The definition of a timeshare or a shared vacation property is an arrangement whereby several joint owners have the right to use a property as a vacation home under a time-sharing agreement. To put it simply, it is a way to plan ahead for your vacation accommodation by purchasing a share of a holiday home. Originally designed as a system where owners would own a portion of a vacation property in which they could stay in the property for a set time each year. Most often, timeshares are owned from anywhere between twenty-five to fifty-two owners so that most timeshare owners spend one to two weeks at their timeshare unit. Continue reading below to learn more about timeshare facts and statistics.
Flexibility and Luxury
These days, many owners are interested in more flexibility in their vacation choices and often do not want to be tied down to just one single vacation property, regardless of how luxurious or comfortable the property is. As a result, many timeshare companies are involved in timeshare exchange programs or are part of a multi-resort timeshare provider. Consequently, timeshare owners are permitted to use their allocated vacation time in various timeshare resorts within the exchange program or timeshare group.
Points Based Systems – Exchange Programs
Sometimes, an extra fee paid to the timeshare company is required to facilitate the exchange. Additionally, many timeshares use points based systems so that owners can plan ahead for multiple vacations, meals and activities within a timeshare resort group. Sometime the purchases points can only be used at certain times of the year, all which depends on the specific rules and regulations of your timeshare provider.
Timeshare Business Is On the Rise
Regardless of the downsides to timeshares, business is still booming. Historically speaking, the peak of timeshare sales occured in 2007 when 10.9 billion dollars was earned. A few years later in 2009, the timeshare industry experienced a significant drop in sales down to 6.3 billion dollars. Since the low point in 2009, timeshare sales have been experiencing consistent growth each year although they have yet to match the 2007 earnings.
Timeshare Sales Figures
In 2014 in the United States, timeshare sales were estimated at 7.9 billion dollars and over 397 thousand timeshare units were sold. That same year, the average sales price of a timeshare unit in the United States was $20,020 dollars. Curious how many timeshare buyers actually purchase a unit from all the potential customers that attend a timeshare presentation. On average, it is estimated that timeshare and vacation property sharing companies have a sales closing rate of around 15 percent.
We hope you enjoyed this article about timeshare facts and statistics. Now the only question is, when are you going to take control of your financial future and invest in a timeshare ownership property for you and your family?