Anybody here bought property in Egypt?

lightSwitch_3

Anybody have any experience of buying property in Egypt?

I heard that the property market there has collapsed. I'm interested in buying a holiday apartment in Hurghada.

stebiz

Some of these prices look really good. Never bought in Egypt but do have a number of rentals in the UK.

http://www.findaproperty.com/searchresults.aspx?edid=09&salerent=0&areaid=3942

What sounds too good to be true, usually is???

spirit

Be careful, there is allegedly, a scam going on there with a couple of developers. i'll PM you the support website for investors where you can get more information.

ruggedtoast

Buying property in Egypt is almost certainly an excellent idea.

I especially like this one:

http://www.findaproperty.com/displayprop.aspx?edid=09&salerent=0&pid=5711786

Riccal

The website Spirit has directed you to is aimed mostly at one particular promotor who was selling what he essentially didnt own. There is also a lawyer identified who has proclaimed himself as an expert in Egyptian law who has completely and utterly failed in his responsibilities to his paying clients and is now desperately scrabbling to try and recover the situation whilst also trying to develop business in other areas.
Whilst I believe that the promotor should be held responsible for his deceptions I dont believe he will ever be brought to task. The lawyer, however, is another matter and as someone who has been involved in property for many years it is idiots like this lawyer who need to be made to recompense people who have lost money due to his total and utter incompetence.

Sadly, part of the problem in Egypt is the rather 'moving target' nature of legalities.
The answer is that there is no such thing as too much due diligence. Research, research and more research and as many signed undertakings from people who you have redress against is the way to go.

If you get a good development - and there will be quite a few - then you will have purchased a fabulous holiday destination with the possibility of rental income for very little money.

Hurghada is great but is where most of the legal problems arise.
Sahl Hasheesh is being developed by a master developer who abides by the rules (pretty much) and should present no problems with regards to paperwork being in order.
El Gouna is mostly owned by one family and not always possible to achieve freehold but beautiful area and priced a bit above the surrounding area.
Sharm el Sheikh, on the other side of the Red Sea, has no freehold available but title and legalities fairly well established there.

Take a look at Pyramisa projects in Sahl Hasheesh and Luxor. Very good product. Not the cheapest but very secure with good rentals/leasebacks.

Riccal

Anew

This is right up my street, I'm a 3D animator. I can make you a model of an apartment with beach view much nicer than those - and at a much better price than 9k!

ILW

lightSwitch wrote: »

Anybody have any experience of buying property in Egypt?

I heard that the property market there has collapsed. I'm interested in buying a holiday apartment in Hurghada.

Bulgaria is even better.
Do a search on this forum.

lightSwitch_3

ILW wrote: »

Bulgaria is even better.
Do a search on this forum.

I thought Bulgaria went down the road of Spain ie they have been building like mad, lots of it shoddy workmanship and now the chickens have come home.
Besides I can't see what the attraction is to Bulgaria, sitting as it does on the Black Sea.
Surely history ridden and beaches galore of Greece/Italy would be far better.

I am thinking of Egypt because it is hot enough during winter to go swimming and escape the British winter.

lightSwitch_3

@Riccal thanks for that comprehensive information. I intend to do loads of research including going do Egypt to see for myself.

One thing I can't bring myself to do though is buy off-plan. My luck will be to end up being scammed if I tried that.

How do I now if the developers are bonified?

GDB2222

lightSwitch wrote: »

I thought Bulgaria went down the road of Spain ie they have been building like mad, lots of it shoddy workmanship and now the chickens have come home.

I am afraid that ILW was being ironical. Many people who bought in Bulgaria have been sadly disappointed - well, they paid for apartments but didn't get them. There's a long, long thread on this forum about it. I think ILW was implying that the same problems could emerge in Egypt. Look at what's happened in Spain, which is an EU member and most people thought they understood.

lightSwitch_3

GDB2222 wrote: »

I am afraid that ILW was being ironical. Many people who bought in Bulgaria have been sadly disappointed - well, they paid for apartments but didn't get them. There's a long, long thread on this forum about it. I think ILW was implying that the same problems could emerge in Egypt. Look at what's happened in Spain, which is an EU member and most people thought they understood.

OK i see, don't I feel silly!:embarasse

On the bright side I saw the Bulgaria wasn't such a great attraction, I had warned a friend not to buy there about 2/3 years ago. I was suspicious of it because I coudn't see the attraction of this country compared to what the Mediterranean had to offer.

I think that Egypt is going through that collapse now but if I can get an apartment for £15000 to £25000 more or less on the beach I'd be happy I wouldn't pay more than that.