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Dubai: Emaar Hospitality Group, a subsidiary of Emaar Properties, on Tuesday said it plans to enter the timeshare market, "led by the growing demand from tourists for spacious and personalised luxury accommodation in the city".
"Emaar Hospitality Group will soon unveil its timeshare roster encompassing serviced residences and custom-designed resorts in Dubai," a company statement said.
Emaar Hospitality also plans to expand its timeshare business to other countries in the region too, where the company is currently developing master-planned communities with hospitality and leisure components. These key timeshare markets will include Morocco, Jordan, Saudi Arabia, India, Turkey, Egypt and Indonesia.
Mohammad Al Abbar, chairman of Emaar Properties, said: "The timeshare market in Dubai is poised for exponential growth with booming inbound tourists driving the demand for spacious accommodation that hotels cannot fully meet.
"Emaar already has an extensive hospitality and leisure portfolio featuring several hotels and serviced apartments. Additionally, we plan to develop dedicated timeshare resorts. Emaar is finalising the modalities of the timeshare business in line with the guidelines of the Dubai Government and also putting in place a special team to support the initiative."
Originally a European concept, timeshare is a generic term to describe a business model where a property owner sells 'time-slices' of property to cust-omers. Timeshare projects are projected to generate nearly four times returns compared to traditional real estate, buy-to-use-and-let and fractional ownership.
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