HI All,

I am considering buying a beach front apartment near Hurghada at the Manta Resort.

I see a lot of people here offer apartments but what I haven't heard much of is about future sales. If I buy an apartment and I want to sell it in a couple of years, is it an easy task? What procedure should we follow?

Everybody here talks about prices going up but I would like to hear someone saying: I bought, I sold and I made X% in the way!

What do you think abou this?

Thanks

Consider buying in Sahl Hasheesh near Hurghada; there are one & two bed apartments all front line beach and always in demand. The Developer will help you sell when you are ready. In the meantime they are great for buy to let investment - low cost units, high returns producing 15% return on investment.

[quote=ganujo]HI All,


hello ganujo

very good question there are certain things that you need to consider regards re sales when you purchase a property
firstly there are 2 kinds of registration when buying a property firstly if you register it with the goverment you will have to pay property tax and you can not sell it for 5 years but if you register you property with a court registration then youavoid this and can sell at any time but any lawer worth his salt will give you more information about this
regarding people buying selling making x amount etc.. it is very early on here in hurghada for a lot of that to be happening right now that is why it is such a good investment oppertiunity although i am sure people do buy and sell quickly etc.. but from my experience the only people doing that right know are the people selling the land to the developers i live in hurghada and work in real estate so i do see people reselling there properties but i dont think that mantra will be ready for maybe 2 years and in the meantime your investment will of grown but when you buy site unseen it is inmportant to ask about the surrounding areas if you would like any more help please just ask thank you alison


I am considering buying a beach front apartment near Hurghada at the Manta Resort.

I see a lot of people here offer apartments but what I haven't heard much of is about future sales. If I buy an apartment and I want to sell it in a couple of years, is it an easy task? What procedure should we fol

I would agree with alison9071 - this may not be the the best place in the world to buy with a view to making a quick sale, and do not be fooled by stories from Sahl Hashesh about the deveoper "helping" - I suspect that this is wishful thnking - I tried this with Resort Alliance and it was not possible.

I looked closely at the contract for apartments in Sahl via an agent and was appalled at the one sided contract and its ambiguity for buyers - that (and the price of properties in Sahl versus El Kawser) put me off. I recognise the difference in venues accounts for part of the price diferences but the contract was really not what I was looking for. RA contract is bad but they are not the only one; I saw others too that put me off making a purchase.

I ended up buying at Regency Towers and working with Phil Morris of LAW Limited and Property Hotspots to create a far richer and mutually transparent / beneficial contract and maintenance agreement. That now forms the backbone of PHW contract and it is written in plain english (with Arabic of course) and is fair for both parties.

- Thanks for your support on this particular contract with Resort Alliance.

I fully understand the basic principle that developers need a "one contract suits all", but they can only let this stand after removing ALL of the one sided stuff, much it the way you have described with your contract.

Now having turned to being a developer I'm going through the same process with my new owners, in that my first contract has been amended to add some clauses requested by the 2nd and 3rd owners.

I'm lucky in that only having potentially 20 or so owners I can even have a number of bespoke contracts if it becomes important to specific owners.

I think the big difference is the attitude of the developer and their agents who only seem interested in the financial side of selling a "home".

__________________

the apartment market is relatively new it is a speculators market and there is little to history at the moment for resales, however the area is going up in price for the new apartments and there is a demand in hurghada itself for resales to the russian market who do not like to buy off plan.

I would think carefully about Manta as I have not seen any action on the site for over 18 months they haven't laid a brick yet and the site looks very dense and crowded on the plans.

There is plenty of resorts here to choose from take your time and look at all the options

It's sometime now since this question was first asked. Does anyone else have an opinion especially since so many more of us have bought in the area.

Would it bnough to tell you that since December 2007 till now prices went up around 20 to 30% and will go up soon another 15% so is this enough to give you idea how much profit you would have when like to flip your property after 2 years?
Note: my advice by a beach front in another project as this project since 2 years nothing happened and still desert land and nothing happened there
Regards

Hello from sunny Sharm! Its a good question and one which many people will be asking. I suspect that the answer will be the same as in any developing market.

Prices on new developments are increasing at around 10% per quarter; the market is in its infancy and for sure there are probably four or five good years of growth before it will inevitably tail off. By this time some prices will have trebled and a number of factors will influence how easy it will be to sell on. Whatever happens, market forces will prevail; there will always be a market for front line beach and this is a diminishing commodity so prices will continue to rise.

Many of the current projects, whilst not front line, are very close to it and in the future new projects will be further and further from the beach as the best land is developed and land prices increase.

There will reach a point where Developers will push prices too high too quickly and there is a stong possibility that this could put a brake on progress.

However, the big issues which will then drive the market upwards still further are more & cheaper flights and the availability of affordable mortgages.

So the bottom line; for the next four to five years there is significant growth potential providing you buy at the lowest prices available and try to get as close to the beach as you can afford.

__________________
PROPERTY SHOP INC. International Property Brokers
EGYPT REAL - Your One Stop Shop for Hurghada Property
Investment Property in Egypt