Marsa Alam

[Elite]

Please note that prices have now increased by approx. 12.5% for all remaining units in Phase 1. Phase 2 will be released for sale later this year - interested parties can add their names to the waiting list for a phase 2 property, which will be offered on a first come first served basis.

 

[Alan Cockayne]

Marsa Alam projects

Please note that prices have now increased by approx. 12.5% for all remaining units in Phase 1. Phase 2 will be released for sale later this year - interested parties can add their names to the waiting list for a phase 2 property, which will be offered on a first come first served basis.

Hi.
No disrespect to Elite, does anyone reading these blogs understand the reason for developers to be increasing their prices given the current economic climate. I market these locations too. I ask developers to think again as clients are harder to be convinced to buy, especially when there is more bad publicity than good coming out of Egypt at the moment.

I see progress but not the massive rush in buyers that these guys are telling us.
Yes, construction materials have risen, but prices were artificially inflated in the credit boom and given that all other countries including Dubai are struggling for customers and reducing prices by up to 50%, doesn't everyone feel, like me, that prices should be reduced in Egypt, not raised ?

It's back to my new phrase again "Egyptianism." Are we living on the same planet?

Alan Cockayne.- Coralife-Style Consultants.

 

[samui13]

Increase in purchase price

Hi there, its funny because the developer has increased Marsa Beach Resort prices by 12.5% but on their completed development Zafarana, they are offering to buy back people's apartment at 14% less than they paid for it (including all the furniture contents that they also paid for) and saying that is what it is worth today in today's econimic climate!!!

Funny, i would have thought a resort would be worth more built than unbuilt. I wonder if IPI could enlighten us as to why this is the case.

Marsa does look lovely and I am sure it will be a success (albeit a late one). To be fair, its a lot cheaper than most resorts in Egypt and the standard of the Zafarana does look very good in comparison to others.

You say it will be ready in 18 months. I had my contract last year and going by that it would have been ready by this Christmas!

Lou

 

[queenie40something]

Maybe they are increasing the prices to put more money in the pot to pay out for the late penalties!!

 

[chriscross34]

mmm i was surprised myself about the price increase, especially given the current climate. Hi Lou, how are you? I didn't know IPI were offering to buy back appts in Zafarana.

I certainly wouldn't sell my property back unless i was really desperate for the cash. Be interesting if anyone has taken them up on the offer

Chris

 

[samui13]

Hi Chris, yes I am fine thanks. It was in the contract that if you decide to sell you have to give IPI first refusal on the property (it was in my Marsa beach contract anyway)

But for Zafarana IPI offered 14% less than you paid so I dont think anyone will be taking them up on the offer unless they are desperatere!!

Seems a bit contradictory of IPI though to increase the price of another resort and then say the earlier one has fallen in price now its completed!

Dont you just love developers!

 

[chriscross34]

yeah, i agree seems abit condradictory.

Lou, are u in Nabq now in the same resort as Queenie. how is it ?

Chris

 

[samui13]

Hiya Chris, yep we got our apartment in Nabq now. In the process of having it furnished and are going for our first stay in September. We took handover in April and had the fun of "snagging". Our pool is being done as we speak so fingers crossed it should be looking good by September (we hope!!!) again we are in the hands of "a developer"!!!!

Cant wait to go and stay in it now.

are you buying in Las Cabanas too? We drove past that last October and the entrance etc was looking very nice.

Lou

 

[queenie40something]

Chris - Lou is now one of my luvly neighbours! xx

 

[chriscross34]

hi Lou, hi Alison, cool, its nice that this websitre has brought together 'friends'.

Well done Properycommunity!


Lou, re Las Cabanas, possibly, i'm not rich by any means if i go ahead, it will be a 7 year bank loan.....

 

[samui13]

Hey Chris, it doesnt matter what means you use to get there, so long as you get there.

I think the whole of Oriental Coast will be fab if it all goes ahead. At the moment, there is nothing in marsa and no town life at all. If the full plans for Oriental Coast go ahead you will have your own little town there and it will be great.

When we drove past in October it did look very very grand.

With regard to Nabq, its got a lovely feel about it and we are glad we purchased there. We eventually want to spend long winters out there and there is so much around we wont be missing anything from home (got all the creature comforts within half hour drive).

We have also got some lovely neighbours. So far, everyone we met out there is lovely.

Lou

 

[chriscross34]

Lou, im really pleased, well done, at the end of the day, as long as you are happy. I hope everyopne gets their own place in the sun.

I've reserved the studio in Las Cabanas but hopefully i wont need to have a loan for the full 7 years. I like the MABR and Oriental, so hopefully have a foot in both. The grand plan is to be able to pay off mortgage earlier.

i must admit as more UK and other european investors buy in Egypt, i wonder if this would be a good place to live half of the year in the future. Naturally id would still want the area to retain its charm and culture. Id never really considered spending long periods of time in Egypt but who knows what will happen in the future....

 

[DiverDan]

Researching Marsa area and both Red Sea Beach Resort and Marsa Alam Beach Resort seem to be offering appartments of similar sizes at similar prices. This thread has been a great (but bl00dy long) read, and I just wondered if the MABR buyers now have things sorted out to their satisfaction in terms of the contract modifications, escrow concerns etc.?

Does anyone know what state the finances of the developer are in? I see evidence that work has started but seems a bit early to be sure that things are moving full steam ahead.

Did a buyers group get formed? I know the developer mentioned the idea but there's nothing to stop the buyers getting together and forming it themselves. If there was enough critical mass and enough members the developer would I'm sure be happy to deal with that group whenever communal views/issues needed raising.

I'm very close to buying on this development now and last question, being slightly opportunistic in the current environment but possibly helpful too, does anyone want to sell already? For me I would hope to get a better location than I might get now, and also a better price, for the seller who no longer wants to wait for completion could be a helpful exit. I would like a two bed apt.

 

[Alan Cockayne]

Marsa Alam properties.

I just wondered if the MABR buyers now have things sorted out to their satisfaction in terms of the contract modifications, escrow concerns etc.?

Hi Dan.
I promote both projects and wholeheartedly agree with you in creating a residents association. However, many prospective owners don't log on to this forum so it would prove difficult to get every name. Forming one has to be done in the location when being built, after someone takes the initiative and prepared to put themselves out to run one.

I've had concerns over MABR dictating to clients, even increasing their prices in a recession. RSBR seems more open to discussion. Regarding resales, it's too early. I do not advocate the flipping of contracts but you're welcome to research those who may wish to exit.

Alan. - Coralife-style Consultants.

 

[Cliff277]

Hi Dan
I have purchased at MABR and although a bit disappointed with the progress on the whole I am very happy with the development. At the start we had a few problems with the contracts but all was sorted out to my satisfaction and the new contract and escrow are now ok. There have been a couple of checks on IPI finances and they seem quit sound. If I have had any questions or problems a lady named Sue Lovett at IPI has always been most helpful and answered me very quickly [email protected] . There are about 70 % of phase 1 sold and IPI the developer has just done a deal with an investment group and sold all of phase 2, so out of a total of about 1400 units there are only about 200 left but I believe that there are some good apartments available because of people that have failed to make staged payments and have returned their apartments to IPI.
If I can help in any way just contact me, I hope you come and join us I think this will be a Great resort.
Cliff

 

[DiverDan]

Cliff, thanks for your comments, all adds reassurance, highly valuable!

Alan, when you say RSBR is more 'open to discussion' what kind of incentives are you talking about here?!

 

[Alan Cockayne]

Cliff, thanks for your comments, all adds reassurance, highly valuable!

Alan, when you say RSBR is more 'open to discussion' what kind of incentives are you talking about here?!

Egypt is a country where it is normal to barter. Yet Egyptian developers are laxed in their building methods (quality. completion dates, management and maintainance etc.) So I always push European Developments when possible.
Both MABR and RSBR are European backed construction companies and will deliver the product.

However, as a Chartered Marketer I believe satisfying the customer is the priority, not the shareholders. Get my drift? RSBR seem more flexible and with your lawyer will construct the better deal in the long run. It's about taking control of your money and not being bullied, or lied to.

p.m. me for clearer directives.

Alan.

 

[Cliff277]

Hi Dan
I have never been bullied or as far as I know intentionally lied to by IPI the developers of MABR.
I was one of the very first to place a deposit on MABR and in the beginning we had a few problems with the Contract and Due Diligence but we had an Egyptian solicitor and IPI took his comments on board and in the end the contracts were as they needed to be to comply with Egyptian law . IPI are a Dutch developer and I think that some times when they reply to things the translation makes it sound a bit brusque but the always reply quickly and keep us informed about progress with photo’s and newsletters.
I am not an agent and I am just a satisfied investor with no hidden agenda.
Cliff

 

[Alan Cockayne]

Hi Dan

IPI are a Dutch developer and I think that some times when they reply to things the translation makes it sound a bit brusque but the always reply quickly and keep us informed about progress with photo’s and newsletters.
I am not an agent and I am just a satisfied investor with no hidden agenda.
Cliff

Exactly Cliff.
It is a good company, Sue is excellent at responding, however my suggestion to IPI about independent escrow accounts was dismissed at the time. It meant buyers are controlled by their policies and maybe not flexible enough in the current economic climate. But the project is brilliant.

Regards.
Alan.

 

[Peter Mitry]

In our experience to date both RSBR and MABR are projects from professional, well resourced and financially sound companies. As often is the case our lawyers had issues with MABR at the beginning over land ownership but they were resolved and we are happy to support both projects.