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When to buy in Hurghada, Egypt property market?
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But it's not just one resort or one developer in Hurghada that you have to be wary of. I'm not allowed to name names but it isn't just the 'English developer' that is causing big problems - what about all those who bought through WWD? I think we're going to hear more and more stories of people losing money on property or even ultimately, losing their property
For myself, I also lost a hefty deposit on yet another development there, even though I had a (supposedly excellent in his field) UK solicitor. My feeling is that there will be many more problems down the line because Egypt isn't prepared for the influx of foreign buyers. Much as I love the place, it's also a country rife with corruption so not somewhere I'd recommend.
Just my opinion.0 -
ahmedluxor wrote: »i hace been lliving in hurghada for the past two years and would not swap it for anywhere else in the world. the climate, the people, the culture, the very cheap cost of living and, of course, the magnificent red sea. i bought land here 3 years ago and built an apartment block of 14 flats of which i have sold 4 to friends and rent the others out to give me an income so that i don;t have to return to old england unless i wish to. admittedly there are some developers here of whom you have to be very wary but we have had these thoughout europe and throughout the ages. my advice would be come and try it
A brand new forum member whose one and only post is to promote property purchase in Hurghada, Egypt - and they just happen to be a property developer in Hurghada - what a surprise!"You were only supposed to blow the bl**dy doors off!!"0 -
I also lost some money on a development in Hurghada that turned out not to have been owned by the people selling the off plan apartments!
There are many problems at the minute out there, on many developments and until the authorities step in and sort it all out, it's just not a safe place to put your money at the present time.0 -
I have been to Egypt on holiday and never again ,got ripped of at the pyramids ok it was a tourist thing but overall put me off the place for life !
Certainly would never buy a property there !0
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