Study Shows Saudis Want Out of Timeshare Contract
A recent survey shows that a majority of timeshare owners from Saudi Arabia are regretting ever purchasing the property. The study, conducted by the Riyadh Center for Information and Consultancy Studies, claims 85 % of those who participated in the survey wish that they never entered the contract.
According to the study, about a third of the respondents or more than 30% were victims of misleading marketing schemes employed by promoters. In fact, these ruthless selling techniques appear to be one of the major factors why most Saudis entered a timeshare agreement in the first place.
One of the deceptive tactics stated on the survey reveals agents setting up booths in public places and holding holiday contests. The “winners” get invited to the agents’ office together with their spouses, where the pairs are then persuaded to purchase timeshares. There have also been reports of timeshare owners from the region being cheated by agents.
The survey also reveals that nearly 78% of owners view their participation in the industry as evil and that most of the owners were not aware of what they were getting themselves into when they made the purchase. Additionally, only 8% of those who participated in the survey said that they joined the scheme only after careful consideration.
Having multiple owners, a timeshare is a piece of property, usually a resort vacation unit that allows its holders access to the property for a fraction of a time on a yearly basis. People who can afford purchasing such property are usually those belonging in the upper margin of the wage scale.
While the said set-up is ideal for most Westerners, Saudis are having a hard keeping their timeshare, and even a worse time enjoying them. According to the study, only 8% of the timeshare owners who participated have a monthly income of between SR15,000 and SR20,000 ($4,000-5,300). 31.5% of owners earn between SR10,000 and SR15,000 ($2,700- 4,000) monthly, while 18% take home less than SR5,000 ($1,300).
With maintenance fees and other service charges that seem to rise every year, coupled with other traveling expenses, it’s no surprise that not all the Saudi owners use their timeshare. According to the study, only nearly a third or less than 30% of the respondents travel to their properties once a year, while only just 10% go twice a year.
85% of the survey respondents are men while 81% are married. 47% of them are aged between 30 and 40, while 13% come from the 40 to 50 age bracket, and 10.5% are over the age of 50.
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