Many people are looking for alternative means of earning an income or earning significant returns on investments. Some venture into agriculture, agroprocessing, fashion, and other types of businesses but … there is a goldmine waiting to be unearthed- timeshare vacations.
In November 2014, the senate passed the Timeshare Vacations Bill which opened the door for the country’s entry into the tourism timeshare market.
What is Timeshare?
The term ‘timeshare’ dates back to the early 60’s and was coined in the United Kingdom as an innovative way of increasing holiday choice.
Timeshare or vacation ownership is the acquisition of future holidays at today’s prices. Timeshare allows for multiple individuals to share the rights to use the property within an allotted time frame, usually fixed to a particular week of each year.
This right being offered is in consideration of a premium and an obligation to contribute to the maintenance of the property.
Although timeshare is relatively new to Jamaica, it is actually quite popular across the United States of America and other countries.
Even our Caribbean neighbour, St Marten, has made significant progress in this type of investment. The real impact of timeshare on St Marten’s economy was highlighted at the 18th annual Shared Ownership Investment Conference held in Miami last October. A call to action was also made to other Caribbean countries to take advantage of the opportunities during a panel discussion on the topic ‘Timeshare’s Economic Impact on Destination Markets.’
It is now definitely time for Jamaica to cash in on this sharing economy as the benefits are far reaching, not just for those in the hotel and resort industry, but for communities and the linkage industries.
If this has piqued your interest, the next step is to do your research.
Fortunately, most of your questions can be answered through the Real Estate Board (REB)- the regulator and administrator of timeshare vacations ownership in Jamaica. Investors and/developers are required to register with the Board. Working alongside the REB, Jamaica Promotions Corporation (JAMPRO) promotes and facilitates the investment opportunities for potential investors. Together, these two agencies make it easier for investors to access lucrative opportunities through partnerships with key market players by guiding you as per the requisite steps, permits, and regulations that govern timeshare vacations in Jamaica. This will be a chance for guests/investors to ‘own a piece of the rock’.
Jamaica’s hotel accommodation inventory is already set to increase with the expansion of a number of hotels, such as, Royalton, Marriott Group, and Karisma.
Reports indicate that the timeshare industry generates revenues of over US$14billion per annum in sales and US$45 billion in economic output in 2010, this according to ARDA (American Resort Development Association) International Foundation.
The industry is also said to consist of 20 million timeshare owners worldwide with Europe accounting for over 1.5 million timeshare owners.
Just imagine Jamaica biting a piece of this pie! It is enough to get the entrepreneurial adrenaline flowing!
Benefits of Timesharing
- If you already have a vacation home covered for your getaways and choose not to use it, you can still earn by renting it out for the vacant period
- If you want to go somewhere else, you can actually make it easier on your pocket by trading your vacation home time with someone else who has timeshare in another property or country
- And if you are someone who likes to ensure your friends and family enjoy a treat every now and then from you, they can use your timeshare
Of course, there are other benefits and perks- time to go get them!