The study, conducted by the Riyadh Center for Information and Consultancy Studies, claims 85 percent of those surveyed wish they had never entered into such an agreement.

It also says nearly 78 percent of owners view their involvement in the industry as evil.

The survey revealed that nearly 85 percent of Saudis who invested in a timeshare agreement are men, while 81 percent are married.

There has been a growing demand for such properties among the younger generation.

Forty-seven percent of timeshare owners are aged between 30 and 40, compared to 13 percent for the 40 to 50 age bracket and 10.5 percent for over 50s, says the report.

Over 60 percent of them are also university graduates, the study revealed.

A timeshare is the name given to a piece of real estate owned by a number of individuals, typically holiday resort units. Each sharer is allocated a period of time, usually around one week, to use the property. Timeshare agreements may also be drawn up on a part-ownership or lease basis, where the sharer holds no claim to the ownership of the property.

Estate agents dealing in timeshare properties mainly target those with a high monthly income to improve their chances of receiving a higher commission.

However, the study showed that this was not the case with Saudi timeshare owners, as only eight percent of them had a monthly salary of between SR15,000 and SR20,000.

About 31.5 percent of owners earned between SR10,000 and SR15,000, while 18 percent were on less than SR5,000.

This means that even people with a limited income set aside a part of their savings for their tourism expenses, the study claimed.

It also revealed that almost half of timeshare owners do not know what they are getting into when they sign an agreement with an agent.

Nearly a third travel to their properties once a year, while only just over a tenth go twice a year.

The ruthless selling techniques adopted by agents appear to be a major factor in most Saudis entering into a timeshare agreement in the first place.

About a third of them say they fell victim to the marketing tactics employed by promoters, according to the study. Only eight percent said that they joined the scheme after careful consideration.

Agents employ various techniques to lure customers, usually by setting up stands at malls and other public places and holding contests for holidays. They invite the “winners” to their offices together with their wives. When they arrive, they try to persuade them to buy a timeshare property.

The concept of timeshare is believed to originate from Europe in the 1960s and has become popular in several European countries and America since then. Timeshare properties have been instrumental in helping travel and tourism flourish in these places.

The industry promises clients a great opportunity to travel around the world, visit exotic countries and have guaranteed accommodation at a certain time.

Prices for timeshare units vary according to their location, when the client wants to stay each year as well as the facilities.

People in the Gulf and Arab countries who possess timeshare properties face various problems and difficulties, mainly because of lifestyle differences and issues with taking vacation.

The scheme is usually more beneficial for Westerners, who can usually take their holidays at any time in the year. People in the Gulf and Arab countries can only take time off during the summer vacation, which lasts up to three months in most cases.

There have also been reports of timeshare owners from the region being cheated by agents.