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Timeshare and Secondary Residences - International - June 2019

Covered in this report

This report provides an overview and outlook for holiday accommodation, including timeshare and cross-border freehold property. The term ‘timeshare’ has taken on a wider meaning over the years and now includes a variety of holiday-lodging products and structures. Known also as ‘vacation ownership’, ‘holiday ownership’ or ‘interval ownership’, timeshares offer diverse forms of ownership or rights of use. The properties are typically resort condominium units in which multiple parties own rights to the use of the property. Each owner is allotted a period of time (typically one week and almost always the same time every year) in which they may use the property. However, in more upscale developments, such as fractional ownership schemes, the time period could be several weeks or even months. There are also private-residence clubs (PRCs) whereby the purchaser acquires the right to inhabit a portfolio of luxury properties in key locations around the world

“Looking out over the coming decade, two key trends emerge in the interval-ownership and secondary-residence universe. First of all, it is likely that the burgeoning accommodation rental platforms like Airbnb and Booking.com will take considerable share away from the traditional interval ownership sector in the Western world. Nevertheless, there is still great potential for the expansion of timeshare in China’s fast-growing leisure travel industry.”
- Jessica Kelly, Senior Tourism Analyst

This Report looks at the following areas:

  • How is the interval-ownership market segmented?
  • Which are the key players in the timeshare market by geographical region?
  • How are macroeconomic (growth, interest rates, exchange rates) and geopolitical factors impacting the secondary-residence market?
  • What has been the trend in the creation of HNWIs and UHNWIs?
  • What has been the recent trend in property prices in key upmarket resort destinations?

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Table of contents

  1. Introduction

      • Key findings
      • Data Sources

        • Abbreviations

          • Issues in the Market

              • European Commission targets golden-visa schemes, especially in Portugal and Spain
                • Governmental regulation of timeshare sales
                  • Regulation of short-term rentals
                    • Spanish tax summons for non-resident property owners
                      • Timeshare scams
                        • Uncertainties created by Brexit
                        • Global Summary

                            • Demographic outlook
                              • Figure 1: Population by major age segment & region, 2015-40
                            • Economic growth trend
                              • Weakest outlook since 2009…
                                • ...but a forecasted pickup in 2020
                                  • US outlook downgraded
                                    • Eurozone sharply downgraded
                                      • Figure 2: Overview of the World Economic Outlook projections (% change, unless noted otherwise), April 2019
                                    • Interest-rate outlook
                                      • Figure 3: Interest-rate outlook, 3-month LIBOR & 10-year government bond yields, 2019
                                    • Exchange rates
                                      • Figure 4: Exchange-rate outlook in 3 & 12 months’ time, 17 April 2019
                                  • HNWI Overview by Numbers & Geography

                                        • Figure 5: Number of millionaires* by country/region, 2013-23
                                      • UHNWIs
                                        • A mixed outlook
                                          • Asia leads the way
                                            • High growth from a low base in Africa
                                              • Latin America held back by weak economies
                                                • Figure 6: Number of UHNWIs* by country/region, 2013-23
                                              • UHNWIs by major city
                                                • Figure 7: UHNWIs* by major city, 2018 & 2023
                                              • Survey shows increase in wealth
                                                • Figure 8: How did the wealth of your clients change in 2018?*
                                              • Increasing concern about the political/economic environment
                                                • Figure 9: Did the political and economic environment within their country of residence and globally make it more difficult for your clients to create and protect wealth in 2018 compared with 2017? (% of respondents who said yes), 2018
                                                • Figure 10: Do you think the political and economic environment within their country of residence and globally will make it more difficult for your clients to create and protect wealth in 2019? (% of respondents who said yes), 2018
                                              • Becoming more risk-averse
                                                • Figure 11: How has clients’ attitude to investment risk changed over the past 12 months?
                                              • UHNWI asset allocation
                                                • Figure 12: Allocation of clients’ investment portfolios by asset class, 2018
                                              • Residential property investment
                                                • Figure 13: What % of clients’ total wealth is allocated to the properties they live in (first and second homes)?
                                                • Figure 14: What % of clients invested in property (excluding first and second homes) outside their country of residence in 2018?
                                                • Figure 15: How many residences (including their primary residence) do clients have on average?
                                                • Figure 16: What % of clients are planning to invest in property (excluding first and second homes) in their country of residence in 2019/20?
                                                • Figure 17: What % of clients have second homes outside their main country of residence?
                                                • Figure 18: What % of clients are planning to invest in property (excluding first & second homes) outside their country of residence in 2019/20?
                                                • Figure 19: What % of clients actively collect investments, such as art, wine or classic cars?, 2018
                                                • Figure 20: What % of clients bought a new home in their country of residence in 2018?
                                                • Figure 21: What % of clients bought a new home outside their country of residence in 2018?
                                                • Figure 22: What % of clients are planning to buy a new home in their country of residence in 2019/2020?
                                                • Figure 23: What % of clients are planning to buy a new home outside their country of residence in 2019/20?
                                                • Figure 24: In which countries or territories are those planning a purchase most likely to buy? (top 5 destinations), 2018
                                              • Billionaires
                                                • Figure 25: Number of billionaires by country/region, 2013-23
                                              • What makes cities attractive to HNWIs?
                                                • Wealth
                                                  • Investment
                                                    • Lifestyle
                                                      • Figure 26: The Knight Frank City Wealth Index 2019
                                                  • Trend in Residential Property Values

                                                      • Figure 27: Trend in prime property values by major urban & resort markets worldwide, 2018
                                                  • European Commission Targets Golden-Visa Schemes

                                                      • Portugal’s golden-visa programme
                                                        • Permanent residency and citizenship
                                                          • The reduced €350,000 investment option
                                                            • Portugal’s property market
                                                              • Plagued by scandal
                                                                • Spain’s golden-visa programme
                                                                  • Russians favour the Costa del Sol
                                                                    • A change in the profile of applicants
                                                                      • No scandal as yet
                                                                        • EU Parliament supports abolition of the schemes
                                                                        • Governmental Regulation of Timeshare Sales

                                                                          • Regulation of Short-term Rentals

                                                                              • New rental laws in Spain
                                                                                • Luxury properties excluded
                                                                                  • Barcelona has cracked down
                                                                                    • Barcelona moves to restrict short-term rentals
                                                                                      • 6,000 cases pending
                                                                                        • More tourist-apartment beds than hotel beds
                                                                                          • Airbnb’s standoff with city authorities
                                                                                            • City officials gain access to rental data
                                                                                              • Andalusia’s holiday-rental law
                                                                                                • Definition of holiday rental – What properties are included
                                                                                                  • Rental types
                                                                                                    • Lodging requirements
                                                                                                      • Holiday-rental agreements
                                                                                                        • Registration form
                                                                                                          • Prices and reservations
                                                                                                            • Fines and sanctions
                                                                                                              • Clandestine activity
                                                                                                                • Andalusia Holiday Rental Licence Update
                                                                                                                • Spanish Taxation of Non-resident Property Owners

                                                                                                                    • Non-resident owners getting a break
                                                                                                                      • Non-resident property taxation
                                                                                                                        • Imputed income tax (NRIIT)
                                                                                                                          • How is the imputed income tax calculated?
                                                                                                                            • An example of the tax calculation
                                                                                                                              • Non-resident income tax (NRIT)
                                                                                                                                • An example of the rental-tax calculation
                                                                                                                                  • Figure 28: Tax on rental income for an EU resident, 2019
                                                                                                                                  • Figure 29: Tax on rental income for a non-EU resident, 2019
                                                                                                                                • A tax credit for UK-based owners
                                                                                                                                • Timeshare Scams

                                                                                                                                    • Resale scams
                                                                                                                                      • How does it work?
                                                                                                                                        • Case study of a scammer
                                                                                                                                          • The crackdown
                                                                                                                                            • An example of restitution
                                                                                                                                              • TCA’s four rules to avoid timeshare scam
                                                                                                                                                • Rule 1 – Don’t respond to cold-calls
                                                                                                                                                  • Extortion
                                                                                                                                                    • ‘Free’ (or low-cost) holidays
                                                                                                                                                      • Rule 2 – Never pay any money upfront
                                                                                                                                                        • Trade a timeshare for a piece of real estate
                                                                                                                                                          • Intimidation
                                                                                                                                                            • Winning the lottery
                                                                                                                                                              • Fictitious fines
                                                                                                                                                                • Rule 3 – Use a credit card for major purchases
                                                                                                                                                                  • Identity fraud
                                                                                                                                                                    • Rule 4 – When on holiday don’t let people approach you with offers
                                                                                                                                                                      • Cooling-off period voided
                                                                                                                                                                        • Timeshare boss jailed for intimidation
                                                                                                                                                                          • Holiday Clubs fertile ground for fraud
                                                                                                                                                                            • Holiday packs
                                                                                                                                                                            • Uncertainties Created by Brexit

                                                                                                                                                                                • Status of EU citizens in the UK
                                                                                                                                                                                  • Spain moves to reassure British residents
                                                                                                                                                                                    • Driving in Spain after Brexit
                                                                                                                                                                                      • Role of government officialdom
                                                                                                                                                                                        • Spain after Brexit information sources
                                                                                                                                                                                          • Spain and UK guarantee citizens’ voting rights after Brexit
                                                                                                                                                                                            • UK demand for Spanish property holding up
                                                                                                                                                                                              • Figure 30: UK purchases of property in Spain, 2013-18
                                                                                                                                                                                              • Figure 31: Quarterly UK purchases of property in Spain & the y-o-y quarterly percentage change, 2016-18
                                                                                                                                                                                            • Citizens’ rights agreement between UK and Switzerland
                                                                                                                                                                                            • Timeshare

                                                                                                                                                                                                • Points-based systems
                                                                                                                                                                                                  • Purchase financing and ownership structure
                                                                                                                                                                                                    • Brief history of timeshare
                                                                                                                                                                                                      • Timeshare exchanges
                                                                                                                                                                                                        • RCI
                                                                                                                                                                                                          • North American vacation-rentals business for sale
                                                                                                                                                                                                            • 4,300 affiliated resorts and 3.8 million members
                                                                                                                                                                                                              • RCI Weeks
                                                                                                                                                                                                                • RCI Points
                                                                                                                                                                                                                  • The Registry Collection
                                                                                                                                                                                                                    • DAE
                                                                                                                                                                                                                      • Love Home Swap
                                                                                                                                                                                                                        • Loyalty scheme
                                                                                                                                                                                                                          • Competition
                                                                                                                                                                                                                            • ILG (Interval Leisure Group)
                                                                                                                                                                                                                              • Interval Network
                                                                                                                                                                                                                                • Resort recognition programme
                                                                                                                                                                                                                                  • Vistana Signature Network
                                                                                                                                                                                                                                    • Hyatt Residence Club
                                                                                                                                                                                                                                      • Trading Places International
                                                                                                                                                                                                                                        • Related products and services
                                                                                                                                                                                                                                          • Sales and marketing support for interval network resorts
                                                                                                                                                                                                                                            • Operational support for Interval Network resorts
                                                                                                                                                                                                                                              • Revenue stream
                                                                                                                                                                                                                                                • Marketing
                                                                                                                                                                                                                                                  • Acquired by Marriott Vacations Worldwide
                                                                                                                                                                                                                                                    • Timeshare worldwide
                                                                                                                                                                                                                                                      • Figure 32: Timeshare ownership & penetration worldwide, 2016
                                                                                                                                                                                                                                                      • Figure 33: Timeshare resort capacity worldwide, 2016
                                                                                                                                                                                                                                                    • US
                                                                                                                                                                                                                                                      • Figure 34: US timeshare industry performance, 2017
                                                                                                                                                                                                                                                    • Management/maintenance fees
                                                                                                                                                                                                                                                      • Figure 35: Determination of management fees, 2017
                                                                                                                                                                                                                                                      • Figure 36: Entity which employs resort staff, 2017
                                                                                                                                                                                                                                                    • Owner profile
                                                                                                                                                                                                                                                      • Size of timeshare units
                                                                                                                                                                                                                                                        • Figure 37: Units by number of bedrooms, 2017
                                                                                                                                                                                                                                                        • Figure 38: average size of US timeshare units by type, 2017
                                                                                                                                                                                                                                                      • Amenities
                                                                                                                                                                                                                                                        • Figure 39: Resort amenities offered, 2017
                                                                                                                                                                                                                                                        • Figure 40: In-unit amenities offered, 2017
                                                                                                                                                                                                                                                    • Major Timeshare Operators

                                                                                                                                                                                                                                                        • Bluegreen Vacations
                                                                                                                                                                                                                                                          • Access to 69 resorts
                                                                                                                                                                                                                                                            • Bluegreen’s segment reporting
                                                                                                                                                                                                                                                              • Figure 41: Breakdown of Bluegreen’s revenue by category, 2018
                                                                                                                                                                                                                                                            • Vacation-ownership interests
                                                                                                                                                                                                                                                              • Management activities
                                                                                                                                                                                                                                                                • Bluegreen resorts
                                                                                                                                                                                                                                                                  • Bluegreen/Big Cedar Vacations
                                                                                                                                                                                                                                                                    • Figure 42: Bluegreen’s Club Resorts at 31 December 2018
                                                                                                                                                                                                                                                                    • Figure 43: Bluegreen’s Club Associate Resorts at 31 December 2018
                                                                                                                                                                                                                                                                  • Diamond Resorts International
                                                                                                                                                                                                                                                                    • Timeshare property regimes
                                                                                                                                                                                                                                                                      • Diamond’s underwriting process
                                                                                                                                                                                                                                                                        • Disney Vacation Club
                                                                                                                                                                                                                                                                          • Hilton Grand Vacations
                                                                                                                                                                                                                                                                            • Real-estate sales and financing
                                                                                                                                                                                                                                                                              • Customer financing
                                                                                                                                                                                                                                                                                • Resort operations and club management
                                                                                                                                                                                                                                                                                  • Timeshare properties
                                                                                                                                                                                                                                                                                    • Figure 44: HGV’s timeshare resort portfolio as of 31 December 2018
                                                                                                                                                                                                                                                                                  • Holiday Inn Club Vacations
                                                                                                                                                                                                                                                                                    • Figure 45: Holiday Inn Club Vacations’ resort portfolio, 2019
                                                                                                                                                                                                                                                                                  • Marriott Vacations Worldwide
                                                                                                                                                                                                                                                                                    • Licensing agreements with Marriott International
                                                                                                                                                                                                                                                                                      • ILG acquisition
                                                                                                                                                                                                                                                                                        • Vacation-ownership brands
                                                                                                                                                                                                                                                                                          • Marriott Vacation Club
                                                                                                                                                                                                                                                                                            • Figure 46: Marriott Vacation Club’s resort portfolio at 31 December 2018
                                                                                                                                                                                                                                                                                            • Figure 47: Marriott Vacation Club Pulse’s resort portfolio at 31 December 2018
                                                                                                                                                                                                                                                                                          • Sheraton Vacation Club
                                                                                                                                                                                                                                                                                            • Figure 48: Sheraton Vacation Club’s resort portfolio at 31 December 2018
                                                                                                                                                                                                                                                                                          • Westin Vacation Club
                                                                                                                                                                                                                                                                                            • Figure 49: Westin Vacation Club’s resort portfolio at 31 December 2018
                                                                                                                                                                                                                                                                                          • Hyatt Residence Club
                                                                                                                                                                                                                                                                                            • Figure 50: Hyatt Residence Club’s resort portfolio at 31 December 2018
                                                                                                                                                                                                                                                                                          • Grand Residences by Marriott
                                                                                                                                                                                                                                                                                            • Figure 51: Grand Residences by Marriott’s fractional resort portfolio at 31 December 2018
                                                                                                                                                                                                                                                                                          • The Ritz-Carlton Destination Club
                                                                                                                                                                                                                                                                                            • Figure 52: Ritz-Carlton Club’s resort portfolio at 31 December 2018
                                                                                                                                                                                                                                                                                          • The Ritz-Carlton Residences
                                                                                                                                                                                                                                                                                            • St. Regis Residence Club
                                                                                                                                                                                                                                                                                              • Figure 53: St. Regis Residence Club’s portfolio at 31 December 2018
                                                                                                                                                                                                                                                                                            • Points-based vacation ownership
                                                                                                                                                                                                                                                                                              • Weeks-based vacation-ownership products
                                                                                                                                                                                                                                                                                                • Consumer financing
                                                                                                                                                                                                                                                                                                  • Majority of purchasers borrow from MVW
                                                                                                                                                                                                                                                                                                    • MVW securitises most of its timeshare loans
                                                                                                                                                                                                                                                                                                        • Figure 54: Vacation-ownership notes receivable securitisations (US$m), 2019-23
                                                                                                                                                                                                                                                                                                      • Revenue breakdown
                                                                                                                                                                                                                                                                                                        • Figure 55: MVW’s segment revenues, 2018
                                                                                                                                                                                                                                                                                                        • Figure 56: Trend in MVW’s revenue by segment, 2016-18
                                                                                                                                                                                                                                                                                                      • Wyndham Destinations
                                                                                                                                                                                                                                                                                                        • Revenues and performance criteria
                                                                                                                                                                                                                                                                                                          • Figure 57: Breakdown of Wyndham’s revenue by segment, 2018
                                                                                                                                                                                                                                                                                                        • Wyndham’s timeshare brands
                                                                                                                                                                                                                                                                                                            • Figure 58: Wyndham’s timeshare brands, US & abroad, 31 December 2018
                                                                                                                                                                                                                                                                                                          • Sales and marketing
                                                                                                                                                                                                                                                                                                            • Collaboration with Wyndham Hotels
                                                                                                                                                                                                                                                                                                              • A potential market of over 50 million households
                                                                                                                                                                                                                                                                                                                • Marketing alliances
                                                                                                                                                                                                                                                                                                                  • Purchaser financing
                                                                                                                                                                                                                                                                                                                  • Fractional/Private-residence/Destination Clubs

                                                                                                                                                                                                                                                                                                                      • Destination clubs and PRCs compared
                                                                                                                                                                                                                                                                                                                        • Type of membership
                                                                                                                                                                                                                                                                                                                          • Number of owner/members
                                                                                                                                                                                                                                                                                                                            • Homes and residences
                                                                                                                                                                                                                                                                                                                              • Figure 59: Some of the key differences destination clubs & private-residence clubs, 2019
                                                                                                                                                                                                                                                                                                                            • Fractionals compared to PRCs
                                                                                                                                                                                                                                                                                                                              • Shared-ownership industry overview
                                                                                                                                                                                                                                                                                                                                • Sales decimated by the Great Recession
                                                                                                                                                                                                                                                                                                                                  • Figure 60: Shared-ownership industry (fractionals/private-residence & destination clubs) sales, 2004-18
                                                                                                                                                                                                                                                                                                                                • Prices
                                                                                                                                                                                                                                                                                                                                  • Maintenance fees
                                                                                                                                                                                                                                                                                                                                    • Operating expenses
                                                                                                                                                                                                                                                                                                                                      • Product characteristics
                                                                                                                                                                                                                                                                                                                                        • Destination clubs
                                                                                                                                                                                                                                                                                                                                          • Future trends
                                                                                                                                                                                                                                                                                                                                            • Misplaced optimism
                                                                                                                                                                                                                                                                                                                                              • Hotel-chain clubs
                                                                                                                                                                                                                                                                                                                                                • Four Seasons
                                                                                                                                                                                                                                                                                                                                                  • The Ritz-Carlton Destination Club
                                                                                                                                                                                                                                                                                                                                                    • Ritz-Carlton Club locations
                                                                                                                                                                                                                                                                                                                                                      • St. Regis Residence Club
                                                                                                                                                                                                                                                                                                                                                        • AccorHotels
                                                                                                                                                                                                                                                                                                                                                          • Exclusive Resorts
                                                                                                                                                                                                                                                                                                                                                            • Club memberships
                                                                                                                                                                                                                                                                                                                                                              • Hideaways Club
                                                                                                                                                                                                                                                                                                                                                              • Branded Residences

                                                                                                                                                                                                                                                                                                                                                                  • Geographical location
                                                                                                                                                                                                                                                                                                                                                                    • Figure 61: Overview of branded-residence projects worldwide, 2018
                                                                                                                                                                                                                                                                                                                                                                  • How branded-residence projects are structured
                                                                                                                                                                                                                                                                                                                                                                    • Types of branded residences
                                                                                                                                                                                                                                                                                                                                                                        • Figure 62: Typical service offer use for branded residences, 2018
                                                                                                                                                                                                                                                                                                                                                                      • Branded-residence expansion dates from 1980s
                                                                                                                                                                                                                                                                                                                                                                        • What’s driving expansion?
                                                                                                                                                                                                                                                                                                                                                                          • The branded-residence price premium
                                                                                                                                                                                                                                                                                                                                                                            • Less mature markets achieve higher premiums
                                                                                                                                                                                                                                                                                                                                                                              • Major brands
                                                                                                                                                                                                                                                                                                                                                                                • Figure 63: Summary of non-hotel branded-residence developments, 2019
                                                                                                                                                                                                                                                                                                                                                                              • YOO
                                                                                                                                                                                                                                                                                                                                                                                • Leading hotel brands
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 64: Share of branded-residence projects by hotel company, 2018
                                                                                                                                                                                                                                                                                                                                                                              • Second-home Trends

                                                                                                                                                                                                                                                                                                                                                                                  • Cheaper apartments in demand
                                                                                                                                                                                                                                                                                                                                                                                    • UK losing share of demand
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 65: Trend in the number of wealthy individuals in the UK, France & Europe, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                    • Air connectivity important
                                                                                                                                                                                                                                                                                                                                                                                      • Spain back on top
                                                                                                                                                                                                                                                                                                                                                                                        • Second-home location by nationality
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 66: Leading locations of second homes by nationality of owners, 2018
                                                                                                                                                                                                                                                                                                                                                                                      • Beach & Warm-weather Holiday Homes

                                                                                                                                                                                                                                                                                                                                                                                          • France
                                                                                                                                                                                                                                                                                                                                                                                            • Capital gains tax
                                                                                                                                                                                                                                                                                                                                                                                              • Transfer taxes and VAT
                                                                                                                                                                                                                                                                                                                                                                                                • Taxation of rentals
                                                                                                                                                                                                                                                                                                                                                                                                  • Côte d’Azur
                                                                                                                                                                                                                                                                                                                                                                                                    • Price trend in prime residential property
                                                                                                                                                                                                                                                                                                                                                                                                      • St Tropez
                                                                                                                                                                                                                                                                                                                                                                                                        • Interview with Mikael Marzo, owner Agence des Parcs de St Tropez
                                                                                                                                                                                                                                                                                                                                                                                                          • Cap d’Antibes
                                                                                                                                                                                                                                                                                                                                                                                                            • Saint-Jean-Cap-Ferrat
                                                                                                                                                                                                                                                                                                                                                                                                              • Buyer profiles on the Côte d’Azur
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 67: Regional comparisons – Prime price per sq m & price change in 2017
                                                                                                                                                                                                                                                                                                                                                                                                              • Germany
                                                                                                                                                                                                                                                                                                                                                                                                                • Holiday apartments in very good location
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 68: Holiday apartments in a very good location ranked by highest purchase price (€/sq m), 2017-18
                                                                                                                                                                                                                                                                                                                                                                                                                • Holiday houses in very good location
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 69: One & two-family holiday houses in a very good location ranked by highest purchase price (€/), 2018
                                                                                                                                                                                                                                                                                                                                                                                                                • Holiday apartments in good location
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 70: Holiday apartments in a good location ranked by highest purchase price range (€/sq m), 2018
                                                                                                                                                                                                                                                                                                                                                                                                                • One- and two-family holiday houses in good location
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 71: One & two-family holiday houses in a good location ranked by highest purchase price range (€), 2018
                                                                                                                                                                                                                                                                                                                                                                                                                • Holiday apartments in average location
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 72: Holiday apartments in an average location ranked by highest purchase price range (€/sq m), 2018
                                                                                                                                                                                                                                                                                                                                                                                                                • One- and two-family holiday houses in average location
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 73: One- & two-family holiday houses in an average location ranked by highest purchase price range (€), 2018
                                                                                                                                                                                                                                                                                                                                                                                                                • Where do the buyers come from?
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 74: Origin of second-home buyers on Sylt, the East Frisian Islands & Lübeck Bay, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 75: Origin of second-home buyers in Fischland-Darß-Zingst & on Rügen & Usedom, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 76: Origin of second-home buyers in Fischland-Darß-Zingst & on Rügen & Usedom, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                • Spain
                                                                                                                                                                                                                                                                                                                                                                                                                  • Trend in values
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 77: Trend in the % difference between asking prices & actual buying prices, Q3 2014-Q1 2019
                                                                                                                                                                                                                                                                                                                                                                                                                  • Individual market trends
                                                                                                                                                                                                                                                                                                                                                                                                                    • San Roque (Sotogrande) and nearby country area
                                                                                                                                                                                                                                                                                                                                                                                                                      • Casares, Gaucín and Manilva
                                                                                                                                                                                                                                                                                                                                                                                                                        • Estepona and Benahavís
                                                                                                                                                                                                                                                                                                                                                                                                                          • Marbella
                                                                                                                                                                                                                                                                                                                                                                                                                            • Mijas, Fuengirola and Benalmádena
                                                                                                                                                                                                                                                                                                                                                                                                                              • Costa del Sol East and ‘Inland Spain’
                                                                                                                                                                                                                                                                                                                                                                                                                                • Almería, Murcia and Alicante South
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Costa Blanca North
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Balearics – Ibiza
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Benidorm going upmarket
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Rebounding sales and prices
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Property prices
                                                                                                                                                                                                                                                                                                                                                                                                                                            • US
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 78: US counties with the most second homes, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Foreign buyers in the US
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Residential properties sold by foreigners
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Florida
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 79: Yearly market detail for single-family homes, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 80: Number of sales transactions which closed during the year, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                • South Florida market
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New projects
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Trump’s Florida residence boosts Palm Beach prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Luxury homes not selling in the Hamptons
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Luxury overload
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Winter Resorts

                                                                                                                                                                                                                                                                                                                                                                                                                                                            • A comparison of ski regions
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 81: Asking prices of ultra-prime residential property – Top 10 resorts, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Location effect
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 82: Estimated value of a detached luxury chalet, newly furnished, 7 bedrooms, 7 bathrooms, edge of town, valley/mountain views, spa, 400 sq m in 10 leading ski resorts, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 83: Estimated value of a new-build luxury apartment, 2 bedrooms, 2 bathrooms, centre of town, ski-in/ski-out, communal leisure spa, 70 sq m in 10 leading ski resorts, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Buyer and renter trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Seasonality varies depending on resort, however
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Regulatory impact
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Alps
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 84: Residential property price trend in 16 leading French & Swiss Alpine resorts, ski season, 2017-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Rocky Mountains
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Jackson Hole Wyoming
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Land sales recovering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Summary for 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What Next?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Spread of online rentals – Why own if you can rent?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ISHC survey flags declining appeal of interval ownership
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Luxury home-rental platforms
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Marriott’s Homes & Villas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • China has great potential for timeshare development
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Domestic market is key target
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 85: Chinese tourism figures for 2018

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Timeshare and Secondary Residences - International - June 2019

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      £1,495.00 (Excl.Tax)