Real Estate Board encouraging timeshare
The Real Estate Board is inviting interested developers or purchasers of timeshare to contact them.
Timeshare, which was added to the responsibilities of the Real Estate Board in 2016, is a tourism product involving the erection of a building, which is subdivided into weeks and sold to various owners.
Chief Executive Officer of the Real Estate Board, Sandra Watson Garrick, says timeshare, in this scenario, is a vacation experience. As such, the individual is not buying the unit, but the use of the unit.
Watson Garrick says the unit can be bought by getting a deed or a lease for a particular time, for a certain number of years.
She explained that a person visiting Jamaica who loves a particular hotel that allows timeshare, can decide to purchase a week in that unit for some time, for example 10 years. This would allow the individual to obtain the product at a reduced rate.
Persons who are interested may contact the Real Estate Board or visit the website timeshare.reb.gov.jm.
The Board registers timeshare developments and also monitors compliance with the law, as it relates to the selling of the units and how the timeshare owners operate.
For timeshare, the Board is collaborating with the Tourism Enhancement Fund, the Ministry of Tourism and JAMPRO.