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Timeshare is a form of vacation ownership. You own the right (either directly or through a "pointsclub") to use a week (or longer) in an apartment or villa on a vacation resort for a great many years or in perpetuity.
Over six million families own timeshare worldwide - the majority well satisfied with their ownership.
Timeshare accommodation is generally of a much higher standard than hotel or rented accommodation. And most resorts have extensive leisure facilities (almost always free to use). All timeshare is self catering.
Accommodation ranges from a modest studio (a single bedroom) to apartments and villas with three and four bedroom and bathrooms, lounge, dining etc. with appointments of an exceptionally high standard.