# property in hurghada



## jolizos (Feb 2, 2011)

we are in the process of purchasing property in hurghada with a view to retiring out there. 
paid reservation fee and deposit due in 10 days.
then all the trouble started, 
dont know if we should pull out and try again later in the year or just go ahead.
can any one give any constructive advice.

:confused2:


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## Andy Capp (Oct 5, 2008)

Apart from DON'T....

Good money after bad, wait, see what happens, look at the Dubai market mate....


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## lostsheep (Jan 24, 2011)

Take a look at a map of the Red Sea area. If things move in a positive political direction there will be plenty of places and developments for you to choose from down the road. Right now so many unanswered questions. Others would probably have more insight than me but know that there has been some questions about if land was acquired legally by some developers. ERC and Sahl Hasheesh being the biggest but think some land by other major developers has been in question. Wouldn't think it's out of the realm of possibility for many people in the future to learn that there investment is essentially worthless because it's not on valid land, etc.

Just so many negative directions things can go right now.


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## MaidenScotland (Jun 6, 2009)

I would ask the developer if you can put it on hold to see what happens... but personally I wouldn't buy out here at all


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## Whiskey96 (Jun 6, 2010)

Just drop your offer by 30% - do it today.....


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## Eco-Mariner (Jan 26, 2011)

If you have already made payments you will have signed a contract of sale.
This will state that if you pull out or miss further payment dates you will be in breach of that contract and possibly lose your money (or reservation fees).

The clauses you agreed to are the developer's way of winning by default.

If you continue payments then you will be able to validate ownership having paid 60% or more of its value. If you paid in full you can also take full poa of it by signiture validation even if the project is not finished. The true value of it in this crisis is unknown till the market turns around.

That decision is yours. You cannot barter about what you want to pay if you entered a contract, only that the banks could not transfer funds due to Egyptian "force majeur" in this case.

Or you may wish to wait to buy from a choice of many reduced market priced properties when the real estate "Institution" is reformed.

Consultant in Red Sea Properties.


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## jolizos (Feb 2, 2011)

Eco-Mariner said:


> If you have already made payments you will have signed a contract of sale.
> This will state that if you pull out or miss further payment dates you will be in breach of that contract and possibly lose your money (or reservation fees).
> 
> The clauses you agreed to are the developer's way of winning by default.
> ...


thanks for that
I have only paid a reservation fee which has a 28 day refund clause.
deposit is due in 8 days when i would have to sign a contract,
we have decided to pull out of the purchase and wait untill stability is resumed.


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## mamasue (Oct 7, 2008)

we have decided to pull out of the purchase and wait untill stability is resumed.[/QUOTE]


Good move!! Can I make a suggestion??
A few years ago Imoved to Hurghada, with a possible view to staying there indefinitely.....
I kept my house in the UK and rented for a while to see if I really wanted to be there. After 4 years I'd had more than enough......I was very happy I hadn't bought.
I've known many people who bought and regretted it..... and found it impossible to resell.
Renting in the Red Sea is cheap....... try it for a while first!


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## hurghadapat (Mar 26, 2010)

mamasue said:


> we have decided to pull out of the purchase and wait untill stability is resumed.



Good move!! Can I make a suggestion??
A few years ago Imoved to Hurghada, with a possible view to staying there indefinitely.....
I kept my house in the UK and rented for a while to see if I really wanted to be there. After 4 years I'd had more than enough......I was very happy I hadn't bought.
I've known many people who bought and regretted it..... and found it impossible to resell.
Renting in the Red Sea is cheap....... try it for a while first![/QUOTE]

Good advice :clap2::clap2: i also did the same as mamasue and was so pleased that i did as i am now back in the UK in my own house.....i also had enough of the country and it was starting to drive me crazy.No way would i ever buy property out there,the whole of middle east is to unstable.


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## Eco-Mariner (Jan 26, 2011)

Owning a property in a Red Sea location was primarily the desire of our diving fraternity. They could make many visits to their favourite diving locations, cheaper than the hotels.

During the property boom years, when speculators bought anything they could to get on a property ladder with borrowed money, these Red Sea hotspots became a desired location to invest. It also became an increased source of revenue for lots of well-off Egyptian families to acquire land and offer ownership to foreign nationals in what seemed a get-rich-quick scheme by taking monies up-front for properties on Off-Plan projects that may never get built. 

With the demise of easy sub-prime mortgages and a regime that may no longer have assets to complete its developments, buying in Egypt at present may be best left till the dust settles. There will of course be many resales shortly as owners wish to exit and I suppose my office will be asked to market those at reduced prices for quick sales. 

With the first class hotels and a glut of rentable properties available when the flights and services on the ground gets back to normal, those wishing to live there would be advised to try a long stay first as was suggested. The cultural differences and quality of life hasn't suited everyone.


Alan. Consultant in Red Sea Properties.


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## jolizos (Feb 2, 2011)

Eco-Mariner said:


> Owning a property in a Red Sea location was primarily the desire of our diving fraternity. They could make many visits to their favourite diving locations, cheaper than the hotels.
> 
> During the property boom years, when speculators bought anything they could to get on a property ladder with borrowed money, these Red Sea hotspots became a desired location to invest. It also became an increased source of revenue for lots of well-off Egyptian families to acquire land and offer ownership to foreign nationals in what seemed a get-rich-quick scheme by taking monies up-front for properties on Off-Plan projects that may never get built.
> 
> ...


Hi Alan
Thank you for that,
You have provided some very constructive advice, I have come to the same conclusions, we wil be leaving it untill after september and see what the market brings.
best regards.


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