About the Industry

Industry Size

The South African shared vacation ownership industry boasts a mature market of R3.5b per annum industry consisting of at least 400 480 members of clubs (Points Owners) and around 341 295 conventional timeshare owners (Fixed Week Owners). There are approximately 10 870 units/ rooms (both self catering and non-self catering units) in 183 resorts as of October 2011.

43% of all resorts are located in Kwa-Zulu Natal with the Western Cape being the next most popular province with 19% of all resorts, followed by Mpumalanga with 11%.

Holiday periods (December in particular), are still the most popular periods in which to own a shared vacation ownership product. Owners of shared vacation ownership products are mainly from the Gauteng and Kwa-Zulu Natal regions. Only around 5% of owners are based overseas.

Owners themselves are the most frequent users of shared vacation ownership products (55% of users), followed by exchangers (32% of users) and consumers who rent accommodation account for only 8% of users. 94% of resorts are affiliated to one or more exchange organisations with around 438 affiliations in total (an average of 2.5 affiliations per resort).

Industry Performance 

In 2010, the resorts achieved an average annual occupancy of 80.5%, slightly down from 81.4% recorded in 2009. In 2010, the average annual levy contribution per club/ timeshare company member was R 3 600 and the average annual membership fee was R 3 700.

Membership of clubs/ timeshare companies grew slightly or remained the same in 2010 when compared to 2009. However, the outlook is positive as forecasted growth in club/ timeshare company membership is around 11% for the coming year. Membership of exchange organisations grew slightly in 2010 however, excellent membership growth is projected in the next 5-years.

20% of all existing resorts still have inventory for sale i.e. the inventory is not sold out as yet in around 29 existing resort developments (this excludes new developments). The average time required to sell-out a resort is 3.8 years. 40% of resorts sold out within a year but for 13% of all resorts it has taken more than 10 years to sell out all available inventory.

For the developers of South African resorts, the number of week module sales declined or remained the same between 2009 and 2010, whilst there was a slight increase between 2008 and 2009. Typically, 54% of all sales are for new stock, 31% are upgrades (sales to existing owners) and 15% are resales.

Half of the managing agents manage rental pools on behalf of their clients.  According to managing agent’s rental pool income in 2010 accounted for around 13% of total resort income. Overall the number of rentals has increased slightly over the last 2 years. On average 22% of the rental pool accrues to the resort and the balance to the owners.

Development within the Industry 

30% of new resorts have been developed in Kwa-Zulu Natal, followed by 26% in Mpumalanga and 22% in the Western Cape. Many of the new resort developments comprise 2- or 3-bedroom units.

Refurbishments/ redevelopments are planned in the next 2-years for a large percentage of existing resorts (78%).

Information supplied by Grant Thornton – State of the South African Shared Vacation Ownership Industry – Summary Overview – Survey 2011.

 

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