Stories like that on Wednesday’s front page about Carbon Estates pose a significant risk to the island’s wellbeing. Vacation homes, just like timeshare, are an important part of St. Maarten’s tourism product compared to other destinations that may depend more on hotels, whether traditional or all-inclusive.
That requires confidence to purchase timeshare weeks or real estate, usually a so-called right of apartment, expecting that relevant lawful agreements will always be honoured. Regrettably, that has gone wrong far too often with unfinished construction projects, takeovers of resorts, etc., where promises made were simply not kept for whatever reason.
Listing examples of the past in which guests but also locals became victims this way by losing their money and/or rights makes little sense, as it is mostly water under the proverbial bridge by now, but there have been several. In the abovementioned case 100 to 150 buyers who reportedly paid a deposit threaten to be left out in the cold.
To be fair, efforts are underway to address malpractices in the visitor accommodations sector; among other things, with a new timeshare law that was prepared in English but had to be translated into Dutch as the legal language first. Whatever can be done to better safeguard one’s rights when acquiring any type of property in general – along with protecting the interests of developers and their financiers – also with bankruptcies should certainly be considered.
After all, “The Friendly Island” is trying to sell dreams that come true, not recurring nightmares.
