Updated 13 October 2026
A vacation club is often called a timeshare. The formats are similar — you pay for holidays years ahead — but they work differently. Below is how a classic timeshare usually works and how membership of Park Rest Vacation Club in Lefke, North Cyprus, is set up.
What is usually called a timeshare
Timeshare is a broad name for formats in which you pay for the right to an annual holiday at a resort. Terms vary widely between companies and countries, so what follows are the features you meet most often, not a description of any particular contract.
- An open-ended or very long contract.
- Points instead of a specific week: they are allocated and booked again every year.
- Exchange systems — access to other resorts through a separate organisation, usually for a separate fee.
- Annual fees for the upkeep of the resort, which can change over time.
How Park Rest membership works
- A term of 7, 25 or 35 years, chosen when you sign.
- A specific residence and the weeks chosen when you sign the contract are reserved for you: one week a year or two in a row.
- The amount is fixed once in the contract.
- There is no points system and there are no mandatory annual payments for your stay.
- Exchanging weeks for other resorts is in the club’s plans but is not part of membership today.
- Membership is a right to holiday, not ownership of property.
Point-by-point comparison
| Feature | Classic timeshare (typically) | Park Rest Vacation Club |
|---|---|---|
| Contract term | open-ended or very long | 7, 25 or 35 years |
| What is reserved for you | points or a “floating” week | the residence and weeks in your contract |
| Price | plus annual fees that can change | amount fixed once in the contract |
| Points | often | none |
| Exchange with other resorts | through an exchange system | planned by the club, not included yet |
| Ownership | depends on the contract | none — it is a right to holiday |
What to check in any contract
- The term, and what happens when it ends.
- Which payments there are besides the main amount.
- What exactly is reserved for you: residence, dates, number of weeks.
- Whether the right can pass to your family, and how.
- The period and procedure for withdrawing from the contract.
Next steps
How membership works as a whole is on the «Vacation club in North Cyprus» page. Amounts by residence and term are on the «Club week prices» page.
FAQ
- Is Park Rest a timeshare?
- The format is similar — you pay for holidays years ahead — but it works differently: there are no points and no open-ended contract. The term is 7, 25 or 35 years, a specific residence and weeks are reserved for you, and the amount is fixed once in the contract.
- Are there annual fees?
- There are no mandatory annual payments for your stay. The amount and payment schedule are written into the contract, which you read before paying.
- Can I exchange my week for another resort?
- Not yet: exchanging weeks for other resorts is in the club’s plans but is not part of membership today.
- Do I become the owner of property?
- No. Membership gives you the right to holiday in a club residence in your weeks, not ownership of property.
- What happens when the term ends?
- This is set out in the contract, which you read before paying. You choose the term yourself: 7, 25 or 35 years.
- Can I withdraw from the contract?
- Yes. Buyers from the EU, the UK and Turkey can withdraw within 14 days without giving a reason, and the club takes no payment during that period. Details are on the «Legal information» page.
This comparison is for reference: timeshare terms differ between companies. The terms of Park Rest membership are fixed in the contract.