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sammy1003
New Member
Oh great! Do you know how far from the developer's price they were selling at? (if you don't mind telling me)
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realestatemart
Banned
double of the price
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johnwayne
Banned
Being nieve - what does this mean? is it changing your mind to upgrade to another property with the same developer?
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lyndsay552
New Member
I think it means selling the apartment before completion. Something a lot of investors do.
Lyndsay
Lyndsay
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johnwayne
Banned
thanks Lyndsey!
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baz1
New Member
Has anybody here sold any completed Appt in Hurghada and mean Hurghada not Sahl or Al gouna for a reasonable profit?
Peter Mitry
<B>Egypt Forum Founder Member</B>
The resale market in Egypt is in its infancy with many people buying off plan for the first time and most agents happy to help them to do this. Any responsible agent should also be looking to the future and considering how they can help their investors find an exit route when the time comes. If you are buying in to a front line beach project you can be sure that, providing nothing happens to destabilise the market, you should not have a problem selling, providing you have the right agent.
People always prefer front line beach so these are the units to sell first; later, as new buyers enter the market they still look for the same things, only now all of the front line properties available will be Resales. Providing, as a vendor, you pitch your asking price either the same or just below the Developers for similar property and providing you offer the agents similar commissions to those paid on new property you should not have a problem finding a buyer. Front line beach is a diminishing resource; there will always be a demand and there will be less and less available. I purchased a one bed unit in Palm Beach Piazza in November 2006 for 30,000 GBP and sold it recently for 59,000 GBP. This is in 17 months.
People always prefer front line beach so these are the units to sell first; later, as new buyers enter the market they still look for the same things, only now all of the front line properties available will be Resales. Providing, as a vendor, you pitch your asking price either the same or just below the Developers for similar property and providing you offer the agents similar commissions to those paid on new property you should not have a problem finding a buyer. Front line beach is a diminishing resource; there will always be a demand and there will be less and less available. I purchased a one bed unit in Palm Beach Piazza in November 2006 for 30,000 GBP and sold it recently for 59,000 GBP. This is in 17 months.
Peter Mitry
<B>Egypt Forum Founder Member</B>
Hurghada is a 'work in progress'; you only have to look at Sharm now compared with two years ago to see what can be achieved. Don't even consider selling now unless you need to. Wait till a lot more work has been done and you will see an incredible price escalation.
Even where there are a lot more apartments available, there will be a new market from people who would never buy off plan, so prices will continue to rise.
Even where there are a lot more apartments available, there will be a new market from people who would never buy off plan, so prices will continue to rise.
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baz1
New Member
Thanks Peter, may be i neeed to get a crystal ball,u r right it is too early to forcast as its still for off plan buyers.
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johnwayne
Banned
wow peter that was a good investment - can I ask did you sell it privately or via an estate agent? just curious
crombiestone
New Member
Peter is an Agent so it would be quite easy for him to resell his properties . I dont think it will be so easy for the rest of us .
Sorry Peter I'm not having a go at you personally .I just think its fair to point out that most of the advice on this forum is from people with financial gain to be had .
I still think that Hurghada is a passing fad and to a casual investor they should do more homework elsewhere than only this forum e.g. the Channel4 property forum ,to get more unbiased advice .
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Lsab
New Member
Sorry Crombiestone, most of the people on this forum without a doubt are individuals buying appartments for their own use and hoping to make some money from renting too. There's a lot now wanting to sell up in the UK and move to HUrghada. There's some, like myself and my husband who are hoping to make some money in a few years time. There are few agents. And of all those that I mentioned, does their opinion not count because they're hoping to make a financial gain?
Honestly I would love to be able to afford to buy in El Gouna and I'm hoping that we may be able to do that one day - maybe via the property we're buying elsewhere.
I, and lots of others, do frequent other forums. I came to this one via the one you mentioned as they have very little to say about Egypt and kept deleting the threads that I was originally interested in. They also deleted my post when I mentioned that TotallyProperty was very active with regard to Egypt.
It is your opinion that Hurghada is a passing fad, you're entitled to your opinion, but aren't we entitled to ours too? Hurghada is obviously a different kettle of fish to El Gouna or Sahl and not all of us can afford to buy property there - not all of us want to! (Though I belong in the former group, not the latter
)P.S. Please take this in the spirit in which I intended - I'm really not being sarcastic or trying to cause offence.
Peter Mitry
<B>Egypt Forum Founder Member</B>
Hi Crombie its nice of you to acknowledge that as an agent it would be easy for me to sell it! But you are absolutely right - we have a steady flow of clients looking for property. However, if I can do this for myself I can do it for my clients as well and indeed that is exactly what I do.
Not everyone is prepared to wait for an off plan project to complete and many like to see what they are getting. In the past month I have sold four resale properties in Sahl and I would be delighted to do the same in El Gouna.
Orascom try to keep everything in house, I understand that, but we can certainly help any of your neighbours who wish to sell.
Not everyone is prepared to wait for an off plan project to complete and many like to see what they are getting. In the past month I have sold four resale properties in Sahl and I would be delighted to do the same in El Gouna.
Orascom try to keep everything in house, I understand that, but we can certainly help any of your neighbours who wish to sell.
Peter Mitry
<B>Egypt Forum Founder Member</B>
Crombie I am in Hurghada at the moment and would be delighted to meet you for a drink; I really am quite nice when you get to know me! If you're not free tonight or tomorrow I go home on Tuesday but will be back with my wife on the 22nd April.
crombiestone
New Member
I didnt detect the sarcasm but with you as a moderator I do find your post surprising. I only want to give a less "rose tinted" view .Sorry Crombiestone, most of the people on this forum without a doubt are individuals buying appartments for their own use and hoping to make some money from renting too. There's a lot now wanting to sell up in the UK and move to HUrghada. There's some, like myself and my husband who are hoping to make some money in a few years time. There are few agents. And of all those that I mentioned, does their opinion not count because they're hoping to make a financial gain?
Honestly I would love to be able to afford to buy in El Gouna and I'm hoping that we may be able to do that one day - maybe via the property we're buying elsewhere.
I, and lots of others, do frequent other forums. I came to this one via the one you mentioned as they have very little to say about Egypt and kept deleting the threads that I was originally interested in. They also deleted my post when I mentioned that TotallyProperty was very active with regard to Egypt.
It is your opinion that Hurghada is a passing fad, you're entitled to your opinion, but aren't we entitled to ours too? Hurghada is obviously a different kettle of fish to El Gouna or Sahl and not all of us can afford to buy property there - not all of us want to! (Though I belong in the former group, not the latter
P.S. Please take this in the spirit in which I intended - I'm really not being sarcastic or trying to cause offence.
There is so much hype about the arera . The big boys have moved in ,they will quickly make their money and be gone as quick as they came . Its not as if I'm doing this because I dont like Egypt and dont want property there . I thought as someone with over 20 years of travelling to Egypt and as someone who knows the area ,my opion might count for something .
Some will not want to listen ,some will . I have my opion which I believe in .I have always said Egypt is a great place to buy in and still say so .
Do I think it will become mainstream and have a big resale market once the novelty wears off ?
No I do not.
crombiestone
New Member
Hi Peter
As much as I would like to be in Egypt . I am in wintry old England . I will not get my next Egypt fix until September ,but if you are around then ?
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lyndsay552
New Member
Without starting an arguement Linda is entitled to her opinion, whether she is a moderator or not. I have to say that I agree with her.
Where else is there within 5 hours of the UK that has year round sunshine? No where which is why I believe that Egypt will go from strength to strength.
But as with all these things only time will time.
Lyndsay
realestatemart
Banned
support
I think we as agents on this forum will be delighted to help anyone around to resell his units, this forum give all of us the chance to help each other in so who ever decide to flip his apartment just post it on the forum with pictures and we all try to seel it for you, may be we make a thread called Individual properties for sale
I think we as agents on this forum will be delighted to help anyone around to resell his units, this forum give all of us the chance to help each other in so who ever decide to flip his apartment just post it on the forum with pictures and we all try to seel it for you, may be we make a thread called Individual properties for sale
crombiestone
New Member
Lyndsay
Dont worry about it . I know that having opposing opinions will put me in line for criticism. Someone has to say it even if people don't like it .At least with my point of view If I'm wrong everyone is pleased .I own there too .
Yes Egypt has year round sunshine ( I love it ) but many dont want to rent my apartment in the summer as its too hot for them .This is a similar effect to the winter season in the Med countries (some people still go to Spain in the winter).
Egypt is too different for many less adventurous people to even think of a holiday there.Many visit once and do not like it (and yes many love it too). Anyone buying in Egypt has to be in some way adventurous anyway to be buying property there and should therefore be aware of the risks.
If buying for their own use I applaud them on their choice . I am not anti Egypt -far from it ,I just dont see the future as rosy as some . I cant see who is going to be queuing to buy all of these apartments second and third time around . I include El Gouna and Sahl in that statement .
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baz1
New Member
You r right too crombistone me and my buisness partner r buying in Regency beach 2beds 92m2 ,we r still hesitating about it, have read different appinions on this forum to suggest that both sides have good point of view about resale,but if anybody had to choose between Egypt and somewhere else for a low cost investment, will Egypt still remain to be their first choice ?
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