NEW frontier

Timeshare used to be all about buying a share in an overseas property and being able to enjoy staying there for a specified time every year. The concept has evolved rapidly in the past decade.

'People seem to think timeshare is about usage. It's not about ownership any more,' says Mike Balfour, founder and chairman of The Hideaways Club, a global property company specialising in the equity ownership and management of international luxury property funds. 'It has evolved into a business model that offers investors usage, as well as investment security and lifestyle. The timeshare concept has been completely turned on its head.'

His company's classic villa collection, equivalent to a fund product, offers its 220 members the opportunity to invest in and enjoy 38 exclusive villas across the world. It provides members with great choice to invest in a portfolio of properties.

Dan Simmons, senior assistant vice-president of Banyan Tree Residences & Laguna Property, says the option to have access to multiple holiday properties overseas allows buyers to diversify their holidays, maximise their investment and enhance their quality of life.

He says there are many packages, including those provided by his company, that offer private club membership to those who can then have access to the properties owned and operated by Banyan Tree.

Simmons agrees that timeshare has become a lifestyle investment. 'People choose this option not because they can't afford to buy one. We have clients who already own properties but still want to invest in numerous timeshare properties so that they can diversify and enhance the quality of their vacations,' he says.