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Papadadio
New Member
Never to late
Pete
It's not over till the paperwork is dry and beyond so let's keep our fingers crossed.
Pete
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shilly
New Member
Hi Peter,
As you are obviously very learned about the whole process of buying etc,who would you have recommended instead of Iraida when I bought several years ago?.
People reading these forums need to know from agents like yourself who to avoid and what they should do before buying.Its ok us owners naming and shaming but thee must be "list" of who to avoid so that when we come to invest again,we will be aware of those sharks If reform is to take place SOMEONE needs to make the first move:questionmark:
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howey
New Member
Hi Shilly,
Been following your threads and agree entirely , developers should be accountable, agents should be accountable as should lawyers who give due diligence , there should be a regulatory body office that all developers agents etc sign up to showing to any prospective buyer that the company whom they have chosen has satisfactory funds to deliver their projects.
This at the moment does does not help us who are being neglected by agents who we bought through and the likes of iraida who for years have neglected peoples investments.
Now to lawyers i contacted a lawyer who was advertising his services on this forum zeiad yehia has anyone any in depth knowledge of this lawyer is he trustworthy is he willing to take action against the likes of iraida is he willing to step in and offer assistance to english investors who are being ripped off or is he another who believes that nothing is wrong and of course my favorite THIS IS EGYPT.
Been following your threads and agree entirely , developers should be accountable, agents should be accountable as should lawyers who give due diligence , there should be a regulatory body office that all developers agents etc sign up to showing to any prospective buyer that the company whom they have chosen has satisfactory funds to deliver their projects.
This at the moment does does not help us who are being neglected by agents who we bought through and the likes of iraida who for years have neglected peoples investments.
Now to lawyers i contacted a lawyer who was advertising his services on this forum zeiad yehia has anyone any in depth knowledge of this lawyer is he trustworthy is he willing to take action against the likes of iraida is he willing to step in and offer assistance to english investors who are being ripped off or is he another who believes that nothing is wrong and of course my favorite THIS IS EGYPT.
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Papadadio
New Member
Help required,
As I am new to this site, I am unaware as to whether I am posting my questions in the right place.
As can be seen from my previous posts, I believe my Apt purchase in Nabq is running smoothly but as I am nearing completion I have a few questions that I do not know or am aware of the answers.
1/. I purchased the property and the contract is in my name and signed solely by me and the developer. I wish to leave the property on my death to my partner (not married) who in turn on her death will leave it to my children (not hers).This also assumes I will die first. Completion is due in September this year (when we will be out there for 5 weeks) but prior to that we hope to go out in May. Could I ask the developer to add or change the contract to include both our names which will take away the need for me to contact it to her prior to my death. At present I am still married (seperated for 7 years) but not to my partner. The plot thickens!
2/. I have seen somewhere on this site that on completion I have to register the property. What does that mean and could I (see question 1) register it in both of our names so on the death of one it goes to the other automatically.
3/. I also believe that if I sell the property, I have to pay the developer 5%. Is that normal?
4/. We have both had a residence visa for 12 months and visitors visa for 6 months both of which have expired. The lawyer has been given POA and states that he can take them to El Tor at a cost of 600 Egp to renew them both. I have read on here that some people haven't bothered and they haven't been disadvantaged. Can someone please tell me what the advantage is of renewing them, is 600Egp too much to ask, should we go to El Tor ourselves and finally do we really need the residence permit? Because we are both divers we are all too aware that we require the visitors permit to go out to Ras Mohamed and we usually get this at the airport.
5/. Is INtasure a recommended Insurance company as I have seen it mentioned in many places on the site.
I hope I am not being a pain with all these questions but I feel a little in limbo and even more so as completion is nearing.
Thank you in anticipation.
Pete
As I am new to this site, I am unaware as to whether I am posting my questions in the right place.
As can be seen from my previous posts, I believe my Apt purchase in Nabq is running smoothly but as I am nearing completion I have a few questions that I do not know or am aware of the answers.
1/. I purchased the property and the contract is in my name and signed solely by me and the developer. I wish to leave the property on my death to my partner (not married) who in turn on her death will leave it to my children (not hers).This also assumes I will die first. Completion is due in September this year (when we will be out there for 5 weeks) but prior to that we hope to go out in May. Could I ask the developer to add or change the contract to include both our names which will take away the need for me to contact it to her prior to my death. At present I am still married (seperated for 7 years) but not to my partner. The plot thickens!
2/. I have seen somewhere on this site that on completion I have to register the property. What does that mean and could I (see question 1) register it in both of our names so on the death of one it goes to the other automatically.
3/. I also believe that if I sell the property, I have to pay the developer 5%. Is that normal?
4/. We have both had a residence visa for 12 months and visitors visa for 6 months both of which have expired. The lawyer has been given POA and states that he can take them to El Tor at a cost of 600 Egp to renew them both. I have read on here that some people haven't bothered and they haven't been disadvantaged. Can someone please tell me what the advantage is of renewing them, is 600Egp too much to ask, should we go to El Tor ourselves and finally do we really need the residence permit? Because we are both divers we are all too aware that we require the visitors permit to go out to Ras Mohamed and we usually get this at the airport.
5/. Is INtasure a recommended Insurance company as I have seen it mentioned in many places on the site.
I hope I am not being a pain with all these questions but I feel a little in limbo and even more so as completion is nearing.
Thank you in anticipation.
Pete
Peter Mitry
<B>Egypt Forum Founder Member</B>
Hi Pete
For help on questions 1 -5 I suggest that you contact a reputable lawyer such as Zeiad Yehia. I have worked with Zeiad for three years and found him to be very knowledgeable and very reliable. [email protected].
Intasure are a recognised insurance company offering home and contents insurance worldwide. You can contact them on: Intasure - Holiday home insurance in Egypt
For help on questions 1 -5 I suggest that you contact a reputable lawyer such as Zeiad Yehia. I have worked with Zeiad for three years and found him to be very knowledgeable and very reliable. [email protected].
Intasure are a recognised insurance company offering home and contents insurance worldwide. You can contact them on: Intasure - Holiday home insurance in Egypt
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sharmelsheikh
New Member
Gold Sharm in Sharm El Sheikh
You will be aware that international investors at Gold Sharm have given away their trust with the best of intentions. However, they have been conned, lied to with false promises for years. We are of the belief that though some agents are scrupulous, some others are rouge. As you can probably tell, international investors are keen to invest in the Red Sea Region of Egypt, your expertise and advise regarding Gold Sharm current status would be extremely valuable. The reader would also be interested to learn about the best course of action to be pursued to resolve the chronic problems of Gold Sharm. Your opinion on Pioneer Property in Sharm El-Sheikh in relation to Gold Sharm would be helpful and informative.
You will be aware that international investors at Gold Sharm have given away their trust with the best of intentions. However, they have been conned, lied to with false promises for years. We are of the belief that though some agents are scrupulous, some others are rouge. As you can probably tell, international investors are keen to invest in the Red Sea Region of Egypt, your expertise and advise regarding Gold Sharm current status would be extremely valuable. The reader would also be interested to learn about the best course of action to be pursued to resolve the chronic problems of Gold Sharm. Your opinion on Pioneer Property in Sharm El-Sheikh in relation to Gold Sharm would be helpful and informative.
Peter Mitry
<B>Egypt Forum Founder Member</B>
Who to Recommend?
My company use an independent lawyer to validate the due diligence before we sell, checking the land ownership, the planning permission and the necessary government permits. What is much more difficult is ensuring that the Developer has enough funds to complete a project; this is particularly difficult because there are many factors which can affect a company's liquidity and circumstances can and do change.
Three years ago my company also sold Iraida's projects and the due diligence checked out fine; when we realized that the project we had been offering our clients was late being completed we stopped selling it but we are still here to support our clients. The point here is that Iraida are still a substantial company in Hurghada and I believe that they will complete outstanding work, albeit late. On the other hand there have been many companies who have gone into liquidation or disappeared without trace, leaving their clients out of pocket and often without recourse.
We have learned some hard lessons and now we are very much more selective about the projects we recommend. Amongst the best are Azzurra in Sahl Hasheesh and Royal Beach in Al Ahyaa, both are substantially built and being constructed by financially sound companies with a good track record. For Off Plan property in Hurghada we work closely with Red Sea Way who have several completed projects with four more under construction and all are ahead of plan.
However, above all the best advice I can give is 'buyer beware'; many projects sell very well as the price or the deal package is very attractive and clients do not have the budget for the more expensive options. The earlier you buy, the greater the risk, but also the greater the potential gain. But investment is never without risk; use a good agent to advise you and a good lawyer to guide you. This is still not foolproof but you can at least reduce the risk and increase the chance of a satisfactory outcome.
Hi Shilly the Egyptian market is not like Europe where most new projects are underwritten by bank guarantees; many Developers here buy a plot of land, produce a set of plans and begin selling the project, generating money from clients in order to finance construction. Great whilst the money is flowing in, but what happens when sales slow down and the Developer runs out of cash?
My company use an independent lawyer to validate the due diligence before we sell, checking the land ownership, the planning permission and the necessary government permits. What is much more difficult is ensuring that the Developer has enough funds to complete a project; this is particularly difficult because there are many factors which can affect a company's liquidity and circumstances can and do change.
Three years ago my company also sold Iraida's projects and the due diligence checked out fine; when we realized that the project we had been offering our clients was late being completed we stopped selling it but we are still here to support our clients. The point here is that Iraida are still a substantial company in Hurghada and I believe that they will complete outstanding work, albeit late. On the other hand there have been many companies who have gone into liquidation or disappeared without trace, leaving their clients out of pocket and often without recourse.
We have learned some hard lessons and now we are very much more selective about the projects we recommend. Amongst the best are Azzurra in Sahl Hasheesh and Royal Beach in Al Ahyaa, both are substantially built and being constructed by financially sound companies with a good track record. For Off Plan property in Hurghada we work closely with Red Sea Way who have several completed projects with four more under construction and all are ahead of plan.
However, above all the best advice I can give is 'buyer beware'; many projects sell very well as the price or the deal package is very attractive and clients do not have the budget for the more expensive options. The earlier you buy, the greater the risk, but also the greater the potential gain. But investment is never without risk; use a good agent to advise you and a good lawyer to guide you. This is still not foolproof but you can at least reduce the risk and increase the chance of a satisfactory outcome.
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expatlady
New Member
At the start of this thread (while I was still back in Scandinavia),I wrote that I thought Egypts property-marked looked good after the revolution, long-term. Openness, accountability, and more transparency is always good for a society, IMO. .... Just need some "cleaning-up" to do short-term..
Well, now I am down here, in Dahab ( it is 10 years since first time I was here).
Now; I looked at beach-property which was advertised at the major estate-agent here; half-finished, asking price, "as is", is 750. 000,- egp (add another 500 000 to get it to tip-top finished shape).
That property seemed perfect for me...looking at the ad back in Scandinavia. So I came down here..is shown the building...and suddenly the owner say the asking price, "as is", is 1 mil!! ...claiming it was "a mistake" that it is advertised to 750.000! Well, it is "a mistake" which has been for months on the web-site (and is still there!)
Needless to say: I´m not buying it. At home such practise would be illegal. It apparently is not illegal in Egypt(?)..
Some more "cleaning-up" is obviously still needed in the property-marked in Egypt.
(On another note: does anyone know where I can get a good laywer to do due dilligence, etc, for Dahab-properties?)
Well, now I am down here, in Dahab ( it is 10 years since first time I was here).
Now; I looked at beach-property which was advertised at the major estate-agent here; half-finished, asking price, "as is", is 750. 000,- egp (add another 500 000 to get it to tip-top finished shape).
That property seemed perfect for me...looking at the ad back in Scandinavia. So I came down here..is shown the building...and suddenly the owner say the asking price, "as is", is 1 mil!! ...claiming it was "a mistake" that it is advertised to 750.000! Well, it is "a mistake" which has been for months on the web-site (and is still there!)
Needless to say: I´m not buying it. At home such practise would be illegal. It apparently is not illegal in Egypt(?)..
Some more "cleaning-up" is obviously still needed in the property-marked in Egypt.
(On another note: does anyone know where I can get a good laywer to do due dilligence, etc, for Dahab-properties?)
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shilly
New Member
Hi,
Its all very well saying you learned some hard lessons but with respect you still muist have earnt a living from selling these properties from either Iraida or other companies which have either completed late or disappeared from the face of the earth.
What developers should do is take a deposit and then take the rest of the monies when the build is finished.If they have not got the monies to do the build they should not rely on prospective buyers to fund their project.
Was Red Sea Way not part of Iraida who spilt up from them ?
Iraida may finish what they started but that should not be the end of it.Customer service counts for an awful lot yet this company wants to jump on the back of every scam going.
The latest trick I have heard is that they will not allow you to have be in credit for water unless you have a management contract.So anyone who owes for even a couple of tonne of water is being told via email that if the bill is not paid within a time limit then they will cut you off and charge a reconnection fee.So its not only their reputation regarding the build which owners question but their morales.To grant building licences all these factors should be taken into accountTrying to get some satisfaction is worse than getting blood out of a stone
wemyss1960
New Member
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jamo9760
New Member
One builder to put on the list to avoid is El Riad. They broke into my apartment on Desert Pearl 1, stole all my belongings and then resold twice, to Egyptians. I used 4 lawyers in Hurghada, who were all in the pockets of El Riad. I then found a Lawyer in Alexandria, who helped me take ER to court. I was granted my apartment back off the High Court in Quena. It had been totally stripped clean, even down to the ceiling lights and air conditioning.
This has happened to over 250 more apartments on this complex. So do not do business with these crooks.
This has happened to over 250 more apartments on this complex. So do not do business with these crooks.
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sharmelsheikh
New Member
What a disaster!
This is a very sad story indeed. Why don't you write to the Prime Minister of Egypt (Dr Essam Sharaf) and complain. Egypt need internatinal investors, particularly in the Red Sea region. Tourism is suffering badly at the moment because of multitude of anomalies including rouge developers, rouge agents and rouge solicitors. The Egyptian Government need to burge corruption and deception in the Red Sea region in order to restore the international reputation used to enjoy and restablish confidence in the residential investment. Egypt badly needs such investment, rest assured. Keep writing to the authorities and comaplain till the penny drops. International investment around the The Red Sea region is indispensible for Egypt. This used to be the chicken which lays a golden egg for Egypt everyday. We are not surprised the least that it is very quite, at the moment, in Hurghada and Sharm El Sheikh because of the rouge develops, the rouge agents and the rouge solicitors. Please don't trust the so called international agents with a website as they are the main culprit for all these problems. It is a con game! Watch out beadle about.
This is a very sad story indeed. Why don't you write to the Prime Minister of Egypt (Dr Essam Sharaf) and complain. Egypt need internatinal investors, particularly in the Red Sea region. Tourism is suffering badly at the moment because of multitude of anomalies including rouge developers, rouge agents and rouge solicitors. The Egyptian Government need to burge corruption and deception in the Red Sea region in order to restore the international reputation used to enjoy and restablish confidence in the residential investment. Egypt badly needs such investment, rest assured. Keep writing to the authorities and comaplain till the penny drops. International investment around the The Red Sea region is indispensible for Egypt. This used to be the chicken which lays a golden egg for Egypt everyday. We are not surprised the least that it is very quite, at the moment, in Hurghada and Sharm El Sheikh because of the rouge develops, the rouge agents and the rouge solicitors. Please don't trust the so called international agents with a website as they are the main culprit for all these problems. It is a con game! Watch out beadle about.
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jamo9760
New Member
I have reported this to the Egyptian authorities in Egypt, and in England. I have also contacted my local MP, and my problems were read out in the House Of Commons. Yasser Ibrahim and Mohammed Hussein, are the two owners of El Riad. Do not do any form of business with these people. Yasser was arrested a few weeks ago for double selling units, amongst other things.
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jamo9760
New Member
Dont you think i paid all my fee's....
Or do you think i just paid 40% and decided to chance my arm on taking them to court. As for your comment on showing a few photo's, do you think thats all it took as evidence, proving that my apartment was actually mine ????
You must be so lucky having such good friends as Yasser and Mohammed.
These people have ruined so many peoples lives, and you have the nerve to say, as long as you have paid fee's nothing will go wrong. What do you think these people on DP1 have done ???
You need to acquire correct info, and do not assume things. Everything i state on here is the truth, as i have actually dealt with crooks through the courts.
As for saying WWD did not pay ER the 60%, i take it you have legal evidence of this, or is this just something you have been told. Like i have said to you many times, make sure what you say is the truth, and that you have evidence to back up your claims.
