Time to splash out on a place you can enjoy again and again

It's that time of year. It's hot, it's humid, it's time to escape Hong Kong and there's no better way than a holiday.

A survey by The Nielsen Company finds that with the worst of the credit crunch over, most Hongkongers' thoughts are very much focused on splashing out on a holiday this summer. Some 47 per cent of those surveyed put a holiday at the top of their list of non-essentials.

But is it money well spent? Psychologists may argue 'yes' for the feel-good factor, the relaxation, the quality time with friends and family that a holiday yields. But what does it yield in real terms? A suntan that fades, a few extra kilograms in weight from all the excesses; and a healthy credit-card debt. Even the holiday snaps - the only lasting return on your holiday - are a thing of past now that we have digital cameras.

However, recent years have seen a growing trend in vacation investment called fractional ownership: a holiday option which promises to give you something more for your money - the chance to buy future holidays at today's prices, appreciation on your initial investment, rental yields and the chance to live the life of a millionaire - at least for a couple a weeks a year.

At first glance, it bears a resemblance to the timeshare, a holiday option that suffered bad press in the 1970s because of some heavy-handed sales techniques before the days of timeshare laws.

However, despite the fact that in most countries fractional ownership falls within the legal definition of a timeshare, there is a difference, say experts, and it is this which makes fractional ownership a much more attractive investment option to a growing number of baby boomers with cash to spend and a taste for travel and luxury.