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Egypt property The property market in Egypt is primarily focused around the Red sea and Mediterranean coastline. Property investors are also buying in and around the main urban hubs of Cairo, Alexandria and Luxor, The Egyptian governments pro-active policies for attracting overseas investment has created an economic climate geared for growth in the Egyptian property market. Do you agree? Please state your views and opinions here on our new Egyptian property forum.

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When is a square metre not a square metre? - Page 3

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  #21  
Old 27-02-2008, 09:26 AM
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Default Honest contracts / fair treatment essential

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Originally Posted by mtrtnik View Post
I put in my contract that if size differes for more than 3% of the one stated in contract developer needs to return money or I need to pay additional sum. Developers return full price per m2, I pay only 80% of original price per m2.
I can see some value in a variance clause for unit size, however you have to be more realistic than 3%. If you are not carefull you'll start arguing about whether built in furniture counts or not, or the the space for ever intruding column, or thickness of the interior walls, etc.

It is important that you accept the total package, and put a realistic value on what you beleive has been lost.

Major changes though (lost balcony) must merit a contract change / price deduction.

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  #22  
Old 27-02-2008, 11:25 AM
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You need to look at the small print; it is quite normal in Egypt for the stated unit size to include 15% for public areas and balconys. You should check with the Developer what is the policy in your Development. Your agent should also know this. However, this is no excuse for not having a balcony that you were told you would get. Was it shown on the plans? If so, and it is not there you should definately be seeking compensation.
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  #23  
Old 27-02-2008, 11:35 AM
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Also developer added to cotnract that 20% of size are public areas. What percentage did others get?
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  #24  
Old 27-02-2008, 11:37 AM
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Quote:
Originally Posted by dave99 View Post
I can see some value in a variance clause for unit size, however you have to be more realistic than 3%. If you are not carefull you'll start arguing about whether built in furniture counts or not, or the the space for ever intruding column, or thickness of the interior walls, etc.

It is important that you accept the total package, and put a realistic value on what you beleive has been lost.

Major changes though (lost balcony) must merit a contract change / price deduction.
I agree, next time I should put at least 5% maybe even more. That article was taken from one other contract when I purchased apartment in Montenegro and maybe there are more accurate when it comes to this
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  #25  
Old 27-02-2008, 12:04 PM
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i have enclosed a 1 bedroom plan thats used in many 1 beds on elraids developments the contract says
"the flat consists of one bedroom reception,open type kitchen and bathroom and has a surface area of 73 m2 "
i have enclosed the plan and its net down to 65m2 is that normal ? . but i can only get it to about 51m2 as you can see the plan does not show that it includes the balcony and the contract does not mention this but i would apreciate your comments on this and check my figures
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  #26  
Old 27-02-2008, 03:50 PM
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i think this will need looking at as the apartments complete and the comments of our forum members would help to clarify this
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  #27  
Old 27-02-2008, 04:44 PM
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Default Great idea to show a sample - my calcs are

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Originally Posted by lizzy2u View Post
i have enclosed a 1 bedroom plan thats used in many 1 beds on elraids developments the contract says
"the flat consists of one bedroom reception,open type kitchen and bathroom and has a surface area of 73 m2 "
i have enclosed the plan and its net down to 65m2 is that normal ? . but i can only get it to about 51m2 as you can see the plan does not show that it includes the balcony and the contract does not mention this but i would apreciate your comments on this and check my figures
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I calculate this to be about 50 sqm of usable internal space, with about a further 6 sqm of usable balcony. If you then add on the "common space" using a 20% gross uplift you get around 66sqm, hence the 65.5 on the plan.

No way is this ever going to be 73 sqm - bit of a mis-representation I think.

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  #28  
Old 27-02-2008, 05:04 PM
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Default From my web-site home page

Quote:
Originally Posted by mtrtnik View Post
Also developer added to cotnract that 20% of size are public areas. What percentage did others get?
The text below is on the front page of my web-site for all to see.

"Floor space includes around 15% of common area:
this includes:
- corridors, lift, stairs, entrance hall, vents, garden etc
- this is the accepted way to quote floor space in Egypt
- this will allow you to compare with other developments"


My detailed information sheets quote both gross and "usable" space
- eg:
"3 Bedrooms:- Unit (D) 3 balconies, 1 bathroom, plus 1 en-suite shower room
On the Upper level plan: - about 116 sqm (including 15% common space), about 100 sqm usable"


The contract for this apartment quotes:

"which consists of a living area, two bathrooms, a kitchen area and three bedrooms with a total surface area of approximately 100 square meters"
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  #29  
Old 27-02-2008, 06:01 PM
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Quote:
Originally Posted by lizzy2u View Post
i have enclosed a 1 bedroom plan thats used in many 1 beds on elraids developments the contract says
"the flat consists of one bedroom reception,open type kitchen and bathroom and has a surface area of 73 m2 "
i have enclosed the plan and its net down to 65m2 is that normal ? . but i can only get it to about 51m2 as you can see the plan does not show that it includes the balcony and the contract does not mention this but i would apreciate your comments on this and check my figures
OHH God Not all developers eat your space in such massive way you see now you can realize sometimes why the price is too good to be true
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  #30  
Old 29-02-2008, 10:50 PM
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I started this thread a couple of months ago. It really does concern me how much potential misrepresentation there could be. A lot of people will not find out what the true dimensions are until they get the keys. Ime sure not all developers take it to extremes , but some obviously do. can be gross mis representation , the honest developer can lose out on his sale to the developer whose prepared to bend the truth.the buyer gets a much smaller product than envisaged.... probably wouldnt get away with it in Britain.

I think there should be a degree of self regulation on the part of developers to ensure a fair playing field for all...... dont suppose it will happen though!!!
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