Has anyone resold ?????

If so, had you paid in full for your apartment and were you then paid in full for the sale?

was it registered through the courts?

any problems?

what were the selling costs?

same questions (apart from reg) applies to stage payment resales

For various reasons I believe this will be a popular thread.

Hi
First , you may be right , but I belive you are not the only seller or buyer at Hurghada. there more than 100 Companies as real Estate , huge investement!!!!!!!!!!!!
on the other hand and To be honest , I have purchased 109 m2 Apartment in Oasis resort , It costs me Only 27,500 Sterling pound . I can Spend my holiday and rent the rest. As I have Already Many people Intressted In buying me Apartment.

look forward 2 hearning from you

Sara Medwell

Hi I think it is much too early to be thinking of selling. Alot of members on here are still waiting for theirs to be built - some well into 2010!!

the question was posed 'has anyone resold?'

not when is the best time to sell.

..and I was merely pointing out that most members on here are in the process of having their apartments built.

does not mean that they cannot be resold

I would much prefer to buy a resale in one of these developments rather than buying off plan even though its going to cost me more to buy a finished apartment but at least I would know exactly what I was getting rather than worrying about the m2 being correct or not and having to pay extra for meters and boilers as I have read in other posts - so I my opinion there would be a resale market but I think this would only be to other europeans as I doubt there would be interest from locals especially when you consider the annual charges which may shoot up in cost as the years past by, and of course you have the issue of the cheaper apartments that are already in the local market, so I think there is a resale market but who is going to buy will be limited

As you say, doubt many locals will buy but lots of Gulf nationals buy in Egypt as do Russians and Scandinavians (technically Europeans of course )

This is an interesting topic. I imagine there are very few resales happening at present except in the already establshed resort towns. Perhaps there is some flipping of contacts going on before completion but I expect much less than you think.

I believe there were approx 100 resales in El Gouna last year (about 5% of the housing stock and not dissimilar to what you would expect in a mature western housing market )and people have made good profits. This is why I believe resorts like El Gouna have a huge advantage for serious investors and lifestyle buyers as there is already a large resale market, many units are offerred for sale on the internet, prices are transparent, and the buyers are from a wide mix of nationalities. I believe about 50% of units in El Gouna are owned by Egyptians and for me this is a vital factor. A strong interest from the local wealthy buyers is a very good sign as they know local values better than us foreigners and will be around long after we are all gone. A lot of Egyptians aspire to buy in a place like EL Gouna - it is a status symbol as well as being a good investment

Buying in established locations like El Gouna where there is an established up market tourist market that is growing is more expensive initially but the rewards are larger in monetary terms and more certain. I would prefer to buy one 100k quality appartment in El Gouna that I know will rent well (See Queenie40's link somewhere on this forum for latest tourist stats for El Gouna which achieved over 1.5 million bed nights sold in 2007) and which has a good chance of doubling in value over 5 years than five 20k apparts in a poorer location in a not yet established resort. Cheap is usually cheap for a good reason and usually remains cheap. I think some buyers on this forum are interested in Egyptian property because it is within their price range but a lot of the product is of poor quality and will not be a good long term or short term investment.

My own White villa in El Gouna which I bought in 2005 is on paper worth considerably more than I paid but I want to keep and use it and I believe has the potential to be worth $1.5 million ($5,000 psm) within a few more years if El Gouna continues to develop as it is. When I buy an overseas property something I try to do is to picture who is going to buy it from me in a few years time and what could it conceivably be worth to that person all things considered- this allows me to filter out 99% of what I see because I cant picture the resale. If you cant really work out who is going to realistically buy your new appartment in a few years time when its built then dont buy it would be my advice.

So in Gouna for example I know that there is a finite supply of lagoon frontage property as the seawater lagoons can only be brought so far inland. The New golf project at El Gouna, Ancient Sands Golf Resort, which I am involved in will be the last large scale project at Gouna where seawater lagoons will be possible.

On the other hand I see a rapidly growing population and middle class and many of these people will want to buy lagoon frontage property at El Gouna specifically when they make enough money. Thats quite apart from the increasing number of foreigners interested in buying in Egypt, which may be a permanent (I Hope) or temporary influence.

So finite supply of a quality product and increasing numbers of potential purchasers both local (the most important) and foreigners equals inevitable price increases over the 5-10 year time horizon that I have.

OK I bought in Palm Beach Piazza 18 months ago 30000 GBP and sold in November for 58000 GBP. The unit was not registered. It was easy; why? Front line beach apartment in Sahl Hasheesh.

More significantly I am now trying to get a long term let in Hurghada in a front line beach project with a pool and they are like gold dust 600 - 700 GBP per month which in some cases is a 15 - 20% ROI and thats if you can find anything!

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