The final countdown

In fact, Emaar recently announced its Emaar Residences at Abraj Al Bait in Makkah will be leased on a timeshare basis, and aimed at pilgrims and families.

"Look at a relative newcomer to shared ownership and fractional ownership like Las Vegas. Last year the timeshare and fractional industry brought roughly US$2bn to the local Nevada economy," explains Turner.

"The good news for Dubai and the UAE is it's going to have a positive impact on revenues for the developers and a positive impact on tourism in Dubai. People who buy a timeshare property for 20 years will invariably come back year after year," he says.

Turner tells how the industry could act as an antidote for what he describes as "ghost-town projects", should there be too small a population to fill the many developments.

"The most important thing is that it ensures these huge projects being built in Dubai, Abu Dhabi and Ras Al Khaimah are utilized by timeshare tourists, as opposed to being purchased by speculators who have no intention of using them. Timeshare tourists will have a positive spin-off effect; they'll be eating in restaurants and shopping in the malls, so it's hugely important for Dubai's sustainability and economy."

Brand protection

Today, the North American timeshare market appears untouched by problems still faced in Europe, and is continually proving to be a very lucrative business.

"I think it's a very professional tourism and real estate sector. Highly reputable professionals are employed, it's a multi-billion dollar business and it attracts all the big hotel brands," says Turner, referring in particular to Hilton, Wyndham and Marriott, who he describes as "the big three."

One thing which will perhaps capture the interest of developers is Turner's claim that timeshare is bearing-up against a slowing economy in the US.

"They drive healthy revenues and cash flows through their businesses. We understand that in 2007 they were still growing, in a market where every other real estate model has collapsed. So, it's also proved recession-proof," he says.

Positive though the enthusiasm of developers in the region may be, the process of issuing timeshare licences will need to be stringent in order to protect the brand Dubai has become.

This is something that clearly doesn't worry Turner, and he talks candidly of the faith he has in the government to thoroughly regulate the industry.

"I know that the government and RERA will look very closely at the track record of the developer, its credibility, financial status and the robustness of business. All of this to ensure that these projects sell-out, they're delivered on time and are of the quality that people expect them to be," he says, emphasizing the importance of consumer protection.

"I think, within the legislation, it details the fact RERA reserves the right to see marketing materials and vet them, in order to make sure what's being marketed is going to be delivered," he says, in reference to the past scandals of the European market at the hands of ruthless touts and sales callers.

However, he explains, Europe's efforts to rid itself of these associations should be noted.

"The good news is that improved legislation in EU countries has closed the doors on a lot of unorthodox marketing, therefore the developers that are left are good quality and practicing good forms of sales and marketing," he adds.

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