Abstract: The dynamic development of building industry in Bulgaria, during the past 10-15 years, attracted the interest of foreign investors in the sector. The purpose of their investments is expressed in buying real estate as profitable "second or vacation home" which caused over building in some tourism regions. Not using the buildings increases the return of investment period (ROI). Most of the authors in literature are considering timeshare as hospitality product- user's point of view. The monetary has another side- the developer of the project. Assuming this, in this publication we suggest and consider timeshare as investment product. The accent is on timeshare as owner investment of the building and not such a recommendable investing for consumer if his expectations are related to the profit/income from this type of ownership. On the focus of our research is a mountain region in Bulgaria good for allyear-around tourism where bigger part of built buildings are not used or effectively managed as part of "shared ownership". Differentiation in timeshare ownership could be significant for reducing the ROI period for developer and developing the economy at regional and national stages, applying effective property management of owned real estate.
