Dear Zaied

Very sorry not to have met you when you were in Gouna and pleased you liked it. Our office will not open until mid June probably to coincide with pre release date of Ancient sands Golf Resort.

Regarding your response above I am now really confused.You seem to indicate that this decree only concerned Sharm and usufruct but the decree itself identifys the red sea and hurghada toursistic areas separately indicating clearly that these areas are also affected (why mention them otherwise?) and talks about both "usufruct" and "ownership" which I assume means all types of property ownership.

Perhaps its a poor translation from the original arabic version but its hard for me to understand how this decree only concerns usufruct and sharm as your response seems to imply. Please can you clarify.

Article 1 of the decree states that non egyptians will receive the same treatment as egyptians in the 4 touristic regions listed "after obtaining the approval of the concerned entities". Can you clarify who are these "concerned entities" and under what process one (either the developer as you state or the buyer more probably imho) obtains approval in theory and practice. To me as a non lawyer this Article 1 could sensibly be interpreted as meaning that the limit of 2 units does not apply in the 4 areas listed, including red sea and hurghada,as there is no limit for egyptians and under this decree foreigners are to be treated the same !

Article 3 indicates that foreigners with either usufructory rights or ownership ( which I take to mean all forms of ownership incl freehold) can now dispose ( sell) of these rights the same day they acquire ownership which to me means that the five year limit no longer applys in these 4 touristic areas.


Article 2 seems to concern Sharm only

Your last paragraph where you state

"Please note that the decree of April 2005 did not touch on the foregoing restriction "number of units and areas" at all, but it just restricted the freehold right for foreigners within the territory of Sharm el Sheikh (Article Number 3)."

is entirely at odds with what Ive written above but I cannot see on any reading of the decree how your summary which states that this decree relates only to sharm can be the only conclusion drawn.

Perhaps you can clarify if you have time and if you have a map of what the 4 touristic areas identified in the decree comprise in terms of specific areas and land that would be a very helpful posting.

I look forward to meeting you in due course.

Yours

Jeremy

Dear Jeremy,

The "law" was speaking about Egypt in general, with all the restrictions to 2 units max...etc. Its restrictions were about quantity of units, areas, and time period before resale, only.


The "decree" was restricting foreigners' ownership in Sharm el Sheikh, diminishing it from freehold "prior to April's decree of 2005", to usufruct.

All the best,

Zeiad Yehia
Solicitor

Has any one buying in DP1 actually seen a contract in Arabic? This is what my hold up has been in completing the purchase, I have been waiting for same since September last year.

BE SURE TO GET IT IN ARABIC OR YOU WILL HAVE NO PROTECTION IF YOU HAVE PROBLEMS WITH DEVELOPER.

Hi, we are buying a property in Sharm el Sheikh that is two months from completion from an investor (flipping). We are being asked to sign a contract from the developer for the original amount paid by the investor. The investor will then give us a receipt for the difference between the original price and the sale price to us. Has anyone else been in a similar situation and do you know if there are any legal or other implications/advantages/disadvantages?

Something about this sounds very strange, anyone else?

Hi John and welcome to the forum - where in Sharm are you buying - we are also buying in Sharm - Nabq. This thread may interest you on Sharm http://www.totallyproperty.com/egypt...ing-sharm.html
There is an Introduction thread where you can make a post and read about others here http://www.totallyproperty.com/egypt...oductions.html and this one which is a quick links one for new members http://www.totallyproperty.com/egypt...w-members.html

Have you spoken to your own lawyer about the above as it does sound a bit strange. I would want what I paid for the property stated in my contract as this is legal.
If you do not have a lawyer yet I can highly recommend Zeiad who is based in Naama bay. He is very knowledgable as you have probably seen by his detaile responses on this thread. His English is very good, reasonable costs and he answers his emails very quickly. Many Brits on my development and others are using Zeiad.

Regards
Alison

Please read through this thread. There is also this thread on Visas http://www.totallyproperty.com/egypt...930-visas.html

If you still have any questions for Zeiad please post in the Legal Thread http://www.totallyproperty.com/egypt...s-here-18.html

Hi Agnieszka, yes this is what I am thinking. I will not complete until I have this and my husband has read through it.

We have made this thread a sticky.

Before posting any questions for Zeiad here please read this other sticky thread here 1st http://www.totallyproperty.com/egypt...nt-lawyer.html as your answer maybe within that thread.

Regards