Advise Needed

[lyndsay552]

Please can someone help?

My husband and I have decided to relocate to Egypt within the next year but cannot decide the best way to go about things.

We are looking to buy a number of properties totalling about £100,000, with the view of living in one and renting the rest out.

I think we are decided on Hurghada but are open to sugestions.

Can anyone advise the best way to go about it?

Do we wait until our UK property is sold and do it all out there? or do it from the UK first?

 

[propertywatch1]

Hello Lyndsay552
We relocated here just over 12 months ago from the UK. We did however spend several weeks in the year before looking at the area in and around Hurghada. I would come here to look at the property first that will give you some ideas as to what you will get for the money you are prepared to spend.

We also bought a property to live in and another to rent out so both have to be looked at differently eg: locatuion for the one you will live in and a good location for the property to rent out.

You need to think is the rental property going to be aimed at the holiday market if so you need to be in and around all the amenities.

Second the property for yourselves to live in do you want to be close to the sea,airport,and local shops,market etc.

I think if it is at all possible i would advise you come out and rent something for a few weeks and get a feel for the place before you sell you home in the UK.

If we can be of any help dont hesitate to PM me we have gathered a lot of information whilst we have been here that may be of use to you.

 

[Peter Mitry]

This is good advice from Red Sea Furniture and whats more its unbiased and from someone who has already done what you are planning to do. I too am planning to move to Hurghada within the next two or three years and I will certainly be taking advice from those already living there; particularly for my own property. For rental the formula should be as close to the beach as you can afford to attract holiday rentals. The long term rental market will not produce the same revenue.

 

[SHO]

I personally live in Al Helal and think its the best area in Hurghada to live in! No good if you want a bar within walking distance or dont have a car. I'd also look at this area for long term lets aimed at expats and foreigners living in Hurghada.

My advice though would be to rent first...last thing you want is to discover within 2 months of moving in that you cant stand the area!!!

For an investment property you can buy at any time as this does not matter to you too much!

Let me know if you need any help in and around HRG!

 

[propertastic]

You defininitely need to download a copy of Propertastic's Complete Guide to Hurghada and Egypt's Red Sea Riviera Real Estate if you haven't already done so.

You are exactly the type of person who I had in mind when I write it.

You can find out details of how to download a copy at:

propertastic.com/hurghada/

Personally, if I had that budget, I would look to spread the investment through Hurghada's most promising hotspots in order to spread the risk.

For living in yourself, when I would imagine being close to shops and amenities is more important than being right on the beach, I would recommend Sara's Residence in the Touristic Centre. The apartments are all very spacious (I think that a lot of the apartments on offer elsewhere, while being fine for a week or two's holiday, would be a little too cramped to live in 24/7) The development will be fnished in March 2008, which I imagine is about when you would be looking to move in.

My portfolio would also include Palm Beach Piazza at Sahl Hasheesh. Prime beachfront in the area's most prestigious resort. And the fact that the apartments are complete already means that you could start earning rental income even before it's completely paid for.

Finally I would add another beachfront property in El-Ahiaa such as Regency Beach. Not as prestigious an area as Sahl Hasheesh and the development wouldn't be ready until 2009 but prices are currently at pre-release prices, with studios starting at just GBP20,000.

These three together would come in at slightly over GBP100,000, but you would end up with three desirable locations and spread the risk by buying in completely different areas.

 

[lyndsay552]

Help

Thanks everyone for the prompt replies, they are all very helpful.

Propertastic - i have registered with your website but i am unable to find the link to download to guide. Please can you guide me in the right direction.

Many thanks

Lyndsay

 

[propertastic]

Hi Lyndsay,

Sorry to hear that you are having trouble finding it!

As soon as you log in to the system, you will be taken to your Profile Summary. The link for downloading the book is to the right of it, as you can see from the screenshot below:

If you are still having problems, please email me at nick[at]propertastic[dot]com and I will send it to you by email.

Thanks everyone for the prompt replies, they are all very helpful.

Propertastic - i have registered with your website but i am unable to find the link to download to guide. Please can you guide me in the right direction.

Many thanks

Lyndsay

 

[lyndsay552]

Got it sorted, it worked this time!!

The guide seems excellent, just what we've been looking for.

Thanks

Lyndsay

 

[propertastic]

That's great news!

If you have any questions, please don't hesitate to either PM me here or send me an email to nick[at]propertastic[dot]com

Happy reading!

Got it sorted, it worked this time!!

The guide seems excellent, just what we've been looking for.

Thanks

Lyndsay

 

[lyndsay552]

I think I have decided on two properties. Firstly Al-Ahyaa Villas, lower villa, £47500 and secondly 2 possibly 3 1 bed apartments in lotus breeze.

Can anyone give me more information on either of these two developments and whether they would be a wise choice?

Thanks again

Lyndsa

 

[SHO]

Well you cant complain at a villa for youself for £47,500

If you were to choose something like Lotus Breeze in the intercontinental area... I would recommend you look closer to the more established part of the promenade where Lotus and Saras residence are..

I already think the Touristic area (El Kawser) is far too developed for anyone to make any decent money from it so...my advice would be pick the best in that area.

Again, what do you intend to do with these properties? Are you buying to sell or to rent and do you have short/medium/long term plans in Hurghada?

 

[lyndsay552]

We are planning a complete relocation, so the plan is to rent out the apartments and live in the villa. So its very much long term plans. Still in the planning stage though.

 

[SHO]

Do you plan to rent out the apartments and manage them yourselves? Will this be your only source of income?

 

[lyndsay552]

We hope to rent them out ourselves. Possibly going to look for work out there but not sure yet. Depends on how successful we can make the rental.

 

[awahee123]

Please go and have a look before you buy anything, it is very important as you will find a lot of agents who will show you good developments which you are not able to see on the internet. There is a lot to see a lot of smaller developments are available some of them are very well positioned near the intercontinental.

 

[lyndsay552]

planning to go the first week in feb, just trying to get as much information as possible b4 we go.

 

[Peter Mitry]

I may see you in Hurghada Lyndsay; my wife and I are going out the last week of January, first week in February. Have a safe trip and take on board the excellent advice you have been getting...

 

[dave99]

Beware legal issues

I think I have decided on two properties. Firstly Al-Ahyaa Villas, lower villa, £47500 and secondly 2 possibly 3 1 bed apartments in lotus breeze.

Can anyone give me more information on either of these two developments and whether they would be a wise choice?

Thanks again

Lyndsa

Beware legal issues:

There is a thread on this forum that you MUST read about registering properties. Assuming that you are a NON-EGYPTIAN your idea on more than two properties could be a problem unless you create an Egyptian company, with an Egyptian partner.

Also I would not recommend buying more than one apartment in the same development, however good you think it is going to be. If this is going to be a business do yourself a risk analysis - spread the risk. Any delay in completion will stop your income stream.

Also be aware of the rental market - there are other threads on this forum on this subject. The potential for making living from rental is not there yet, so make your plans on income very pessimistic.





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[Peter Mitry]

This is good advice Lyndsay but you do not have to register properties; certainly not in the short term. The comments concerning rentability are valid which is why you should consider your rental properties being as close to the beach as you can afford or in an established or up and coming touristic area. You will get a better return from holiday rentals as those living and working in Hurghada will not expect to pay high rents.

 

[awahee123]

Good luck lyndsay I hope you find what you are looking for,just remember don't feel obliged to buy anything that you may not be comfortable with,have a good look around before commiting,don't fall for any of the stories from agents etc.