On October 21st, the Jamaican Parliament passed the Timeshare Vacations Bill , beginning the process of regulating the growth of the vacation ownership industry in the Caribbean nation. In moving forward with a more sophisticated set of rules for timeshare developers to follow, Jamaica appears poised to reinvent itself as one of the more prominent high-class tourism destinations in the region.
With the global vacation ownership industry operating at an all-time high, the time is ripe for a small country like Jamaica to begin investing heavily in the timeshare product. Jamaican timeshares are already a hot commodity on the secondary market, and the addition of newer, more modern resorts will only heighten this demand. The country’s plan is to further diversify ownership options and accommodations of Jamaica timeshares, with a vast mix of luxurious resort facilities and upscale condos.
Jamaica’s Timeshare Vacations Bill has two main goals. It will give legal recognition to timeshare vacation schemes by mandating the assignment of right-to-use contracts to every vacation ownership interest sold in Jamaica. This arrangement will be analogous to how timeshares are sold all throughout Mexico and the Caribbean and will provide owners with an added degree of ownership security. The bill will also regulate the marketing, promotion, and provisions of timeshare contracts, further protecting the consumer.
Other Bill objectives include:
According to the American Resort Development Association (ARDA), there is an extremely high demand for timeshare ownership in the Caribbean. This is due to it’s desirable climate, beauty, and attractions, along with it’s surprisingly limited amount of current timeshare properties.
“There is huge and significant potential for further growth and development of the timeshare product in the Caribbean and especially in Jamaica,” added Dr Wykeham McNeill, the Minister of Tourism and Entertainment.
The Timeshare Vacations Bill also goes into effect for existing Jamaica timeshare resorts, who have two years to change their policies in order to reflect the new legislation. Current timeshare owners can rest assured that their current timeshare property is changing for the better to match the high-quality, upscale rules and regulations.