# Buying property



## Port0161 (Oct 26, 2012)

Hi everyone. Looking for a bit of help here.
My friend and I are hoping to buy an apartment in Sharm but we are struggling to find up to date listings. Does anyone have suggestions on where to look , as everything I find seems to have been posted ages ago........some are 2008! 
Would be grateful for any ideas or help.
Thanks


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## MaidenScotland (Jun 6, 2009)

Hello and welcome to the forum

Why not google estate agents in Sharm.. 

Maiden


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## MaidenScotland (Jun 6, 2009)

There is also a sticky at the top of the page.. living in Egypt you may like to have a look at that..

maiden


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## Port0161 (Oct 26, 2012)

Thanks for answering so quickly. I've googled estate agents/real estate and lots come up, but they seem to all be old off plan projects. I can't seem to find anything up to date or re sales from private sellers. I will definitely have a look at the living in Egypt thing though. Thanks


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## hurghadapat (Mar 26, 2010)

Port0161 said:


> Hi everyone. Looking for a bit of help here.
> My friend and I are hoping to buy an apartment in Sharm but we are struggling to find up to date listings. Does anyone have suggestions on where to look , as everything I find seems to have been posted ages ago........some are 2008!
> Would be grateful for any ideas or help.
> Thanks


Hi and welcome but can i ask why Sharm or even better still what makes you want to come and live in Egypt.


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## Port0161 (Oct 26, 2012)

We are not thinking of living there all year round, although we would like to spend as much time as possible, so we need a place attractive to others who might want to rent. We travel quite a lot and feel that this is the area we most enjoy being ( great climate, friendly people etc). We also enjoy the mix of people , as we don't want to be somewhere that is tailored to be " England abroad". 
There are loads of reasons really, but for the most part, we just want somewhere we can relax and feel comfortable, but with enough going on to keep us occupied.


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## hurghadapat (Mar 26, 2010)

Port0161 said:


> We are not thinking of living there all year round, although we would like to spend as much time as possible, so we need a place attractive to others who might want to rent. We travel quite a lot and feel that this is the area we most enjoy being ( great climate, friendly people etc). We also enjoy the mix of people , as we don't want to be somewhere that is tailored to be " England abroad".
> There are loads of reasons really, but for the most part, we just want somewhere we can relax and feel comfortable, but with enough going on to keep us occupied.


If i was you i would think long and hard about buying in Egypt at this moment in time.


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## Port0161 (Oct 26, 2012)

Thanks for the advice, if a bit vague. It's not the first time we've bought abroad and we've only just started looking into it, hence the post, but we have enough common sense not to rush into anything


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## hurghadapat (Mar 26, 2010)

Port0161 said:


> Thanks for the advice, if a bit vague. It's not the first time we've bought abroad and we've only just started looking into it, hence the post, but we have enough common sense not to rush into anything


Nothing vague at all about what i said...you must read the news also do as Maiden said and look through this forum at previous posts about this very subject.


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## samui13 (Nov 18, 2008)

*estate agents*

Property for sale in sharm el sheikh - Egypt - Buy sell property in sharm el sheikh egypt - sharm holiday home

or search sharm el sheikh real estate
pioneer property

Do your homework and search for all the horror stories (of which there are many in sharm). Join the facebook sharm pages (residents of sharm, friends of nabq) and ask around also there is a group new real estate sharm.

Good luck.

Louise


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## Port0161 (Oct 26, 2012)

Thanks Louise, appreciate the help


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## Fiona08 (Jan 15, 2011)

Hi and welcome to the forum
If you google sharm el sheikh agents or even "place in the sun" they will have all the listings for egypt there. Private sellers or even the newer ones. I am buying in Sharm in Nabq Bay and it will be finished next year now. I can't wait, but at least it will be new for us to furnish as we want it. I wish you luck in your search.

Fiona08


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## Port0161 (Oct 26, 2012)

Thanks Fiona. We are making a bit more progress now , having emailed round a bit. I'm pretty sure that we will be buying of plan aswell.....re sales seem few and far between which I hope is a good sign. It is a long wait but hopefully worth it in the end. I hope all goes well for you


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## canuck2010 (Jan 13, 2010)

There are many projects that have run out of money, and many properties that are owned by individuals who cannot return to Egypt (due to change in regime), while many others need to sell due to poor economy back in Europe. Many people are just desperate to get their cash out of the country.

We have found many properties on the Red Sea that have been reduced by 50% to equal 2006 prices or less from desperate sellers. Basically, there is no shortage of supply, with all indications that prices will fall further as economic turmoil continues into 2013 and the currency is devalued further. Given the situation, unless one finds an incredible bargain, it makes sense to rent. Also, the real estate agents are more desperate than the sellers.


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## shaks (Oct 29, 2012)

canuck2010 said:


> There are many projects that have run out of money, and many properties that are owned by individuals who cannot return to Egypt (due to change in regime), while many others need to sell due to poor economy back in Europe. Many people are just desperate to get their cash out of the country.
> 
> We have found many properties on the Red Sea that have been reduced by 50% to equal 2006 prices or less from desperate sellers. Basically, there is no shortage of supply, with all indications that prices will fall further as economic turmoil continues into 2013 and the currency is devalued further. Given the situation, unless one finds an incredible bargain, it makes sense to rent. Also, the real estate agents are more desperate than the sellers.


Well we just bought a chalet in Sokna where the prices are on the rise. Started looking in June and each time we put an offer the owner would increase the price before signing the sales contract. We looked at several places and found prices going up and people buying them. Could be because Sokhna is not too far from Cairo and is a week end get away .


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## Biffy (May 22, 2012)

Buying down teh Sokhna / Hurghada / El gouna coats of the red sea will probobaly not be an option for very long.
The government have brought in a law whereby anyone that buys down that coast will have to have an EGyptian partner who owns 51% of the property.!!
We found this out when we sat with the bank and talked about purchasing a property down there soon.
They realise that if they don't control it then huge swathes of EGypt especialls in these areas won't be owned by Egyptians - but all by foriegners and they don't want this.
The plan - from what we can gather is to soon roll this out to all the other coastal areas as well.
Obviously properties already owned will not be affected.

But also take care. We live in CAiro and there are many projects that have been started and are standing still due to the economic and general instability of Egypt.
We have firends who purchased a lovely place that was due to finish in spring 2012 - and they are still waiting! A second friend who purchased a villa off plan in Hurghada - due to finish autumn 2011 - and they are still waiting - with no way to get their money back.


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## GM1 (Sep 30, 2008)

Biffy said:


> The government have brought in a law whereby anyone that buys down that coast will have to have an EGyptian partner who owns 51% of the property.!!


I haven't read this anywhere in the news, so if you have an online source for this, please can you give me the link?


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## hurghadapat (Mar 26, 2010)

GM1 said:


> I haven't read this anywhere in the news, so if you have an online source for this, please can you give me the link?


Not 100% certain but pretty sure that this was an old law that was changed quite awhile ago to allow foreigners to own property.


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## Homeless (Jul 31, 2012)

Foreigners like Egyptians can own 100 percent of the property. In Sinai there can a be a bit of confusion as there are properties that are 99 year leasehold which applies to both foreigners and Egyptians. This happened as a result of a change in law that used to allow full ownership to the 99 year leasehold. That law may change back to full ownership again. In any case, as I mentioned the law applies to foreigners and Egyptians alike.


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## Homeless (Jul 31, 2012)

And then came Qandil!!!!!!!!!

Residents of Egyptian Sinai will finally enjoy the right to own land in the peninsula after Prime Minister Hisham Qandil issued a decision laying out purchase procedures for would-be local landowners, Egypt's official news agency MENA reported on Monday.


Qandil stated that all those applying to purchase land plots in Sinai must have two documents: proof that they do not have a second nationality, and a certificate confirming that both parents are Egyptian.

The prime minister added that both Egyptian individuals and corporations would be eligible to own Sinai land, noting that purchases would be done through public bids.

Foreign corporations eying investment projects in Sinai, meanwhile, will be granted contracts on a usufruct basis, Qandil said.

During the era of ousted president Hosni Mubarak, Sinai-based Egyptians and Bedouin tribesmen had campaigned for the amendment of existing laws banning them from land ownership in Sinai for ostensible "security" reasons since Egypt regained the peninsula from Israel in 1981.

According to Qandil, the move will serve to boost development in Sinai by encouraging local investors who will be offered generous facilities and easy-to-meet terms and conditions.

600,000 Egyptian Bedouins live in Sinai and have complained for many years that the central government neglects provision of basic health, education and other services to local residents.

Residents of Egypt's Sinai to be allowed to own local land: PM - Politics - Egypt - Ahram Online


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## Biffy (May 22, 2012)

I can only repeat what I was told by out bank when I enquired about owning a property down there.
They were very clear on the information.

They told me I would soon not be allowed to but property outright / 100%.
51% would have to be owned by an EGyptian national!

No point in making it up - it is what I was told and informed when I enquired!

ANd after a total change in regime - do you not think that they can change any rules that they want.
Expecially pertaining to such as this kind of topic - considering that they want the a different kind of tourism (Islamic) and Sharm, etc. more for the Egyptians!!!


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## mamasue (Oct 7, 2008)

My advice, after seeing many property deals go upside down would be....
If you can't afford to lose the money, don't invest!

I was told long ago by a friend, a real estate agent "off-plan is aimed at the British... they're the only ones gullible enough to buy"

If I was now thinking of going back to Egypt, (I'm not!!) I'd do exactly what I did last time... rent for a few years, then think again....
I have a friend (Russian) who owns 2 flats in Hurghada in a building that was never completed..(She was told it would be completed within 2 months). who wants to move away, after 10 years there, and can't sell the flats for anywhere near her purchase price!


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