LEGAL: Queations and Answers by an Egyptian lawyer - Page 2

dave99 · #11 04-11-2007, 06:33 PM

How easy is it to get approval from the Prime Ministers office.

I've been told that it is an acceptable process but takes about 9 to 12 months, and is usually doen without issue.

..

Zeiad Yehia · #12 04-11-2007, 07:20 PM

To be upfront with you it is extremely hard to obtain such approval. But again check for it, may be they were granted it.

Peter Mitry · #13 19-12-2007, 05:19 PM

Hi Zeiad as an International Property broker I am about to begin doing business with Sharm el Sheik Real Estate and will be sending clients out from the UK. In the UK when someone buys a leasehold property the lease is often renewed for another term at no cost. Reading your reply in an earlier post it would seem that this is not the case in Sharm. Presumably this means that the value of the lease must decrease as time passes?

Peter

Zeiad Yehia · #14 19-12-2007, 05:28 PM

Hello Peter. You are right it is only a one 99 years term here, unless there is an agreement on otherwise with the developer. The usufruct time can be renewed, but developer will charge the usufructuary for this extended period, and there is no standard cost for this renewability, but will be subject to negotiation with the accepting developer.

Anita · #15 19-12-2007, 05:34 PM

Hi Zeiad

Thanks for that

If you have had dealings with the Sierra resort in the past are you aware of any agreements regarding 'penalty payments' for late builds???
Basically are we protected by the developer if the complex runs behind schedule

Thanks
Anita

Zeiad Yehia · #16 21-12-2007, 11:31 AM

Quote:

Originally Posted by Anita

Hi Zeiad

Thanks for that

If you have had dealings with the Sierra resort in the past are you aware of any agreements regarding 'penalty payments' for late builds???
Basically are we protected by the developer if the complex runs behind schedule

Thanks
Anita

Yes, it is 1000 EGP / month.

Article 19

In case of any delay in delivery the company shall pay a penalty calculated at LE 1 000 per month.

However this developer is one of the serious ones who'd pay such a penalty without any troubles.

Lidia · #17 15-01-2008, 02:24 PM

Quote:

Originally Posted by Zeiad Yehia

Hello Veronica,

Freehold is still granted in the region of Dahab, but for other reasons I strongly disrecommend Dahab as a real estate market.

It is companies, regardless of their nationalities, and not individuals, that are now prohibited to be granted the freehold right in Sinai Peninsula, according to the new prime minister's decree no. 350 of 2007.

Brief Answer:

You CAN get a freehold on properties in Dahab, but I'm strongly advising you NOT to do.

Hi Everyone,
Glad to have found a competence centre here

Please could you further explain why you do not recommend buying the land in Dahab?

I have heard from estate agents that there are problems with land in Sharm El Sheikh where beduins try to claim ownership of land and cause current owners some problems. Could this be true?

Regards
Lidia

Zeiad Yehia · #18 15-01-2008, 02:38 PM

Dear Lidia,

You got it right. It is the Bedouins of Dahab. They cause both the government and purchasers A LOT of troubles, and they make of Dahab a risky area to purchase a property in, and this is exactly why I do not accept cases in Dahab.