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Q.
Can you explain the condo hotel concept?
A.
Condo hotels are a relatively new real estate trend
that combine vacation home ownership with investment.
Individual buyers can own a luxury condo in a world-class
hotel or resort. They can use it as a vacation home
if and when they want. Or they can place it into a rental
program and share in the revenue it generates.
Q.
How does it differ from timeshares?
A.
With a timeshare, you are essentially purchasing just
a week or two of usage. With a condo hotel, you own
the condo, and you share in the rent revenue it generates
when you're not using it. Condo hotels tend to be more
upscale than timeshare developments. They are usually
of four- or five-star caliber. Also, condo hotels, unlike
timeshares, tend to appreciate in value and have potential
to be resold for a profit.
The
above questions were submitted via e-mail by a visitor
to www.CondoHotelsDubai.com.
The answers were prepared by Joel Greene, a licensed
real estate broker, who specializes in condo hotels
and the Dubai real estate market.
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