Best value in Egypt - Page 5

awahee123 · #41 10-12-2007, 10:13 PM

You are right scubadoo the finished apartment is of course an important factor,however we are just comparing prices and developments and seeing why people may have invested in their particular choice of development.

awahee123 · #42 15-12-2007, 12:27 AM

Anybody got any info for the forum on Pyramids 2 development at all?
I have seen studios starting from £14000.

crombiestone · #43 15-12-2007, 01:25 AM

I am not sure of the exact location of this development (Pyramids 2 ) but I assume its close to El Gouna as one site I came across claimed it was in El Gouna .

IT ISN'T .

Between El Gouna & Hurghada there are a number of failed developments ,some up to 14 years old . I assume its one of these being bought up and completed or it could be a vacant plot being freshly built upon . Either way expect to be looking out on unfinished neighbouring developments for a considerable time and nothing in the near vicinity except a bus service to El Gouna / Hurghada.

The El Gouna to Hurghada road is littered with "ghost" resorts and will fall far short of the expectations of many a European holidaymaker .It is on the red sea but thats about it . It may be a cheap buy but dont think that you will rent it easily or sell it on easily despite what the developers may tell you .

Egypt is becoming a cash cow for developers with everyone and their brother buying up land and building on it . The number of flights to Hurghada from the UK has dropped considerably from 2006 to 2007 . That can't be a good thing . I can't really see Egypt becoming the next Costa Del Sol .

There is definitely a market for Egypt but My money is on parts of Sharm and the Integrated resorts to survive as Apartment investment areas. El Gouna ,Taba Heights , Sahl Hasheesh, Gamsha Bay & Port Galib. I'm not even sure if there is room enough for this number of upscale resorts . People have high standards and I dont think anywhere else will come up to scratch for tourism in any numbers. Apartments will always have to compete with the Hotels and the All Inclusive deals can be ridiculously cheap.

One thing for certain is that there is too much building going on to keep everyone happy . The only ones certain to make a killing are the developers who are over selling the potential of the region .

As an example .

Zafarana are using the past growth of El Gouna to sell the potential of their resort. There is NO WAY that you can compare the two . I have passed Zafarana on the bus on the way to Cairo . Blink and you miss it . There is NOTHING else around so why build an airport ??

The main reason for this post is for the newcomers . Be VERY CAREFUL where you buy . I cannot comprehend people who buy without visiting beforehand . Yes it is cheap but you have to ask yourself why ? Visit ,ask yourself honestly would I like to holiday here and will it be easy to market and rent and crucially sell on ?

It's so easy to be taken in but DO NOT BE SEDUCED BY ARTISTS IMPRESSIONS AND SALESMEN !!!!

If you visit and you are 100% happy then by all means go ahead . If you like it and can see yourself holidaying only and do not need the rental money hey its chaper than some cars ... go for it ! BUT Do not think you are guaranteed to make a killing because you are not .

This post may make me unpopular but I think its needed .

OK I'll get off my soap box now .

awahee123 · #44 15-12-2007, 01:52 AM

Well put crombiestone I agree with your go and see before you buy statement.
I'm forever telling people on this forum to visit before they buy.
Classic example on this forum someone put a deposit down on an apartment in Hurghada before visiting, came out had a look didn't like what they saw now they are looking for a refund.
Why do it?, I'm confused... nothing new then LOL.

propertastic · #45 15-12-2007, 05:37 AM

I'm sorry, crombiestone, but having spent 9 days in Hurghada speaking to a large number of developers, real estate agents, lawyers and a number of other people connected with the property business in the area, I have to disagree with many of your points.

The Al-Ahyaa/El Noor/Mubarek 7 area, which is halfway between Hurghada and El Gouna, has only recently been zoned for tourism by the authorities, with full infrastructure (grid electricity, water, sewerage) only now being connected with the rest of Hurghada.

Pyramids 2 is one of many developments all being built in this region, others being Oasis Resort, Regency Beach, Manta Resort, Royal Mirage, Palma Resort Phase 2, Marina Del Or, etc. and I am sure several more that I am not yet aware of.

There is at least one shopping mall planned for this area and, with 2-3000 apartments all being planned for this region, obviously other enterprising retailers are going to want to offer other products and services to this captive market.

Sure, there's not much there at the moment. But come 2009 when all of these developments are online, there will definitely be plenty of infrastructure around it.

It's not going to be as exclusive an area as Sahl Hasheesh or El Gouna, but the prices of the properties represent this as they are all substantially cheaper.

So there might not be so many flights from the UK to Hurghada. I've posted this point before, but it seems a lot of people forget that the British aren't the only people in Europe who take holidays. Condor in Germany alone run more flights into Hurghada than all of the UK airlines put together - you can get to Hurghada from a dozen citiies in Germany all the year round. There are constant reports here that you just can't get accommodation in Hurghada at the moment as demand for holidays there is greater than supply.

You just need to look at the arrivals and departures board in Hurghada airport to see that the UK market is just a very small proportion of the overall tourist business.

Yes there's a lot of development in the Hurghada area but, when you compare the levels with other developing markets in such places as Turkey or Morocco (which don't have 12 months seasons or the diving opportunities on the Red Sea) you can see that the market is still very much in its infancy.

There's plenty more information on these factors contained in Propertastic's Complete Guide to Hurghada Property and Egypt's Red Sea Riviera Real Estate which is available for a free download for the next 48 hours at:

propertastic.com/hurghada/

And, from Monday, in book form from Amazon at:

http://www.amazon.co.uk/gp/redirect....&creative=6738

Peter Mitry · #46 15-12-2007, 11:26 AM

Crombiestone clearly loves El Gouna and why not, he discovered it some time ago and has a little piece of paradise on the Red Sea. Then come along people like me and Propertastic and tell everyone else about it! Life's not fair is it - but never mind, on the positive side all of the unsightly unfinished developments will be fixed, new infrastructure will go in (just like Village Rd) and in five years the whole area will be amazing.
Having witnessed the development of the Spanish Costa's over the last 15 years I don't doubt that in time their will be seamless development from Ain Sohkna to Marsa Alam and beyond. After all, where else can you get no rain and wall to wall sunshine 365 days a year amongst some of the friendliest people on the planet, where English is the second language and the food is to die for!

Psssst! Someone tell the budget airlines and maybe they'll join the party!!

Peter Mitry · #47 15-12-2007, 11:31 AM

Fantastic choice for your front cover picture Propertastic! Palm Beach Piazza is front line beach, ready now and if you want to know where it is please PM me or buy Propertastic's book!

Johh C · #48 15-12-2007, 02:30 PM

My wife and I were out in Hurghada in November and had a tour of the pyramids 2 site.
At the moment its just a hole in the ground (they seemed to be just getting set up to do the foundations) We were quite impressed with the guy who showed us round his name was Hannay(dont know if thats spelt right). We also subsequently briefly bumped into the British developers themselves at the Hard Rock cafe, a couple of guys from the North of England). Again we were impressed by them. The area is going to be signficantly developed over the next few years , with a commercial (shopping) development close to Pyramids 2 and there is going to be a sound and light show built (fake pyramids?) some distance behind Pyramids 2. I got the impression the quality of the build was going to be of prime importance to the company and they were going to have free shuttle buses to the beach El gouna etc. Overall it seemed pretty good vaue and they have put a lot of thought into the potential needs of their clients

We were very taken with the proposals, but have subsequently started to look more seriously at Sahl Hasheesh. If we were to go for Hurghada though, I think it would be Pyramids 2

Cheers

John

Peter Mitry · #49 15-12-2007, 02:43 PM

Johh C you should definately look at Sahl before deciding where to buy, but don't stop there consider all of your options. It is important to get to know the Developers themselves and judge for yourself if they have the resources to build what they promise. Otherwise you run the risk of your development adding to the pile of unfinished 'dreams' that are all along the coast.

propertastic · #50 15-12-2007, 03:11 PM

I think that people who are nervous that Hurghada is getting over-priced and over-developed should compare prices with Cape Verde, which I think is a pretty good comparison, as they both provide year round sun and are both the same distance from the UK (five hours flight).

If you take a look, you will see that prices in Cape Verde are already well above Sahl Hasheesh levels, even though I hear that the infrastructure on most of the islands is still very primitive.

Some people are worried that there aren't enough flights into Hurghada should bear in mind that Cape Verde investors are all going crazy with excitement because finally there is going to be one direct flight from the UK now - previously the only way of getting there at all was via Lisbon.

And whereas Hurghada is only 4-5 hours away from most of Europe - London, Stockholm and Moscow - for the rest of Europe, Cape Verde is a seriously longhaul flight away.

I'll take Sahl Haseesh, El Gouna or downtown Hurghada over Cape Verde any day.

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