Biggest scams on the market today
A timeshare is a shared ownership model of vacation real estate in which multiple purchasers own allotments of usage, typically in one-week increments, in the same property.
The timeshare model can be applied to many different types of properties:
▪️ Vacation resorts
The new regulations for the timeshare business model could eventually protect residents from ‘timeshare resale scams’ said the Experts in the travel and tourism sector. Residents and travel agencies are confident that the introduction of the law will stop such schemes.
New law was issued for permitting the Dubai Tourism:
▪️ To develop the frame for the selling
▪️ Management of properties sold under ‘timeshare’ program
A timeshare is usually displayed as being less costly than a lifetime of vacations. A timeshare is a property with a divided form of property that is usually used for holidays and vacations.
Dubai Tourism will develop the terms and conditions and technical models required for timeshare facilities to obtain legal permits and approvals by listing and classify the residential units subject to the new law.
These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each owner of the same accommodation is allocate a certain period of time. Residents and experts are cheerful that this regulatory environment will put an end to fraud in the timeshare industry.
Timeshare scammers usually target families, offering them unbelievable deals:
▪️ Several nights stay at hotels
▪️ Club membership
▪️ Discounts in international
▪️ UAE-based holiday properties
Benefits -The new law is a good thing for the travel industry
There is going to be stricter regulations will work as:
▪️ A stimulator for the real estate and tourism sector.
▪️ Provide investors with an alternative avenue for investment.
▪️ Would curb such scams as the sector will be monitored and fraudulent companies weeded out.