getting out of Egypt / resale - Page 5

wemyss1960 · #41 10-04-2008, 04:40 PM

Has anyone on the forum sold either offplan or finished?

Jeremy Sturgess · #42 10-04-2008, 05:25 PM

Quote:

Originally Posted by wemyss1960

Has anyone on the forum sold either offplan or finished?

I know that Peter Mitry recently posted that he had successfully flipped a unit for a good profit. Perhaps it is slightly easier for him as he is an agent.

I do know that several people at El Gouna (particularly the agents who work there) have flipped both off plan and finished property very successfully and on many occassions.

I have been offered a very good profit on my villa at Gouna (bought 2 years ago and just finsishing now) but will be keeping it long term as I want to live in it and also believe El Gouna is just getting started and that values although high relative to the rest of Egypt are still low in international terms.

wemyss1960 · #43 10-04-2008, 05:45 PM

Thanks for the reply Jeremy. Hope you enjoy El Gouna.

try-one · #44 11-04-2008, 09:05 AM

I placed my appartment in Sahl (Ocean Breeze) in the market Nov 07; six months later, absolutely NO RESPONSE.
I have it with three agents and there is no chance in hell that it would go out; no one is interested/asking.....basically ther is no re sale market at all.....

wemyss1960 · #45 11-04-2008, 09:12 AM

thanks for your response. Good luck with your resale ( Is it a bargain?)

crombiestone · #46 11-04-2008, 09:33 AM

Quote:

Originally Posted by try-one

I placed my appartment in Sahl (Ocean Breeze) in the market Nov 07; six months later, absolutely NO RESPONSE.
I have it with three agents and there is no chance in hell that it would go out; no one is interested/asking.....basically ther is no re sale market at all.....

Hello

Sorry to see you are having problems but I have to say I'm not so surprised.The area is full of hype and as there is so much new development it is difficult to compete . The people buying properties to make quick money should pay heed to this . Be wary of the sales hype !

distant dreamer · #47 11-04-2008, 10:09 AM

I know someone that has purchased a resale on Ocean Breeze. The original owner made a lot of money, but so will the new purchaser. We also purchased a resale property in El Gouna, so there is a market, but obviously early days.

crombiestone · #48 11-04-2008, 10:27 AM

Quote:

Originally Posted by distant dreamer

I know someone that has purchased a resale on Ocean Breeze. The original owner made a lot of money, but so will the new purchaser. We also purchased a resale property in El Gouna, so there is a market, but obviously early days.

I know of a few people in El Gouna who bought more than 1 property and are having difficulty selling them on . I know there is a small resale market but it still looks very difficult to shift resales unless you do it through Orascom who seem to have the market sewn up in El Gouna . They know what they are doing ,they make a profit on the original sale and then take another commission each time they resell .

My friends are in the process of selling their one bed apt (through Orascom)so I will keep you informed of how easy they find it .

wemyss1960 · #49 11-04-2008, 11:07 AM

Its still early days I know,but peoples circumstances can change very quickly. this could be a very popular thread.

try-one · #50 11-04-2008, 03:18 PM

It would be good to know more about successfull resales or agents with an interest in reselling properties; my experience for the past six months is that there is no resale market and some agents say "there are still plenty of new properties, it is difficult to find people interested in resale....."

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