Timeshare is a right, usually long term, to use one or several holiday homes on a part-time basis. Consumers do not purchase the accommodation on their own, but they share the use of it with others. Today, there are new forms of timeshare, but let us say that purchasing a timeshare property gives one the right to occupy, each year, for one or more weeks, whether pre-defined or not, a fully equipped holiday accommodation (apartment, villa, bungalow, etc.). From a legal point of view, timeshare is somewhere between ownership and renting. During the course of the year, various families may use the same accommodation. Often, units are situated within a resort, or holiday club (with swimming-pools, sport grounds, games area, fitness rooms, restaurants, bars, etc.). Most of the time they are located in sunny countries.

At the end of 2001, theOTE (Organisation for Timeshare in Europe) estimated that there were 5 300 timeshare properties worldwide, made up of approximately 4.4 million owners. A little less than half of these owners live in the United-States and a little more than a quarter in Europe. About 27% of timeshare properties are in Europe (about 1 500), 34% in the US (mainly in California and Florida). In Europe, the properties are located mainly in Spain, especially in the Canaries and the Costa del Sol. Other popular destinations are Portugal, Italy, the south of France and England. Timeshare may have various legal structures, and its duration varies depending upon the place and the country, but is usually between 20 and 99 years. Prices depend on different factors such as location, season, the size of the building, quality and standing, etc. It is therefore difficult to estimate an average price. However an accommodation for four people, for one week per year is estimated to cost about 5 000 € XXXX in low season and could go up to more or less 18 000 € XXXX in high season. On top of the purchasing price, it is necessary to add a yearly fee of between 125 and 300 € XXXX , covering management, maintenance and repairs, on top of which exchange fees may also be added. In no way is timeshare an investment opportunity, contrary to the claims of some sales people.

Timeshare owners usually have access to an international exchange company, where they can exchange their week against another holiday week elsewhere. Of course, it does not necessarily have to be the same week of the year, but it is important to realise there is not much availability. If you own an end-of-season week, you may normally only exchange it for a week in the same time of the year or for one during a low season period. You can exchange a four person bungalow for a two person studio but not necessarily the other way around for a holiday during the same period. The two main exchange companies are RCI (Resorts Condominium International) and II (Interval International).