getting out of Egypt / resale - Page 7

sammy1003 · #61 13-04-2008, 01:52 AM

Quote:

Originally Posted by realestatemart

good opinion samy and i support it

Oh great! Do you know how far from the developer's price they were selling at? (if you don't mind telling me)

realestatemart · #62 13-04-2008, 02:02 AM

Quote:

Originally Posted by sammy1003

Oh great! Do you know how far from the developer's price they were selling at? (if you don't mind telling me)

double of the price

johnwayne · #63 13-04-2008, 11:18 AM

Quote:

Originally Posted by sammy1003

Thanks. By the way, have you tested flipping contracts on off plan properties yet ?

Being nieve - what does this mean? is it changing your mind to upgrade to another property with the same developer?

lyndsay552 · #64 13-04-2008, 11:20 AM

I think it means selling the apartment before completion. Something a lot of investors do.

Lyndsay

johnwayne · #65 13-04-2008, 11:25 AM

thanks Lyndsey!

baz1 · #66 13-04-2008, 11:38 AM

Has anybody here sold any completed Appt in Hurghada and mean Hurghada not Sahl or Al gouna for a reasonable profit?

Peter Mitry · #67 13-04-2008, 11:40 AM

The resale market in Egypt is in its infancy with many people buying off plan for the first time and most agents happy to help them to do this. Any responsible agent should also be looking to the future and considering how they can help their investors find an exit route when the time comes. If you are buying in to a front line beach project you can be sure that, providing nothing happens to destabilise the market, you should not have a problem selling, providing you have the right agent.
People always prefer front line beach so these are the units to sell first; later, as new buyers enter the market they still look for the same things, only now all of the front line properties available will be Resales. Providing, as a vendor, you pitch your asking price either the same or just below the Developers for similar property and providing you offer the agents similar commissions to those paid on new property you should not have a problem finding a buyer. Front line beach is a diminishing resource; there will always be a demand and there will be less and less available. I purchased a one bed unit in Palm Beach Piazza in November 2006 for 30,000 GBP and sold it recently for 59,000 GBP. This is in 17 months.

Peter Mitry · #68 13-04-2008, 11:49 AM

Hurghada is a 'work in progress'; you only have to look at Sharm now compared with two years ago to see what can be achieved. Don't even consider selling now unless you need to. Wait till a lot more work has been done and you will see an incredible price escalation.
Even where there are a lot more apartments available, there will be a new market from people who would never buy off plan, so prices will continue to rise.

baz1 · #69 13-04-2008, 12:13 PM

Thanks Peter, may be i neeed to get a crystal ball,u r right it is too early to forcast as its still for off plan buyers.

johnwayne · #70 13-04-2008, 12:13 PM

wow peter that was a good investment - can I ask did you sell it privately or via an estate agent? just curious

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