Cushman & Wakefield | Veritas Brown to Promote Timeshare Ownership Service in Georgia

Cushman & Wakefield |Veritas Brown have begun to promote timeshare and fractional ownership opportunities in Georgia. International company RCI (Resort Condominiums International) in cooperation with Wyndham Hotel Group, who plan to open three new hotels in the country, will provide this service line in Georgia with Cushman & Wakefield | Veritas Brown providing support to market this innovative and unique opportunity.

Fractional ownership enables several unrelated parties to share in, and mitigate the risk of, ownership of a high-value tangible asset, such as a jet, yacht or real estate. One of the main incentives for a fractional purchase is the ability to share the costs of maintaining an asset that will not be used full time by a sole owner

As for timeshare, it is an arrangement that grants the right to several joint owners to use a property as a holiday home under a time-sharing scheme.

The affiliation fee in the timeshare and fractional ownership system is $15,000.

Nina Kipiani, Head of Country and Director at Cushman & Wakefield | Veritas Brown talked to Georgia Today about the project: “Cushman & Wakefield|Veritas Brown has been active in the Georgian market for three years. Apart from standard real estate consultancy services we also provide a bespoke hospitality advice. Our company has strong ties to all the world’s main hotel operators. We are happy to support RCI and Wyndham Hotel Group to establish and promote this new residential real estate system in Georgia. A timeshare is a property with a particular form of ownership or use rights. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each sharer is allotted a period of time (typically one week per year, and almost always the same time every year) in which they may use the property. A co-owner can exchange their allocated time either internally or externally for thousands of other resorts worldwide. For example, if you own a 5-week period on a real estate in one resort zone, it can be exchanged for another country’s resort real estate corresponding to the same value.

RCI oversees the system by controlling more than 100 hotels throughout the world and timeshare real estate. Their interest in Georgian tourism is huge and they believe in its potential. They plan to research the country’s main summer and winter resorts, specifically the real estate market, and proceed accordingly. We will be joining them in promoting this service line.”

Ali Egilmez, Affiliate Manager of RCI, explained the advantages of timeshare ownership: “In timeshare ownership people don’t need to buy an entire property for a second home but only for the time they need it. As we spend just 2 or 3 weeks per year on vacation it is not necessary to buy a whole house for such short periods of time. In this case, all clients need to buy is a piece of inventory for a resort,” – said Egilmez, adding that timeshare resorts are most suited to middle class families with children.

RCI includes 100 countries where the timeshare system can be utilized. It now adds Georgia to the list.