Is Sahl-Hasheesh a good investment?

[Georgina]

Freehold is when you can actually choose to register your property or not, you cannot register in El Gouna. It is not leasehold either. But I never call it freehold if the land on which my property stands is not registered.

We cannot register properties in El Gouna at the moment because the land is not registered as construction is ongoing. However, because of so many complaints about this from property owners we have been told that they are going to register the land.

 

[NeilHollingsworth]

I take it that is an annual charge, Neil.

Hi scubadoo, yes an annual charge and i have been given a very comprehensive breakdown of how they have calculated this charge and i have to say it has actually been worked out and not just plucked from thin air.

I am waiting to see if the author of the breakdown will allow me to put it on the forum, i hope so.

 

[HORIZON]

I see it is hard to draw an average from such figures... GBP5 in one development to GBP16 in the other, making the average about 10.

I actually do not think that maintenance fees in Sahl Hasheesh are much higher than in Hurghada itself, it is just how developers count it and I presume they do not look at the average in the market at all.

Do you in any case think that the size of maintenance fee would affect the investors decision to buy greatly?

 

[Flyerman]

I agree that whilst the level annual Maintenance Fees for many buyers may not greatly influence which development they choose, but i think it is an important factor. Some people buy for mainly own use, or for retirement on a budget so, for these buyers, they should assessing total ownership costs at the outset.

In then absence of a rental guarantee, then I would envisage the first few years rental is uncertain. The more hotel style resorts may be up and running and producing great rentals quite quickly but, at this stage, I think we have to be realistic, and acknowledge that rental returns are a risk factor to be considered.

Having said all of this, I have heard of some excellent rental returns, especially but not exclusive to, El Gouna.

One tool I use to test the rentability is to rate, on a scale of one to ten, which developments you personally would most like to rent for a week or two. Its just a tool and, thankfully, we all like different things but it does help.

Enquiring as what the maintenance fee includes and then an inspection of a contract for detail is well wrthwhile. For example, does the contract provide for the upkeep of paintwork or woodwork on your own terrace, is there a cash reserve accumulated over time for exterior painting, is it index linked for price rises etc?

There are schemes which enable you to fix the maintenance fee at the outset. However the main concern is that the maintenance really will happen to a high standard, whats included and the cost and possible future price rises.

 

[swim-maestro]

sahl-rose tinted glasses

Not wanting to put a pessimistic view on sahl hasheesh and i know egypt-especially the red sea is an emerging market but i think sahl is a huge lottery!!!
This vast area is a huge building site and a huge risk for any potential investor. Development has been slow over the past couple of years and that is an understatement. Its all well the agents BIGGING IT UP but personally i know there is a resale in a very well known development that is willing to sell at a £8000 profit in 2 years, Developments in hurghada are making that in 8 months!!
And you only have 2 put CAR MONEY DOWN £20000!!
Whereas sahl we are talking serious money £45000k plus!!
Ok the early bird catches the worm as far as off plan is concerned but who is going to want to rent a apartment for example in veranda (sahl) for £200 a week when there are no restaurants bars nightclubs when you can have all the amenities in hurghada for half the price!!!
I understand internet wont be available to these developments till at least 5-7 yrs time!!! Ok sometimes you have to take a speculated gamble to make a good return but personally i think tens of thousands of pounds is a huge gamble to take on.GOOD LUCK-ITS A LOTTERY!!!

 

[Flyerman]

Hi Swim Maestro,

As a real estate agent, I hope I outline the pros and cos of each area without bigging it up too much - but I take your point!

Sometimes there's nothing like buying what you can see right now, and with the infrastructure in place in Hurghada itself - it is attractive for sure. As for risk, possibly it is lower risk as the impact of building is less in Hurghada and as you say its great to have all the restaurants close by. However, for some, the prospect of an El Gouna type feel is what appeals and somewhere like Veranda (which we market) with loads of facilities appeals to many with lots of facilities on site.

Car money is good, but would add that £20,000 is still too much for most of us to lose, so careful viewing and due diligence is the order of the day. Some readers may wish to download my free report on Overseas Property Blog. It focuses on most aspects of property due diligence. It may help buyers avoid the many potential pitfalls when buying abroad. Its over two parts and is some 14 pages of text. To be honest, its a bit heavy going, with no nice pictures so your comments for improving or your personal experience would be very welcome.

Finally, I would add that a ten year view when buying property is the best mindset. For shorter term speculation, then the stock market may be the best place as you can always sell quickly.

Lance

 

[HORIZON]

I would actually suggest that infrastructure in Sahl Hasheesh will be ready sooner than in Hurghada. Why? Because Sahl Hasheesh is managed by one company whick takes care of everything that the government cannot manage to do in Hurghada - the best example the internal roads. And where do you think they get there profits? from managing Sahl, so that is why they will be interested to take care and market the place. They already do.

And progress.. Well they made a lot in these several years and do not think it is easy to grow golf course in there, but I see them putting water every time I pass.

As Lance say, the future vision is what we are investing in and for sure it can be risky but in the end people who come for holiday will chose nice clean surroundings and not trash and bad smell in many areas in Hurghada. Though actually it depends on a person.

 

[rossantony]

I am intending to look at properties at Sahl-Hasheesh as an investment and not particularly a holiday home.
If I was to purchase a 2 bedroom apartment - how much could I expect to receive for renting it out?
Would it be a better investment than El Gouna?

yes, i wouldn't be looking at properties finishing there now, if you want rental income. we do offer a rental guarantee on one project in Sahl Hasheesh. completion 18 months to 2 years away. but we are expecting the price of property in sahl to go up considerably, so you would make gains on capital growth before you begin making rental returns. I have a good report that I made comparing Sahl Hasheesh to El Gouna which I can send you.

regards

 

[CaptainMitch64]

Sahl Hasheesh Information

I am intending to look at properties at Sahl-Hasheesh as an investment and not particularly a holiday home.
If I was to purchase a 2 bedroom apartment - how much could I expect to receive for renting it out?
Would it be a better investment than El Gouna?

Having stayed in El Gouna and then visiting the Sahl Hasheesh Project, i would have this to say, ElGouna is up and Running and has been for a few years, El Gouna is a clean well kept and well run location, if some what sandy on windy days, on the other hand my wife and i in the next couple of months are going to invest in an apartment in Sahl , i wanted to buy in El Gouna but the wife is the boss........LOL.
My Wife and i were shown round the Resort by a young developer called Sam, (Couldnt do enough for us) he first took us to a White and green Villa he designed and Built for him self then sold onwards to a doctor (Heart Surgen),the build quality was to UK standards and finished off superb.
worth looking at, even if its just to see his Puppies that hes keeping there for his Two daughters.. Talking of His Daughters Nanzy and Anitashia this is what his latest development is called.. Ocean Blue has Two 4 floor apartment blocks built and named after his girls, Sam showed my wife and i around the building project of which seems to be selling rather quickly, the build quality was of a very good Standard and was at about 70% compleat. the location of Ocean Blue is to the North of the project in Plot One, Location 19 i think?? and we have been informed by the Developer and Designer (Sam) that Emma Bunton( Baby Spice has purchased a penthouse in the Building called Nancy. and if sitting on the roof top terace looking out towards the sea you can also see two further plots that Sam has designed and built for two UK VIPs, one being Sir Richard Branson and singer Craig David.
To sum up this posting i would say Yes to Sahl and once the Credit situation settles in the UK i will be buying a piece of what i called when there is Gods waiting room. idilic and buitifull....
if any one on this site has anymore usefull information on up and coming designers and projects then please let me know.. on a final note we were all so shown a project that is currently on the plans at this moment and will be up and running in two years time called El Basheer.

 

[swim-maestro]

Having stayed in El Gouna and then visiting the Sahl Hasheesh Project, i would have this to say, ElGouna is up and Running and has been for a few years, El Gouna is a clean well kept and well run location, if some what sandy on windy days, on the other hand my wife and i in the next couple of months are going to invest in an apartment in Sahl , i wanted to buy in El Gouna but the wife is the boss........LOL.
My Wife and i were shown round the Resort by a young developer called Sam, (Couldnt do enough for us) he first took us to a White and green Villa he designed and Built for him self then sold onwards to a doctor (Heart Surgen),the build quality was to UK standards and finished off superb.
worth looking at, even if its just to see his Puppies that hes keeping there for his Two daughters.. Talking of His Daughters Nanzy and Anitashia this is what his latest development is called.. Ocean Blue has Two 4 floor apartment blocks built and named after his girls, Sam showed my wife and i around the building project of which seems to be selling rather quickly, the build quality was of a very good Standard and was at about 70% compleat. the location of Ocean Blue is to the North of the project in Plot One, Location 19 i think?? and we have been informed by the Developer and Designer (Sam) that Emma Bunton( Baby Spice has purchased a penthouse in the Building called Nancy. and if sitting on the roof top terace looking out towards the sea you can also see two further plots that Sam has designed and built for two UK VIPs, one being Sir Richard Branson and singer Craig David.
To sum up this posting i would say Yes to Sahl and once the Credit situation settles in the UK i will be buying a piece of what i called when there is Gods waiting room. idilic and buitifull....
if any one on this site has anymore usefull information on up and coming designers and projects then please let me know.. on a final note we were all so shown a project that is currently on the plans at this moment and will be up and running in two years time called El Basheer.

Another plug from a estate agent in disguise. Could you have not plugged your pitch a bit more discreetly CaptainMitch64!!!???

 

[Lsab]

Didn't sound like an agent to me but what do I know

(I thought 'God's waiting room' was a term used to describe a place full of the elderly/retired!).

 

[CaptainMitch64]

Another plug from a estate agent in disguise. Could you have not plugged your pitch a bit more discreetly CaptainMitch64!!!???

Good Day to you,
i can see by reading the post again, see were your coming from.. for your information i am a Marine consultant looking to buy a place in Egypy and havent a clue when it comes to selling property...
all i was doing by placing my post is to see if what i was told and shown to be true. and hoping people would aid in this...
Rgds Capt Mitch

 

[HORIZON]

Actually there was a post somewhere about Ocean Blue and nobody knew anything about it... It is not heavily advertised I think.. How did you find out about it?

 

[propertastic]

I had to snigger when I was also told by the developer that Sir Richard Branson was thinking of buying a unit there.

Somehow I think that, if Sir Richard Branson decided that he really liked Sahl Hasheesh, he'd just buy the whole resort, not a 90m2 two-bed apartment even if, at EUR1800/m2, it is a bit pricey.

Craig David though I can just about believe. Being on such a remote plot, he can probably escape from all the Bo Selecta jokes!

 

[johnwayne]

Didn't sound like an agent to me but what do I know

(I thought 'God's waiting room' was a term used to describe a place full of the elderly/retired!).

hi there Lsab - 'God's waiting room' is actually 'pergatory', a place to wait and find out whether you descend into hell or ascend and go to heaven. So yes Lsab - you are right it is a waiting room but not necessarily for the elderly. It's to find out how you have lived your life on earth - and then it is decided where you go.

 

[CaptainMitch64]

Hi , we found out about this project through a friend , they met the designer / arcitec on the plane and decided to tak a look and returned to egypt after a holiday in El Gouna, my wife and i were thinking of buying there but after what friends had told us about sahl we booked to return and have a look. our frinds have purchased a 2 bed and we will most likly buy in the forst quarter of 2009, just waiting to see what happens in the money market.
The developer and designer is a guy called Sam, he shew us round other places he has built like the only compleated plot to the north its white with green roof tiles, hes keeping his pet dogs there at the moment, was bought by a doctor (Heart Surgen) and he apparently died and his son is undecided as what to do with it, would be interested to see if there is any truth in the Branson purchase and Craig David and not forgetting baby spice....??

 

[Lsab]

hi there Lsab - 'God's waiting room' is actually 'pergatory', a place to wait and find out whether you descend into hell or ascend and go to heaven. So yes Lsab - you are right it is a waiting room but not necessarily for the elderly. It's to find out how you have lived your life on earth - and then it is decided where you go.

Thanks for that. It's also a slang term for the state of Florida because of the amount of retirees that move there and I believe it has been used in the past for some of the south coast towns in England

 

[danny]

Is Sahl-Haseesh a good investment

.......would be interested to see if there is any truth in the Branson purchase and Craig David and not forgetting baby spice....??

Sir Richard has had a bit of a problem with HBOS this week so he may be downsizing from his private island in the Bahamas to a 2 bed in Sahl, hopefully he will qualify for finance. I have also heard that Elvis will be working on the checkouts in Carrefour if it ever opens.

 

[Lsab]

Sir Richard has had a bit of a problem with HBOS this week so he may be downsizing from his private island in the Bahamas to a 2 bed in Sahl, hopefully he will qualify for finance. I have also heard that Elvis will be working on the checkouts in Carrefour if it ever opens.

LOL - Nice one Danny. I'm still chuckling

 

[danny]

Is Sahl-Haseesh a good investment

LOL - Nice one Danny. I'm still chuckling

I wonder if Sir Richard asked for his Billion from HBOS in used Scottish ten pound notes? I wouldn't have liked to have been next in the queue.