What to expect next

[propertywatch1]

While Egypt,s problems will not directly effect the RedSea Resorts. It will however effect the general infrastructure everything comes through Cairo and Alexandria.

This is exactly the excuse the developers need next to give for the lack of progress on their developments.

They will say all the building materials will be hard to source and will cost more to transport to Hurghada and Sharm.

Remember also that the fuel comes from Cairo.

They only good thing to come from this will be the state of the Egyptian currency.

Lets see how quickly this becomes the next excuse after the long growing list of current excuses.

 

[danny]

While Egypt,s problems will not directly effect the RedSea Resorts. It will however effect the general infrastructure everything comes through Cairo and Alexandria.

This is exactly the excuse the developers need next to give for the lack of progress on their developments.

They will say all the building materials will be hard to source and will cost more to transport to Hurghada and Sharm.

Remember also that the fuel comes from Cairo.

They only good thing to come from this will be the state of the Egyptian currency.

Lets see how quickly this becomes the next excuse after the long growing list of current excuses.

The developers will have a field day with this as an excuse for price increases and delays to projects, manna from heaven, inshallah.

It might make ready built property more desirable as a purchase even though this should already be the case.

 

[propertywatch1]

Have heard reports today that paperwork/documents are being burned in the government buildings throughout Egypt.

This could cause big problems regarding building licences Poa's and most of the important paperwork held on record re- purchases of property.

This no doubt will be another excuse for the delay or even unfinished developments.

 

[propertywatch1]

News coming out of hurghada today is that most of the tourist places are running out of food and essential items.

I would gather from this that the Hotel industry must also be effected as all supplies come from Cairo.

Looks like some aircraft from the UK have also been cancelled.

 

[ollie1]

Re the lack of building progress. Link payments to progress in contracts?

 

[thompsonsom]

News coming out of hurghada today is that most of the tourist places are running out of food and essential items.

I would gather from this that the Hotel industry must also be effected as all supplies come from Cairo.

Looks like some aircraft from the UK have also been cancelled.

Been to metro today, some shortages but managed to get chicken breasts and whole chicken & fish also essentials such as milk,sugar, tea bags. Only sliced bread wasn't available although had plenty of baguettes.

Don't think we will starve yet

Jet2 have suspended flights but they are part of thomson so may just be to fill planes rather than have 2 half full planes heading this way

Is pretty quiet out with less tourists around as the ones that are here maybe just sticking to the hotels

Janice

 

[samui13]

Our developer has responded to our email and said he has been out on the street for over a week with his sons trying to protect his neighbourhood from looters.

In my eyes, this a pretty good excuse - dont get me wrong, we have been give quite hilarious excuses throughout our build but to be fair this one has pulled on my heartstrings and I am with our developer on this one! We need some decorating done in our apartment and he hopes to have workers allowed back into Sharm soon but cannot promise anything because lots of them are stuck in Cairo and other areas.

I do hope this all settles down soon and I agree, some will use this as the perfect excuse, but sadly some people's excuse for lack of contact/progress will be honest.

I suppose its your typical cry wolf story!

Lou

 

[alishiagreen]

In any country once that there's a big issue in the government..definitely the stock market will went down..

 

[Alan Cockayne]

You don't expect everything to be "BUSINESS AS USUAL" do you if and when the government goes ?

This revolution is about change....
It has been the most unprecedented uprising this country has seen since the Arab/Israeli conflicts and if the country does not get the change it's people have fought and died for, then the "system" will remain and things will only get worse.

If people continue this struggle till September when the Constitution allows Mubarak to leave with dignity, the Egyptian economy could be on its knees. The Stock Market has reduced its creditability rating on world markets and as Egypt is presently losing $800 million a week in trade, the country may not last another month under the Mubarak regime.

So where do you all think that will leave your investments?
Of course the workforce will want wages, but if the only means of their survival will be your fees, I wouldn't expect much from them in the short term.

I think it's time to brace yourselves for the fallout.
This is not a typical UK election campaign.


Alan.

Red Sea Riviera Properties, Egyptian Property

 

[propertywatch1]

From reports im getting from Hurghada it looks like little or now progress is being made on most of the building sites.

Not only are materials hard to source at the moment but looks like quite a chunk of the workforce have returned to their family homes. This could be a difficult time for the construction industry as a whole.

Im sure that it will have a knock on effect regarding prices of construction materials and subsequently purchase prices.

 

[Alan Cockayne]

Property values

From reports im getting from Hurghada it looks like little or now progress is being made on most of the building sites.

Not only are materials hard to source at the moment but looks like quite a chunk of the workforce have returned to their family homes. This could be a difficult time for the construction industry as a whole.

I'm sure that it will have a knock on effect regarding prices of construction materials and subsequently purchase prices.

Do not let salesmen fool you. When there are no sales, the only option is to reduce prices..... not increase them. Although Egyptian developers will try it as a matter of their ignorance of market forces.

International developments that are still constructing will ask for price increases to compensate for higher material costs, but again they will find fewer investors if they hyke up the sq.meter price. There will be plenty of resale competition to keep the market active.

We all know this would add more pressure to the country's economy as this crisis will see more desperate measures for companies to stay in businesses. When the going gets tough, the tough get going.


Alan.

 

[Alan Cockayne]

As Egypt gets back to business, the protestors and opposition parties will be looking for Mubarak's billions. It seems Ghadafi has had a premonition and followed his example now the writing is on the wall.

In a recent UAE newspaper, quote "the Libyan Investment Authority, which analysts value at $60bn-$80bn, has accumulated stakes in a diverse range of foreign assets, from newspapers and football teams to banks and textiles"

Maybe we will see him pop over and buy Sheffield Wednesday next week. We need an injection of something..... lol.

Alan.

 

[Alan Cockayne]

It seems that today's cabinet reshuffle in Cairo has placed more of Mubarak's cronies into top positions, once again upsetting the opposition groups who demanded a complete change from the old regime.

It looks like another mass demonstration on Friday. Meanwhile, the police administration buildings were set on fire by members of the sacked police force. Probably to get rid of records and criminal files. Arrests were made.

Meanwhile the International Tour Operators are resheduling flights to try and get back to normal especially in the Red Sea tourist resorts. Good deals are on offer, but increased fuel surcharges may come into effect as a result of the Libyan revolution, where there is a possibility that oil supplies may be affected.


Alan.