Trapped in your timeshare? CostaLuz Lawyers offers fresh hope to burdened families
Timeshares took off as a way for multiple individuals to share the rights to use a holiday property back in the 1960s. By the mid-1970s the business model was well-established and increasingly popular in both the US and Europe. Globally, the industry continues to expand, with MarketWatch reporting the global vacation ownership (timeshare) market to have a value of USD 15620 million in 2019. That figure was projected (as at December 2020) to rise to USD 25720 million by the end of 2026.
However, the history of timeshares has been littered with scandals, as well as with treasured holiday memories. Between mis-selling and families becoming trapped in unsellable contracts, timeshares have caused plenty of distress over the years. The cross-border nature of the timeshare transaction process has also caused issues.
ccording to CostaLuz Lawyers, Spanish law has established that if the timeshare complex is in Spain, then Spanish law governs the contract. The law in Spain relating to timeshares has changed twice in recent years. Law 42/1998 was enacted to protect buyers. Then, in 2015, the Spanish Supreme Court ruled that any contract lasting for 50+ years (including all those ‘in perpetuity) and signed after 5 January 1999 was illegal, as all such contracts had to be for 50 years or under.
For those stuck in timeshare contracts that they can’t afford or simply don’t want, the CostaLuz Lawyers team advises investigating the available options. The number of contracts that Spanish judges have ruled are null and void means that many owners do have a choice about remaining in their contracts.