Egypt propertyThe 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.
Hania Beach, Central Hurghada, Egypt - Due for completion Summer '09. - Page 43
I have to sat I agree Roger. The 2 bed 2 bath sea view apt I reserved is now quoted at £800m2 not even the £700m2 we were 'guaranteed' at pre release. I will be looking elsewhere.
Quote:
Originally Posted by Roger
Hi Red,
I understand your point, but if expectations were unrealistic, then why were the unit prices quoted in the first place? I've reserved a 2 bed, which were quoted at a maximum of £70,000 for a 100m2 unit, and it now looks as though it won't be possible for me to afford one (I still have to do the math!), if not then it's a simple choice of dropping to a 1 bed, which doesn't really suit us (and I don't know what that will do to my place in the queue), or looking elsewhere.
The development is great, but I feel we've been misled on the pricing. I see some apartments are not even offered at the pre-release price, and I take it that the greyed out ones have either been held by the developer or reserved by someone who knows soneone.
OK, I haven't looked into it properly yet but, at the moment, I'm not a happy bunny
I have to sat I agree Roger. The 2 bed 2 bath sea view apt I reserved is now quoted at £800m2 not even the £700m2 we were 'guaranteed' at pre release. I will be looking elsewhere.
I get the feeling that some people are trying to make a point here and seeing things in black and white. "This isn't exactly how I wanted it, so I am dropping the whole thing".
Well to be honest, before I made my reservation, I hadn't really done much research about what was available on the beach in Hurghada. I went with this because I have worked with IPP in Bulgaria on a couple of projects and am confident they can deliver. Now with the recent comments from people saying they 'will be looking elsewhere' I have searched our main competitors to see what else is available. And I have found nothing that is of either better value or of better quality. If I find something cheaper, it is either not on the beach, or it has very unfavourable payment terms.
SO those who are saying they are pulling out and moving on, please let me know if you find a better deal on a frontline property with similar qualities. I somehow doubt I'll be hearing from you!
I get the feeling that some people are trying to make a point here and seeing things in black and white. "This isn't exactly how I wanted it, so I am dropping the whole thing".
Well to be honest, before I made my reservation, I hadn't really done much research about what was available on the beach in Hurghada. I went with this because I have worked with IPP in Bulgaria on a couple of projects and am confident they can deliver. Now with the recent comments from people saying they 'will be looking elsewhere' I have searched our main competitors to see what else is available. And I have found nothing that is of either better value or of better quality. If I find something cheaper, it is either not on the beach, or it has very unfavourable payment terms.
SO those who are saying they are pulling out and moving on, please let me know if you find a better deal on a frontline property with similar qualities. I somehow doubt I'll be hearing from you!
Chico, please dont put words in our mouths. We are not saying "This isn't exactly how I wanted it, so I am dropping the whole thing". You are missing the point completely. What is being said is that what we reserved does not exist and is way off the mark from what we were advised we were reserving - this is a simple fact.
To offer us a silly little smillie in response to our comments is just ridiculous.
And to add to your comment about us not finding anything better, remember, investors look at all emerging markets - Egypt is not the be all and end all.
But to be fair to the agent, these are the risks associated with pre-release ie. information available is always a little vague and are always subject to change.
Then, IMO, the agent's should be more vague. I also spoke to the developer who offered the same deal - £700/m2. As far as I'm concerened, I have a contract. I will be speaking to them on Monday.
Quote:
Originally Posted by redangel7861
With regards to yourself have you looked at apartment 136 - two bed two bathroom with frontline beach and sea views, fits your budget and criteria perfectly.
Regards
RED
Yes, I saw that one, thanks. I've now done the math, and I won't be going for it I was also a bit concerned about what appears to be a service road to the side. One problem with side facing appartments is knowing how close the development next door is going to be. I would hate to start out looking a the beach/sea and find a few years later that I'm looking at the walls of another development!!
Anyway, because I like the development so much, I will be considering a one bed. I just need to clear up a few things with EI on Monday before I decide.
Cheers.
__________________ Roger There are only three types of people in the world - those who can count and those who cannot. Pandora's Box
Then, IMO, the agent's should be more vague. I also spoke to the developer who offered the same deal - £700/m2. As far as I'm concerened, I have a contract. I will be speaking to them on Monday.
Yes, I saw that one, thanks. I've now done the math, and I won't be going for it I was also a bit concerned about what appears to be a service road to the side. One problem with side facing appartments is knowing how close the development next door is going to be. I would hate to start out looking a the beach/sea and find a few years later that I'm looking at the walls of another development!!
Anyway, because I like the development so much, I will be considering a one bed. I just need to clear up a few things with EI on Monday before I decide.
Cheers.
Hi Roger.
Like yourself, I wanted a two bed (after opting against purchasing two/three studio apartments), but realised they were a bit above what I had budgeted for. Instead I will choose a large one bed with good beach and sea views. Again, like you I really like this development so decided to downsize instead of pulling out.
Having invested several times off plan,pre launch in various countries before i was yet to experience this hike in cost to such a high percentage and loss of its sales pitch = sea views!
It you are building/selling quality do that from the off. To offer 21k 30 square metre studios internationally a major communication problem has happened. Wheather the agents are to blame for sales or developer for allowing it you decide?
Personally i still have faith in the bullish economy of Egypt and investing in the square metres as much as a holiday apartment.
My concerns will be approached during contract stage and the Air con offer.
1) Can a 5 star resort get 5 star status if nobody/some or a high percentage of apartments dont have air con......Mr 5/4 stars says no.
2) How will it be fitted at a later stage/construction/deconstruction/positioning of units?
Having invested several times off plan,pre launch in various countries before i was yet to experience this hike in cost to such a high percentage and loss of its sales pitch = sea views!
It you are building/selling quality do that from the off. To offer 21k 30 square metre studios internationally a major communication problem has happened. Wheather the agents are to blame for sales or developer for allowing it you decide?
Personally i still have faith in the bullish economy of Egypt and investing in the square metres as much as a holiday apartment.
My concerns will be approached during contract stage and the Air con offer.
1) Can a 5 star resort get 5 star status if nobody/some or a high percentage of apartments dont have air con......Mr 5/4 stars says no.
2) How will it be fitted at a later stage/construction/deconstruction/positioning of units?
SharkBoy,
As an experienced investor you should then know that many worldwide 5 star resorts offer AC as an additional cost. You should also know that all apartments are pre-installed with the the relevant AC plumbing and pipes in place, all you need to do is pay for the AC units themselves, which are easily fitted to the apartments after completion.
As an experienced investor you should then know that many worldwide 5 star resorts offer AC as an additional cost. You should also know that all apartments are pre-installed with the the relevant AC plumbing and pipes in place, all you need to do is pay for the AC units themselves, which are easily fitted to the apartments after completion.
Regards
RED
I think point here Red who can afford this massive increase of the price will go for it who not will cancel
I think point here Red who can afford this massive increase of the price will go for it who not will cancel
RE,
Exactly, those who can't will get their £2,000 reservation deposit back. In a development like this you can't please everyone. Those who can afford it have bought into a premier five star beach front development. Hopefully this will gurantee healthy capital appreciation and rental yields. You just can't go wrong with beachfront locations, but I'm afraid you have to pay the premium to be part of such developments.
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