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cin7166
New Member
Brilliant! Thanks for your work and patience Zeiad.
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samui13
New Member
Glad its all worked out for you guys in the end. Now breath a big sigh of relief!! (or have a glass of wine and celebrate).
Lou
Lou
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kitty
New Member
thats great news thanks zeiad
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ricardothered
New Member
great stuff, good work Zeiad. So what happens now? will IPI send out new contracts, dd etc with ammendments added in both languages?
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chriscross34
New Member
Zeiad, thank you for taking the time and effort to pursue this, will be in touch, Regards
Chris Hannon
Chris Hannon
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Zeiad Yehia
New Member
Dear All,
You are trul welcome, and I mean 'truly'
Now for those who desire to purchase there, there is a new "bilingual" contract in both Arabic and English, since Arabic as some of you may know is the language solely recognized by Egyptian courts.
The First Party in the new contract is SERY for Constructions, being the legitimate owner recognized in the governmental contract and building license. However, IPI is now a legal representative of SERY by virtue of a special power of attorny entitling IPI to act on behalf of SERY against purchasers and governmental uilities.
IPI was very cooperative by the way, and this tells me nothing but that they have always had good intentions.
The contract is changed already, and the PoA was articulated already, and now it just needs to be notarized "which is easy", and then every thing is in a perfect order.
We have there:
1- A valid title of deed granted to SERY.
2- A building licensed to be issued soon, but the developer has taken the right measurements to obtain it, and consequently it is now a matter of time since it is in the hands of the Egyptian government now.
3- A valid contract after Arabic was included and after the first party was amended to be SERY, and IPI being the legal representative.
4- A PoA articulated properly, and all what it needs now is the notary public stamp, and this can be done either in Holland or in Egypt.
Any further enquiries please send to the emails, but again the situation is now fine, as the major legal obstacles were eliminated.
All the best,
Zeiad Yehia
Solicitor
You are trul welcome, and I mean 'truly'
Now for those who desire to purchase there, there is a new "bilingual" contract in both Arabic and English, since Arabic as some of you may know is the language solely recognized by Egyptian courts.
The First Party in the new contract is SERY for Constructions, being the legitimate owner recognized in the governmental contract and building license. However, IPI is now a legal representative of SERY by virtue of a special power of attorny entitling IPI to act on behalf of SERY against purchasers and governmental uilities.
IPI was very cooperative by the way, and this tells me nothing but that they have always had good intentions.
The contract is changed already, and the PoA was articulated already, and now it just needs to be notarized "which is easy", and then every thing is in a perfect order.
We have there:
1- A valid title of deed granted to SERY.
2- A building licensed to be issued soon, but the developer has taken the right measurements to obtain it, and consequently it is now a matter of time since it is in the hands of the Egyptian government now.
3- A valid contract after Arabic was included and after the first party was amended to be SERY, and IPI being the legal representative.
4- A PoA articulated properly, and all what it needs now is the notary public stamp, and this can be done either in Holland or in Egypt.
Any further enquiries please send to the emails, but again the situation is now fine, as the major legal obstacles were eliminated.
All the best,
Zeiad Yehia
Solicitor
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Cliff277
New Member
Thanks Zeiad thats good news.
I spoke to Sue Lovett at IPI on Friday and she told me that there was a new agreement but it was not quite ready and she would send it as soon as possible.
Thanks again
Cliff
I spoke to Sue Lovett at IPI on Friday and she told me that there was a new agreement but it was not quite ready and she would send it as soon as possible.
Thanks again
Cliff
J
Jacky Hep
New Member
Agreed
Unfortunately the latter may have caused some to extract from the project within their 28 day deposit period, as we, finding it impossible to accept a contract risk - the DD suggesting IPI did not own the development yet but had distributed contracts apparently assuming ownership; clearly suggested amending was necessary and unfortunately IPI only seem to have conceded this thro' Zeiad's motivation; it is to his, and IPI's, credit that a corrected contract and translation are to become available, albeit they should have been from the off. Being cautious we would still be concerned that more naive committments may be made to clients by IPI along the way....when Zafarana and Marsa Alam Beach Resort are finally up and running smoothly IPI will have earned it's wings in Egypt.
PierreM (and presumably his legal advisors) was prepared to go ahead without specific ownership for IPI in the original contract - fortunately his experiences, and Zeiad's attention to detail, seem to have served his gamble well. Good luck.
Jacky
I agree with Lou, and hope it all works out for you guys who persevered despite obvious questions about ownership of the project.
Unfortunately the latter may have caused some to extract from the project within their 28 day deposit period, as we, finding it impossible to accept a contract risk - the DD suggesting IPI did not own the development yet but had distributed contracts apparently assuming ownership; clearly suggested amending was necessary and unfortunately IPI only seem to have conceded this thro' Zeiad's motivation; it is to his, and IPI's, credit that a corrected contract and translation are to become available, albeit they should have been from the off. Being cautious we would still be concerned that more naive committments may be made to clients by IPI along the way....when Zafarana and Marsa Alam Beach Resort are finally up and running smoothly IPI will have earned it's wings in Egypt.
PierreM (and presumably his legal advisors) was prepared to go ahead without specific ownership for IPI in the original contract - fortunately his experiences, and Zeiad's attention to detail, seem to have served his gamble well. Good luck.
Jacky
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Liz
New Member
Hello, I'm Liz. Have put a deposit on a one bedder at MABR. Having just watched a TV programme about the dire state of the airline industry and the fact that they are ceasing to run many flights around the world has given me great cause for concern. Is anyone else worried. I am contemplating pulling out as I have no rental guarantee to fall back on and wonder if there will be many holiday makers at all now that the age of cheap flights is over.
I'd love to hear from anyone with any advice. Apart from Thomson and Thomas Cook (I think) I am not sure how many airlines fly to Marsa Alam. But these could all be cut at any time. Hope to hear from someone before I pull out.
Liz
I'd love to hear from anyone with any advice. Apart from Thomson and Thomas Cook (I think) I am not sure how many airlines fly to Marsa Alam. But these could all be cut at any time. Hope to hear from someone before I pull out.
Liz
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Liz
New Member
Can I see a copy of what you got
I am tonight considering pulling out due to the state of the airline industry and the worry that there may not be any flights to Marsa Alam the way the world is going at the moment. Have you any thoughts on this. And I would love to see what it is that you received that got you so excited. Do you think people will still go on holiday over the next few years and rent out the one bed apartments? I am so worried by what I saw on the TV tonight.
Liz
I am tonight considering pulling out due to the state of the airline industry and the worry that there may not be any flights to Marsa Alam the way the world is going at the moment. Have you any thoughts on this. And I would love to see what it is that you received that got you so excited. Do you think people will still go on holiday over the next few years and rent out the one bed apartments? I am so worried by what I saw on the TV tonight.
Liz
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Liz
New Member
It seems, at the moment, that all the development is along the beach. Does anyone know if they will build back, into the desert, eventually?
And does anyone know how far it is to the nearest hospital and how you would get to it?
Liz
And does anyone know how far it is to the nearest hospital and how you would get to it?
Liz
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Lsab
New Member
Hello Liz and welcome to the forum.
I'm sorry you haven't had a reply to your questions yet but sometimes it takes a few days for members to reply to each other.
What I would say is that Egypt doesn't just rely on the UK or even Europe for tourists. Many Gulf Arabs spend their summers there and it's also popular with Russians. I don't think the price of air fares will bother either of them! Having said that I think that personally I'd be cocerned if I was relying on the rentals to pay the balance of my apartment.
I hope others with more knowledge and a vested interest, will post their take on the situation.
Best wishes
Linda
I'm sorry you haven't had a reply to your questions yet but sometimes it takes a few days for members to reply to each other.
What I would say is that Egypt doesn't just rely on the UK or even Europe for tourists. Many Gulf Arabs spend their summers there and it's also popular with Russians. I don't think the price of air fares will bother either of them! Having said that I think that personally I'd be cocerned if I was relying on the rentals to pay the balance of my apartment.
I hope others with more knowledge and a vested interest, will post their take on the situation.
Best wishes
Linda
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Liz
New Member
Thank you Linda for your response. Luckily I am not relying on the rentals to pay the balance so that's one blessing. But it would be nice to think you could get some rentals in order to balance out the amount of interest we are losing each year. I fear that once you have purchased you may be stuck with an apartment for life, and that is a long commitment. But, I suppose things will, one day, pick up globally. Bye for now.
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Lsab
New Member
Hi Liz,
I've asked some members who are buying on other developments, for their take on this. Hopefully you'll have better informed opinions than mine later today.
The rental question is always a valid one wherever you are and if you're not having to rely on the income thats a bonus. I know that many people buying in Egypt are buying primarily for their own use with the hope of renting between times. Others are buying purely for investment - some a bit of both. It would be interesting to hear opinions from all sides.
I've asked some members who are buying on other developments, for their take on this. Hopefully you'll have better informed opinions than mine later today.
The rental question is always a valid one wherever you are and if you're not having to rely on the income thats a bonus. I know that many people buying in Egypt are buying primarily for their own use with the hope of renting between times. Others are buying purely for investment - some a bit of both. It would be interesting to hear opinions from all sides.
NeilHollingsworth
New Member
Hi Liz, i know it is a different development and area but i know a couple with an apartment in Desert Pearl 1 who are fully booked until Jan 2009 and turning bookings away. As Linda says it is not just the UK and they have a lot of interest from Russia, so you should get some rentals if advertised properly.
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Liz
New Member
Thanks for your emails everyone. I've decided to stay in. It's my dream to own an apartment with a sea view and I shouldn't let the credit crunch get to me. As most of you will know Marsa Alam Beach Resort will be sold as holiday packages in many countries. Hopefully I will get some money back on the project through the rentals. Hope my contract comes soon.
I'd love to see the investment guide that Marsa Alam Beach Resort buyers have received. I've asked Ted, above, but not heard from him yet. Thanks all. Liz.
P.S. Having trouble finidng out about what airliines go there other than Thomson and Thomas Cook. I found XL flights, but on one page they go there and then on the next page they don't. Am a bit confused about that one. Obviously I need to know what flights go there from all over the UK, but, personally I will be travelling from Gatwick, but more worried about that in 15 years' time when I am going there more frequently. Does anyone have the name of a web site that might answer the question? Thanks. Liz
I'd love to see the investment guide that Marsa Alam Beach Resort buyers have received. I've asked Ted, above, but not heard from him yet. Thanks all. Liz.
P.S. Having trouble finidng out about what airliines go there other than Thomson and Thomas Cook. I found XL flights, but on one page they go there and then on the next page they don't. Am a bit confused about that one. Obviously I need to know what flights go there from all over the UK, but, personally I will be travelling from Gatwick, but more worried about that in 15 years' time when I am going there more frequently. Does anyone have the name of a web site that might answer the question? Thanks. Liz
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propertastic
New Member
If anything, I think that the gloom and doom and recession will actually help Egypt as a tourist destination.
Why? Egypt is cheap. Having been living here for six months and being used to Egyptian prices, I was nearly crying every time I had to get my wallet out on a recent trip to Barcelona and Ibiza! For anyone paying in GBP, anywhere in the Eurozone is now an expensive place to go on holiday.
So flights might be more expensive, but when you look at the cost of flights versus the entire cost of a holiday - including all of your spending money - it is still going to be a lot cheaper to spend a week in Egypt than somewhere on the Med.
Where else can you go for winter sun from the UK? The Canaries are expensive as they are in the Eurozone.
I think that the areas that are really going to suffer most from the problems that the airline industry is having is any of the long-haul destinations. I think that those who have bought in places like the Carribean or SE Asia have a lot more to worry about than those buying in Egypt as this is where flights are going to get really expensive.
Why? Egypt is cheap. Having been living here for six months and being used to Egyptian prices, I was nearly crying every time I had to get my wallet out on a recent trip to Barcelona and Ibiza! For anyone paying in GBP, anywhere in the Eurozone is now an expensive place to go on holiday.
So flights might be more expensive, but when you look at the cost of flights versus the entire cost of a holiday - including all of your spending money - it is still going to be a lot cheaper to spend a week in Egypt than somewhere on the Med.
Where else can you go for winter sun from the UK? The Canaries are expensive as they are in the Eurozone.
I think that the areas that are really going to suffer most from the problems that the airline industry is having is any of the long-haul destinations. I think that those who have bought in places like the Carribean or SE Asia have a lot more to worry about than those buying in Egypt as this is where flights are going to get really expensive.
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SuziQ2708
Guest
Totally agree with you Nick. So long as you don't stay at the hotels in El Gouna as they're charging prices very close to UK/Europe
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Cliff277
New Member
Hi Liz
Glad you have decided to stay in I think that it will not only be great for our own use but a good investment.
At the moment there are very few direct flights to Marsa Alam, the airport there is quite new and small but they are already extending it and I think as the area becomes more popular there will be more direct flights.
If you send me a private message with your e-mail address I will send you a PDF copy of the investment guide that Ted got so excited about.
Cliff277
Glad you have decided to stay in I think that it will not only be great for our own use but a good investment.
At the moment there are very few direct flights to Marsa Alam, the airport there is quite new and small but they are already extending it and I think as the area becomes more popular there will be more direct flights.
If you send me a private message with your e-mail address I will send you a PDF copy of the investment guide that Ted got so excited about.
Cliff277
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hummingbird
New Member
Flights
Yes we watched same report but feel that although it may be difficult to go direct we have found flights to european countries ,Germany, italy, then a connecting flight to Hurghada as there are more flights out from there. So although it a longer way round it should still, be possible, and as pointed out on report you could alway take full package deal but not stay in hotel. Are you able to offer your apartment for rent to a wider scale to reduce the risk? German's, Russians and Swedish all have a large amount of holiday makers in Eygpt. Hope this helps you a little All this will calm down in time and people will still want to go were there is assured sunshine especially if our summers continue like this one. Plus isn't not Euro zone so the over all holiday will be cheaper for anyone going!!!!!
Good Luck with your decision try to hold in there as you may miss a good opportunity in the long run, we are in buying in Oasis Marina Hurghada so do understand concerns but things like this are just hopefully short term blips
Take care Helen & Derek
Hi Liz
Yes we watched same report but feel that although it may be difficult to go direct we have found flights to european countries ,Germany, italy, then a connecting flight to Hurghada as there are more flights out from there. So although it a longer way round it should still, be possible, and as pointed out on report you could alway take full package deal but not stay in hotel. Are you able to offer your apartment for rent to a wider scale to reduce the risk? German's, Russians and Swedish all have a large amount of holiday makers in Eygpt. Hope this helps you a little All this will calm down in time and people will still want to go were there is assured sunshine especially if our summers continue like this one. Plus isn't not Euro zone so the over all holiday will be cheaper for anyone going!!!!!
Good Luck with your decision try to hold in there as you may miss a good opportunity in the long run, we are in buying in Oasis Marina Hurghada so do understand concerns but things like this are just hopefully short term blips
Take care Helen & Derek
