The massive property development boom in Dubai is winding down finally; the area has some of the most impressive and excessively luxurious properties anywhere in the world. Does this mean an end to the market in Dubai? The properties and locations for sale there are very desirable, already built or developed in most cases, but at the same time just as expensive, few can afford to live there on a permanent arrangement. The answer is an old stable of the real estate market for resorts and luxury locations that may not have enough clients to fill them, the time share.
Understanding the Timeshare
The timeshare is a system of shared ownership, all members pay for a portion of the property upkeep, and so get a portion of time with the property but it is split with the other remembers of the share. This method of ownership has gotten a very bad reputation in the US and Europe as unethical developers exploited misconceptions, hard sales methods, to force high fees, bad deals and for poorer properties than people are lead to believe they are getting.
A proper timeshare is more akin to a buying a house with several people, you each pay a percentage of the cost, and spend a period of the year there, this way the cost of the property is spread across the group making it more affordable to all. Down sides are you can’t decorate it yourself, and it is a shared home but overall the benefits out weight the downsides for those looking for a vacation property but don’t want to or can’t afford to own it outright.
The Growth of Timeshares
Timeshares are a fairly new concept to the government in Dubai and there is a lack of understanding how a shared ownership would work. Because of this development of timeshare properties is slow but timeshare agents, property owners and developers are working closely with the government of the UAE to setup laws and regulations so that what happened in the US and Europe is avoided but still allow for proper sale and development of timeshare property. For the reason that the resort development is still fairly new the legality is not in place to support timeshares as is yet. This has slowed speed but as development moves less from building and more toward the purchasing stages of real estate it is believed that the process will start to speed up.
Timeshare may be the answer to your get away dreams. Dubai has a rich land of luxury and some of the most amazing buildings ever built, out of the price range of all but the superrich, but by going with a legitimate timeshare it is possible not just to enjoy this wondrous getaway paradise but share it allowing not just yourself but others to experience it. Even as timeshare development is slow now keep an eye on Dubai as more and more opportunities are sure to open up in the near future, as this region of the world opens even more to the rest of the world.