Monday, April 24, 2006


Arab Timeshare Real Estate Market 'Is Worth $1BN'

The timeshare research was commissioned by RCI Middle East, part of the global RCI Global Vacation Network, the largest vacation exchange and vacation timeshare organization in the world and conducted across a sample of nationalities including Saudi Arabians, Kuwaitis, Emiratis, Iranians and Egyptians.

A preview of the findings said Arab nationals purchasing various types of shared ownership, is conservatively estimated at well over $1 billion. The research will be unveiled at a major leisure real estate industry symposium in Dubai on April 29.

Vivienne Noyes-Thomas, managing director of RCI Middle East: "The main purpose of the research is to quantify the potential pan-Arab market for luxury timeshare, fractional ownership and other types of shared ownership in leisure developments in the region. There are numerous superb timeshare projects in the planning stages, but now we can qualify what the consumer is really looking for and what this product can deliver in increased returns for developers and operators."

"The research is still being finalised so it's too early to be fully precise at this stage. But this news will be welcomed by the many industry delegates already signed up for our Symposium, 'New Horizons in Shared Ownership', taking place at the Burj Al Arab," added Noyes-Thomas.

Possibly one of the most exciting of these is the new trend for what is known as religious timeshare. A number of major projects are already underway in the Islamic centres of Makkah and Madinah and the research indicates these are likely to be highly popular amongst Muslim pilgrims.

Another timeshare pattern that the study has quantified is the regional preference to holiday close to home. The domestic tourism market in Saudi Arabia is understandably vast, with nearly half the Saudi respondents expressing a preference to timeshare holiday within the Kingdom.

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