Timeshare (Space sharing)

Timeshare - this concept or term related with property has come much in vogue in recent times.

Timeshare (or space sharing) primarily becomes applicable in places where space is limited but the crowd of visitors keep on mounting, like say a pilgrimage site like Makkah or Madinah. The basic rudiment of the timeshare (or space sharing) concept underlines a modality wherein a vacation property is owned by a group of owners rather than a single owner.  

This concept of timeshare (or space sharing) which had evolved in France in 1960’s implies that the cost of running the resort is shared among the owners. Initially, the timeshare (or space sharing) resorts were primarily used to be condominium vacation resorts but as they gained in popularity, developers have started developing houseboats, yachts, campgrounds, etc. on timeshare (or space sharing) model.

The modus operandi is simple. A timeshare (or space sharing) property developer develops a resort, extends the right of ownership to 52 people or even less and allows each one of them to make use of the resort for a fixed period of time every year. The shareholder in this kind of property gets the chance to spend some time in a house which he partially owns at a cost which is just a fraction of what it could have meant for him if he had to buy the property as a single owner. Needless to say, such properties are primarily developed in exotic locations and crowded holy cities.