An important regulation regarding the timeshare system, which has caused controversy for years and victimized many citizens, has come into force. With the change made by the Ministry of Environment, Urbanization and Climate Change, the timeshare period in tourism facilities is coming to an end.
Within the scope of the new regulation, the establishment of timeshares, especially in hotels, holiday villages and similar tourism accommodation facilities, will no longer be allowed. Thus, it has been practiced for many years “shared holiday sales within the hotel” model will become history.
NEW TIMESHARE TITLES CANNOT BE PRODUCED
One of the most striking articles of the regulation was to prevent the creation of new timeshare deeds in tourism facilities. Accordingly, timeshare deeds offered for holiday resorts will no longer be newly produced. Timeshare rights can only be established in residential buildings.
With this step, it is aimed for citizens to see more clearly the difference between title deed timeshares and various holiday memberships and holiday packages.
NEW CONDITIONS ARE INTRODUCED FOR TIME SHARES
According to the new rules put into effect by the Ministry, the timeshare usage period cannot be shorter than 7 days. In addition, the total usage period, including maintenance and repair periods, cannot exceed 1 year.
On the other hand, the establishment of timeshares on real estate owned by a single person will not be allowed. Thus, it is aimed to make the system more transparent and auditable.
SINGLE STANDARD PERIOD IN DEEDS AND CONTRACTS
With the new regulation, title deed transactions and contract processes will be standardized across the country. Thus, it is aimed to prevent legal uncertainties arising from different practices and to protect the rights of citizens more effectively.
Authorities state that the regulation aims to eliminate the uncertainties in timeshare sales, which have been a matter of public debate for years and have victimized thousands of people.
While the timeshare practice in tourism facilities will end with the new era, the system will be limited to residential real estate only.
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