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Peter Mitry · #37 08-09-2007, 10:45 PM

As a property investor and Broker with many years experience I am well aware of the options which are open to all buyers in any new or even established markets. There is no doubt that if you spend time in any location you will appreciate the good bits and recognize the not so good or seedier areas; in general this will be reflected in the price you pay for property. There is no doubt that if you wish to live in Hurghada and live amongst the locals you can pick up property at, by Western standards, ridiculously low prices. However, you have to question your motives; if you want somewhere to live and are happy to live as the Egyptians do then that is great; I am an Egyptian myself and I absolutely love the people but, be aware, they do keep different hours! Many businesses are open 24/7 and family members come and go at all hours of the day and night; often Egyptian families eat very late and children too stay up late.
If, like me, you are not a night bird you have to ask if the area will provide the peace and quiet that you need?
As an investor the major issue is being able to prove ownership; its like buying antiques, if you know the provenance and have the paper to back it up you can sell on with confidence. You also have to make a judgement as to whether the property you are purchasing is likely to appeal to renters; for my money the Resort areas of Sahl Hasheesh, Gamsha and Zafirana are a better bet. I have already sold two properties in Sahl Hasheesh at a 70% premium on the original purchase price; I agree that as yet the rental potential is not proven but as more and more five star hotels open up I believe that there will be a market. Of course there is little to compare with at the moment, the whole market is developing; savvy investors know this and should be prepared to consider a minimum five year hold. I am convinced that in five years from now Investors like me will be glad they came on board........mortgages, cheaper flights and greater tourist numbers will all expand the market.
Just one final point, there are many posts by either new or established Developers who are not declaring their interests. We should all be aware that the market will attract people with many different reasons for wanting to get involved, lifestyle, investors, buy to let all have their own agenda. There will never be a 'one product suits all' scenario so let us accept that those of us in the business all have something to offer; we can all be proud of what we do and we all have a different perspective. Let us use the Forum to offer help, advice and constructive comment and the new Premium Section for advertising. Thats where it belongs...