Hi Peter,
I purchased the apartment from Sudbury Smith Holding Ltd who bought 75 units from the developer (Aquarious Company for Touristic Investments SAE). I don't have contact details for the latter but I did meet the developer on site. To be fair I act as an agent for Sudbury Smith Holding Ltd. If you need any information please ask and I will try to either answer it myself or forward it on to them.

I am just looking for opinions on Ain Soukna and rental potential so as to balance it with information already received.

Hello dave99,

Never really needed to think of rental as I purchased the apartment purely for capital appreciation. I bought the apartment at a very good price and intend to sell the it before completion in Dec 2008.
It is a very nice apartment and if I were to hold on to it I would like to know realisticly how much rental I can expect to get.
Not "worried" tho. I already have someone lined up to buy the apartment at €12K more than what I bought it for three weeks ago.

Sounds like you got an "insider" deal then if you can get such a good re-sale price. Go for it.

Have you got a copy of the land registration deed, or have you been promised one, or have you just assumed it is all in place without checking. In my development (Red Sea Residencia) I have already given a copy of my land deed to my new owners, during our pre-sale chats.

If you do not have the copy of the land deed yet I suggest you get one pronto, without it you cannot sell.

For the benefit of all, how can you sell something that does not exist yet if it is all still being built since you have NO TITLE.

My opinion, but I cannot see that there will be much rental potential in the area since it is too far out from Hurghada, and there will be lots of competition in better locations.

Red Sea Developments (UK & Egypt) - 2 Bed Apartments from £14950

i agree with dave, rentals are only potential it all depends on the buyer advertising his own property both at home and abroad. can be very lucrative if advertised right.

dear amipraj
if you need any help in and around hurghada just ask, i run a small management agency here and know most things

Hey dave,

I did get a very good deal. It was one of the first apartments in the development to be sold.
The apartments have not been registered yet but if I were to sell it now I could simply change the names on the contract. As it is such a nice apartment I'm thinking of holding on to it and there should be pleanty of more capital appreciation.
You are absolutly correct though and if I do hold on to it I will need these deeds.
I have been in touch with the solicitor and hope to get this sorted ASAP.
Thanks for the good advice!

Also, I tend to think that the location isn't that bad. Ain Soukhna is an hour and a half drive from Cairo, the airport, the Pyramids at Gizza & Sakkara, The Sphinx and the Cairo Museam. The best highway in the country links Cairo to Ain Soukhna and it is Cairos closest beach. With Cairos population of about 20 million and Egypts prominence in the tourist market set to double to 16 million visitors by 2014, I think the potential might not be that bad. I value your oppinion though.

Thank again,

Kerryman


PS: If you like I can also get you a very good deal on one of these apartments.
-3 bedrooms with one en-suite, 1345 sq.ft with balcony and private beach in a 5* resort complex - only €59,950

Hi again
Maybe me thinks the location is not that bad for tourists after all.
I suppose when we Brits travel to Majorca, we often have to travel 90 mins or so, but then that is after a 2 hour flight not 4 to 5 hours.
I know that Hurghada does not really "cut it" from the culture view point since its too far and Luxor & Cairo I think. I've done the 2 day stay over trip to Luxor which was great, but expensive for two.

I've also done the Hurghada to Cairo coach (about 5 hours) which was just about bearable, and very cheap (about £7).

It's just a bit too far to go for me on my next trip but maybe another time.

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Having just booked a week 3* All inclusive accommodation in Hurghada at the Triton Beach in November, it has only cost £87 per person,

Taking this into consideration what do you think owners are going to realistically get P/W for their self-catering units? With so many units becoming available in the next 12 Months is the market going to become flooded.

I have brought a 1 bed apartment earlier in the year in the tourist area, as owners what are your expectations for realistic rental returns?

Regards
Chris

Off season is always cheaper than summer season.

I o not promote rentas on my development because I do ot think that there is a great potentil yet.

If you can get 100 gbp a week for say 4 people then yo will do well there wil be an over supply - brits with ant sense do not go to egypt in te summer - winter tme is best - you should consider h triton hotel as a bad example it is poor by egyptian standard and a good apartment will be btter I think.

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