getting out of Egypt / resale

[wemyss1960]

Resale

Has anyone on the forum sold either offplan or finished?

 

[Jeremy Sturgess]

Has anyone on the forum sold either offplan or finished?

I know that Peter Mitry recently posted that he had successfully flipped a unit for a good profit. Perhaps it is slightly easier for him as he is an agent.

I do know that several people at El Gouna (particularly the agents who work there) have flipped both off plan and finished property very successfully and on many occassions.

I have been offered a very good profit on my villa at Gouna (bought 2 years ago and just finsishing now) but will be keeping it long term as I want to live in it and also believe El Gouna is just getting started and that values although high relative to the rest of Egypt are still low in international terms.

 

[wemyss1960]

Thanks for the reply Jeremy. Hope you enjoy El Gouna.

 

[try-one]

Out? there is no way out

I placed my appartment in Sahl (Ocean Breeze) in the market Nov 07; six months later, absolutely NO RESPONSE.
I have it with three agents and there is no chance in hell that it would go out; no one is interested/asking.....basically ther is no re sale market at all.....

 

[wemyss1960]

thanks for your response. Good luck with your resale ( Is it a bargain?)

 

[crombiestone]

I placed my appartment in Sahl (Ocean Breeze) in the market Nov 07; six months later, absolutely NO RESPONSE.
I have it with three agents and there is no chance in hell that it would go out; no one is interested/asking.....basically ther is no re sale market at all.....

Hello

Sorry to see you are having problems but I have to say I'm not so surprised.The area is full of hype and as there is so much new development it is difficult to compete . The people buying properties to make quick money should pay heed to this . Be wary of the sales hype !

 

[distant dreamer]

I know someone that has purchased a resale on Ocean Breeze. The original owner made a lot of money, but so will the new purchaser. We also purchased a resale property in El Gouna, so there is a market, but obviously early days.

 

[crombiestone]

I know someone that has purchased a resale on Ocean Breeze. The original owner made a lot of money, but so will the new purchaser. We also purchased a resale property in El Gouna, so there is a market, but obviously early days.

I know of a few people in El Gouna who bought more than 1 property and are having difficulty selling them on . I know there is a small resale market but it still looks very difficult to shift resales unless you do it through Orascom who seem to have the market sewn up in El Gouna . They know what they are doing ,they make a profit on the original sale and then take another commission each time they resell .

My friends are in the process of selling their one bed apt (through Orascom)so I will keep you informed of how easy they find it .

 

[wemyss1960]

Its still early days I know,but peoples circumstances can change very quickly. this could be a very popular thread.

 

[try-one]

It would be good to know more about successfull resales or agents with an interest in reselling properties; my experience for the past six months is that there is no resale market and some agents say "there are still plenty of new properties, it is difficult to find people interested in resale....."

 

[NoMoreHotels]

Resale Potential

It would be good to know more about successfull resales or agents with an interest in reselling properties; my experience for the past six months is that there is no resale market and some agents say "there are still plenty of new properties, it is difficult to find people interested in resale....."

The reason people are having difficulties in resaling property is the lack of interested generated by their appointed agent/s. Some agents are selling new offplan units for very generous commissions so unless your incentive to them is higher than a new sale you will just be pushed back to the end of the line. Also remember there are so many amateur "international agents" out there it is unbelievable, just to give you an idea 2000 property agents have folded in Spain alone this year. Flashy websites does not mean big successful company.
So don`t be to greedy in what you want your returns to be, offer the agents a ransom and keep your fingers crossed.

 

[baz1]

Resales

Iam a new member to this forum and have been following your replies on the subject of reselling,iam buying in Regency Beach with my buisness partner, can anyone tell me will it be a good investment when comes to selling in 2yrs time? especially when there isnt much around there in terms of shopping,lesiure,e.t.c except for the sandy beach.

 

[realestatemart]

Iam a new member to this forum and have been following your replies on the subject of reselling,iam buying in Regency Beach with my buisness partner, can anyone tell me will it be a good investment when comes to selling in 2yrs time? especially when there isnt much around there in terms of shopping,lesiure,e.t.c except for the sandy beach.

its good investment
Regards
George

 

[baz1]

Thanks realestatemart, but the question remains now will it be sellable in two yrs with a realistic profit or will it be a long dragging process with hardly any good profit magin like 10 or even 20%?
Iam not greedy but this is my first offplan anywhere so i want it to be right.

 

[realestatemart]

Thanks realestatemart, but the question remains now will it be sellable in two yrs with a realistic profit or will it be a long dragging process with hardly any good profit magin like 10 or even 20%?
Iam not greedy but this is my first offplan anywhere so i want it to be right.

Dear Baz prices aeady increased last this month around 10% and prices will be more and more by end of this year

 

[sammy1003]

I don't think it's a good time to re-sell! If you don't NEED the money, then don't resell.
Prices are going to shoot up in the second half of this year like never before.

Sammy

 

[realestatemart]

I don't think it's a good time to re-sell! If you don't NEED the money, then don't resell.
Prices are going to shoot up in the second half of this year like never before.

Sammy

good opinion samy and i support it

 

[scooby21]

Prices in Cairo are going up a lot despite lots of new build like in Hurgarda and this is despite the lack of tourists however some suggest the is an oversupply of the more expensive end of the market villas on out skirts of cairo start at 2million EGP (200K GBP) on go upwards however there is the same property in Cairo that exists in Hurgarda that agents promote the new developments and resales seem to get to the bad of the list

 

[sammy1003]

good opinion samy and i support it

Thanks. By the way, have you tested flipping contracts on off plan properties yet ?

 

[realestatemart]

Thanks. By the way, have you tested flipping contracts on off plan properties yet ?

my partner did