Huge 2023 price hikes for Greece, Spain and Turkey holidays leave timeshare owners high and dry

Trapped timeshare owners stuck with yet more expenses as holiday costs soar for popular destinations.

30% increase from pre-pandemic prices.

Total holiday costs across the top five destinations for Brits (Spain, Turkey, Greece Portugal and Cyprus) have risen by almost a third since 2019. This is considerably higher than general inflation.

2023 has seen year-on-year increases of 12% in Turkey, 21% in Mallorca, 22% in Tenerife and 25% in Crete. Prices for further afield countries have risen too according to the BBC. A week in Bulgaria is 13% more expensive than last year, while Morocco has risen by 27%.

Costs in these holiday hotspots for food, drink, accommodation, excursions and other expenses have risen so much that the total holiday price is now beyond reach for many families.

Inventive holiday adjustments

Travel industry insiders report that people are adapting their holidays to save money. For example cutting down their holiday length from two weeks to one.

"We're seeing an increase in multi-generational holidays," says Lancashire based Preston Travel Centre spokesperson Sandra Ollerton, "because we're finding that some of the grandparents weren't affected as much financially by COVID or the cost-of-living crisis, so they are helping out their children and their grandchildren."

Which Magazine and Travel supermarket report the following additional measures being taken by holidaymakers in 2023 to keep costs down.

• Choosing a cheaper location. A UK holiday eliminates travel and currency costs, but overseas destinations vary a lot too
• Travelling outside the school holidays when possible
• Booking early, especially when forced to travel at peak times
• Taking advantage of cheaper mid-week flights
• Haggling with the travel agent to see if they can beat the price published online
• Altering destination choices to where the value of the pound is (relatively) stronger. In 2023 that includes Turkey, Bulgaria and Portugal

Timeshare captivity

Timeshare owners are not able to benefit from the flexibility of the modern holiday industry in the same way as non members when times are hard.

If a destination (like Spain for example) suddenly becomes expensive for food, drink, taxis and other holiday outgoings, the timeshare owners have two choices. Holiday anyway and pay the extra, or pay their annual fees for nothing.

Owners initially buy a membership based on what they expect their holidays to be like in the future. They have to pay every year for the level of holidays they commit to full the full duration of their membership, which in some cases is forever.

If something happens that prevents the member from holidaying that year, like a family emergency, illness or even a global pandemic, it doesn't matter. The annual maintenance fees have to be paid.

Any of the measures taken by regular holidaymakers to cut costs actually add expense to a timeshare holiday. Changing dates or locations incur extra fees. In addition any changes must be made according to strict rules and deadlines, sometimes years in advance.

Haggling is also a non starter. In fact, contractually, timeshare resorts are able to unilaterally increase their annual fees by whatever amount they deem necessary. The owners have no choice but to pay it. if they refuse they can face tough legal actions and potential damage to their credit score.

"If a regular hotel's fees increase, it is generally because their own operating costs have risen, like staff wages and utilities," explains Andrew Cooper, CEO of European Consumer Claims, "Those same factors would be mirrored in timeshare annual fees. And often the maintenance fees increase by more than the competing hotels, because timeshare members are a captive audience. Unlike hotels which need to remain competitive on pricing and standards to attract customers."

Time to get out?

If you are a timeshare owner who finds yourself trapped in a membership that no longer works for you, help is at hand.

"There is generally a way out of even the most iron clad timeshare contracts, provided you have expert help," says Suzanne Stojanovic, spokesperson for Timeshare Advice Centre. "In cases of mis-selling, the customer may even be legally entitled to financial compensation. To find out more, get in touch with our team for a free assessment of your situation."