As of May 1, 2016 the Timeshare Vacations Act, voted on by the Jamaica Parliament, became effective.
Passed 18 months ago, the Timeshare Vacations Act was put in place to give timeshare resort developers the legal structure necessary for developers to build and protections for timeshare buyers. With this in place Jamaica is poised to make some significant advances in their tourism – bolstered by new construction of top shelf resorts, acquisition and redevelopment of existing resorts, and timeshare sales offsite.
Kingston’s hotel rooms, which number 2,354, could take a huge leap forward if the major resort developers of timeshares start their projects to develop Jamaica. As it is now Jamaica sees roughly 3.4 million tourists a year with JMD 124 billion added to their economy.
According to the 2014 Jamaica Tourism Study, approximately 13 million Americans visited the Caribbean region with the most arriving in Dominican Republic, Jamaica, Puerto Rico and Bahamas. Cruise ships alone brought 1,423,797 visitors to Jamaica in 2014. Other visitors to Jamaica accounted for another 2 million.
Hotel occupancy consistently runs about 68% on the island. With timeshares providing much higher occupancy ratings, they have a solid future in helping build the tourism industry in Jamaica.
In fact, roughly 8% of the countries’ GDP is based on tourism (JMD 428.4 billion). Tourism also accounted for 82,500 jobs directly related to tourism.
Seeing how much the economy of Jamaica is being bolstered by tourism, it is a huge benefit to the country to have the timeshare industry structured to contribute significant and reliable growth.