Regency Beach

[crombiestone]

I'd like honest opinions on a comment in an email to me today.

Emailed me after hearing that im looking at buying in Hurghada, he and his family stayed at Sharm El sheikh 18 months ago and to quote " he wouldnt go back if you paid him too "

Shan't quote the rest but it doesnt sound great.

Dunk

Dunk

An honest opinon not from a salesman

Egypt is a "Marmite" country . You love it or you hate it . It is certainly different and isn't to everyones taste . The main issues seem to be becoming ill on holiday and not being able to put up with the direct hassle from local vendors. You do get used to it but inevitably some vow not to return.That is why I keep saying that you should try before you buy .

I think that people expecting huge profits from property could be disappointed and I say that being an owner myself. Thats the risk you take . Personally I wouldnt go into any serious debt to fund a purchase ,and would not rely on rental to pay any loans.

When I bought I decided the price I was paying was the same price as a premium car that would be worth close to nothing in a few years time . I decided that I could stand the loss of the total price of the property as a worst case scenario so the risk wasnt great.I also bought because I thought El Gouna had massive potential.

Telling people that I had bought a property in Egypt three years ago got me some strange looks .I think most thought I was stark staring bonkers .After buying I sat and watched three successive bombings in the Sinai area on the News and worried that my property would actually be worth nothing before it was finished .

Three years on and those worries seem unfounded and the likelyhood of losing any money now is very slim as many more have bought in El Gouna for more than I did. I certainly dont regret doing it and I have already had 4 and will have many more holidays in my second home for years to come yet.

To summarise I think buying in Egypt is great if you are buying for yourself but I will reserve Judgement on whether everyone will make it rich from rental and resales. The first time sellers are the ones who will make the money .

 

[Randall]

Hi Dunk

I purchased in december and my allocation is 10.

 

[dunkan]

Hi Dunk

I purchased in december and my allocation is 10.

Hi Randall

Doesn't make sence then as i've only just payed my reservation deposit, i'd have thought it would go numerically as you signed up ?

Dunk

 

[lyndsay552]

Has the price increase happened yet?

 

[propertastic]

I was told on Friday that these are not official allocation numbers.

They should be meeting in Birmingham right now in order to decide exactly how the allocation procedure will take place unless the plans have changed again over the past 48 hours.

Last thing I heard is that the price increase will take place on 1 March (if they still have anything left to sell by then!)

 

[Randall]

My agent is now charging £1.500 more than i paid for my apartment in December. They said prices would rise in Jan and theirs have.

 

[lyndsay552]

What have you bought and what was the original price?

Thanks

 

[Randall]

Hi

One bed £24.999 now it is on sale at £26.500.

 

[krisu]

Hi

One bed £24.999 now it is on sale at £26.500.

Hi Randall

I have placed the reservation for 1 bed as well, and think that the price change because the apartment size has changed from 50sqm to 53sqm.

Have you already paid full amount?

Kris

 

[Randall]

Hi Krisu

Just the same as yourself placed £1000 down and then % as and when required. Just waiting to get a call to pick apartment now.

 

[realestatemart]

Just was there in the location today I would like to tell you all You did the right choice its amazing

 

[Randall]

Hi

Thanks for that.

How do you mean amazing?

Are there any signs of building work commencing yet. The reason being, I was told completion would be 2010 and others have been told 2009.

Cheers

 

[realestatemart]

Hi

Thanks for that.

How do you mean amazing?

Are there any signs of building work commencing yet. The reason being, I was told completion would be 2010 and others have been told 2009.

Cheers

i mean amazing for the location and the beach
they didn'tstart construction yet, they developer at themoment in UK to got the final plans for the project and hope soon will start when back

 

[dunkan]

Dunk

An honest opinon not from a salesman

Egypt is a "Marmite" country . You love it or you hate it . It is certainly different and isn't to everyones taste . The main issues seem to be becoming ill on holiday and not being able to put up with the direct hassle from local vendors. You do get used to it but inevitably some vow not to return.That is why I keep saying that you should try before you buy .

I think that people expecting huge profits from property could be disappointed and I say that being an owner myself. Thats the risk you take . Personally I wouldnt go into any serious debt to fund a purchase ,and would not rely on rental to pay any loans.

When I bought I decided the price I was paying was the same price as a premium car that would be worth close to nothing in a few years time . I decided that I could stand the loss of the total price of the property as a worst case scenario so the risk wasnt great.I also bought because I thought El Gouna had massive potential.

Telling people that I had bought a property in Egypt three years ago got me some strange looks .I think most thought I was stark staring bonkers .After buying I sat and watched three successive bombings in the Sinai area on the News and worried that my property would actually be worth nothing before it was finished .

Three years on and those worries seem unfounded and the likelyhood of losing any money now is very slim as many more have bought in El Gouna for more than I did. I certainly dont regret doing it and I have already had 4 and will have many more holidays in my second home for years to come yet.

To summarise I think buying in Egypt is great if you are buying for yourself but I will reserve Judgement on whether everyone will make it rich from rental and resales. The first time sellers are the ones who will make the money .

Thanks for your thoughts, it really helps getting info like this, i think youre comparison to buying a decent car and whats it worth in a few years is superb, think of it like that and it would be stupid not to buy, unless you really like cars, what could i get for £70,000 ?

 

[Randall]

Hi Dunkan

You still seem as if you need reasurance on your purchase.

Why don't you invest half in Egypt and half elsewhere.

Remember the saying........Why keep your eggs in one basket.

Cheers

 

[Peter Mitry]

I 100% support Crombiestone's analogy. This is the best possible mindset for going in to any investment; treat it like gambling and say to yourself 'if I lose this money will it change my lifestyle? If you have to borrow to do it think long and hard; what happens if interest rates go up like they did 17 years ago (mortgage interest at 17.5%),could I weather the storm? Long term property is a safe bet for everyone but you never put yourself in a situation that something unforseen in the short term would put your strategy at risk.

 

[dunkan]

Hi Dunkan

You still seem as if you need reasurance on your purchase.

Why don't you invest half in Egypt and half elsewhere.

Remember the saying........Why keep your eggs in one basket.

Cheers

Hi Randall

I was initially going to buy 2 apartments in Regency beach but down scaled that to 1 already as that would have been eggs in one basket, im going to be unsure if this is the right thing for me until its finished and were 3-4 yrs up the rd and i can see what rent and capital growth it has acheived.

Dunk

 

[Peter Mitry]

Forgetting the fact that I am an agent, with my 'Investors' hat on I would always prefer front line beach if I could afford it. It is a fast disappearing commodity which is why so many of the town projects try to arrange 'access to a private beach'.(moderated) are sensibly priced in the market place and have a lot of extras you don't get in other projects, heated pools, jacuzzis, in house catering, shuttle buses between resorts, quality furnishings at half the price of some other offerings. Weigh up all these things and ask yourself what is affordable and what is likely to produce the best capital growth in say 3-5 years? Treat any rental income as a bonus, although there is no doubt that front line beach is more likely to attract short term holiday lets. Look at what steps the Developer is taking to market rental properties for his clients; then make your decision, but never put yourself in a position that failure to achieve your goals could affect your daily life in a negative way.

 

[Katefromireland]

Big hello to everyone from the new girl.

Would any of you like to hazard a guess as to what our junior suite in regency beach will be worth upon completion and also in about 5 years time?

Ta.
K.

 

[Peter Mitry]

At a guess 50% more than you paid for it on completion and 2-3 times what you paid for it in 5 years. Oh & welcome to the forum Coco!