the day. It became clear that not only are leading developers in the region already starting to think about incorporating a timeshare component within their schemes, but several of the world’s leading branded timeshare operators are also looking seriously at opportunities in the market.
The current lack of appropriate legislation for timeshare is holding the sector back, and there was a consensus at the conference that all parties should make every effort to apply appropriate pressure and expertise to encourage the foundation of a balanced legal framework for timeshare in the region; namely, one that provides flexibility for the developer whilst protecting consumer rights.
A general sense of optimism pervaded the conference, with most delegates agreeing that quality timeshare would have a significant role to play in the future, as destinations like Dubai continue to nurture consumer-orientated mixed use real estate schemes on a grand scale.
# posted by John @ 5:37 AM 
