Stew, You are obviously very bitter as you have issues with ipi and your agent. That's bad news, I'm sorry for you.

Good luck to get your deposit back, I hope you cancelled before the 29 days limit, but I am sure your egyptian lawyer would have warned you.

You said you're a construction professional from a professional company, so what? I own 7 properties, is your opinion better than mine? don't think so, I own more than 2 million sterlings worth of properties at 32 so I am not doing too bad man. At least I know where I stand, if you see what I mean stew.

Your lawyer is egyptian, good, that doesn't make him a translator, and as a professional working for a professional company, you know that in a legal document, every word is important. My lawyers are from different countries they would certainly not try to translate a document without a professional translator.That shows how serious is yours if he told you he could translate a legal document all by himself.

My 2 lawyers have reviewed the due diligence, they have reviewed the forms and contract, everything is fine. They told me that seddons is doing a good job and I almost don't need them, that's why I said you don't need a lawyer, I should have explained, fair enough.

But that's not the point. Even if you had to take it to egyptian court, which is not a sure fact, you would have to have your contract translated by a professional, so it doesn't matter what language it is. The contract you signed is in english and you agreed to it, so the exact translation in any language will be no different.
Again, it is a small issue, I don't understand all the fuss about it. It's a detail, it's certainly not offputting.

Goldberg Global is absolutely right, if you read this forum and you're a first time investor, go to see your lawyer and personal banker for advice, compare different agencies and developers, study what's on the market, who is reliable and who is not but please do not listen to bitter people trying to scare you away.
Ask people you know and trust, not some keyboard warrior with a vengeance , they could be anyone, lawyers, developers, estate agents, who knows.

I am just a fairly experienced investor who bought in marsa alam, I know for an absolute fact that this one project and the people working on it are trustworthy and that there are good chances I will make good money out of it. I trust the people who advise me and i trust the people i dealt with. I don't trust internet rumours over professionals. I am very enthusiastic about this resort and I just wanted to share that with my fellow investors of this website.

That was just a feedback, not a professional advice.

[quote=PierreM;70253]"Stew, You are obviously very bitter as you have issues with ipi and your agent. That's bad news, I'm sorry for you.................

My 2 lawyers have reviewed the due diligence, they have reviewed the forms and contract, everything is fine. They told me that seddons is doing a good job and I almost don't need them, that's why I said you don't need a lawyer, I should have explained, fair enough."



The DD looked fine to me in that it explained the current situation very well. I was also grateful for IPI providing it. I recognise that it works both ways; it protects the buyer by providing important information on which to base a decision, but it also protects the seller if the buyer goes ahead despite any risks made apparent by the DD as one cannmot later claim not to have known of those risks. The bottom line for the buyer is are the risks worth it.

Regards

Jacky

Hi All
Just been reading the contract and have realised that the second draft says that owners taking up the rental agreement will be invoiced yearly for water and electricity. I thought these were included! Has anyone brought this up with IPI, and how much are these bills likely to cost?

Hi Optom 39
I queried this with Sue and she said that if you have not taken the rental agreement then the charges are yours and if you have taken the rental agreement then all charges shall be borne by the management company.
Hope this helps
Cliff

Hi
We also queried this with IPI. We are in the rental agreement and we were told that the utilities charge was likely to be in the region of 10 Euros per month. Both the fixed charge and the utilities charge will be deducted from the gross rental income by the management company before it is distributed to the owners.

Hi all,

Completely agree with you Pierre. I have bought in Zafarana and am completely happy with all that has gone on so far there. I too have invested in multiple properties over the years and have quickly realized to rely on the advice of people I know and trust, not all of this speculation from completely anonymous people on a forum full of first time buyers.

Tony

Sorry for us being a forum full of first time buyers - if you dont like it then please go elsewhere!!!!!!!! None of us were or are anti-IPI, we were just all having open discussions between us to help each other along the way. Its only when people come on here trying to belittle us for having concerns about our hard earned cash that we start to get a little peed off.

Please feel free to give and receive advice but do not belittle people for checking things out.

Lou

Hi All
Regards the Water and Electric charges I have just queried it again with Sue Lovett at IPI
And here is her reply.

Article 6 Revenues and charges
All annual costs, such as maintenance, service, insurance, joint facilities, local taxes and the like, shall be borne by the developer if the buyer uses the letting agreement under Article 3. If the letting agreement no longer applies, the costs shall be borne by the buyer. These costs are € 70,00 per month. Beside these fixed monthly costs the costs for the consumption for electricity and water will be invoiced to the owner. These costs will be invoiced yearly. Both the fixed and variable costs are due to yearly inflation and indexation by governmental increases.

Therefore, if you are take out the rental agreement the management company is responsible for electric and water.

Kindest regards,
Sue Lovett
IPI International Property Investors bv
IPI International Property Investors UK Limited

Cliff

The maintenance fee is 50 euros a month/600 euros a year which include water and electricity.
If you opt for the rental guarantee, it is included. You will be charged if you go over the limit allocated.
Not sure for the suites but I think it is also taken care of if you take the pool rental.

Lou, I was not bashing the first time buyers at all. I was just saying that if it's your first time, you should take the information you read on this one forum very carefully. Ipi 's competition could spread rumours in order to scare customers away, because the project is good, so because they can't compete with their dodgy developments or over priced properties, they will bash the product you are interested in, if that makes sense. Read the internet and magazines but look at the bigger picture, who is working for who, what experience they have etc...
Most of agents have never bought a property abroad, journalists on tv and magazines are the same.
When I first bought I was lost, i didn't know anything at all, I trusted the agent and the product and guess what? they were right, the property in Jo'burg earns me around 6% a year on rental and 6 years later it is worth 3 times what it was.

I tell you what, before I invest in this resort, I checked at least 40 different projects and properties in hurghada, shal hasheesh and marsa alam, overall I believe marsa alam beach resor is the best. Price, quality, returns, projections, there's no other places that are this good today in egypt.
You can buy a villa in hurghada for 300K sterling but you probably won't get anywhere close the marsa alam returns.
In marsa alam, the kuwaitis are going to invest a lot of money in port ghalib, that's the key for me to the really high capital growth, and in terms of resale, this is going to be juicy. Just a question of timing I suppose.

Like I said, I am not an agent or a developer, I just buy properties, rent them and sell them if the market is good. I have done that for 6 years now. I was working for fruit and veg in south africa , in the uk, it's like waitrose. See Lou, I'm not from the rich class at all but I made the choice to invest instead of being an employee, I started with less than 20K sterling.
Anthony I am sure is the same, you have to rely on professionals, not on the internet, nobody will give you a good advice, just chaos and confusion between stuff they heard and stuff they misunderstood, it's easy to be confused.
Get yourself a good personal banker, a trustworthy lawyer not a shark after your cash, do a lot of homework and then call the agents, it is as simple as that.

Hi Lou,

I wasn't having a go at people being a first time buyer either, just saying that I agree with Pierre, that the best way to determine investment opportunities is to research them using people you trust such as your agent,lawyer, financial advisor etc rather than rely on speculation on these types of forums. As I've previously mentioned I only use these types of forums as a way to meet investors in projects I am involved in and monitor negative comments as these can adversely affect my investments. Not having a go at anyone for being a first time buyer, as rightly pointed out by Pierre, we were all in that boat at some stage. Just trying to give some advice, no need to be offended.

Tony