Looking to buy apartment in Dahab

[darryl]

Hi all

I've been reading through some related posts but apologies in advance if i'm reinventing the wheel here.

I've been to Dahab 3 times now. I'm looking to purchase an apartment or whatever that is available around 15k GBP.

I want a place for myself 2 months a year at the moment(more permanent in a year or 2 planned).

I'm not a money motivated person. Yield ROI etc don't really get me excited, although I'm not wealthy. I just think I will rent to friends if they want to use it when I'm not there.

Like anyone I suppose, I want as safe as an investment as possible. I don't want a plot of desert, a half built ram shackle that has been getting built for 5 years

I take it the government registered 99yr leasehold is the safest bet for Dahab. Is the time to buy now(I just got back from there this week and there seems to be a waiting game for impending price drops).

My friend has advised me to get a mortgage with HSBC and get them to do the leg work ensuring their investment is good. Sounds like a good idea, anyone done this?

Sorry for being so broad on my 1st post. I've never bought a property other than mine in the UK

Thanks in advance for any clarification!

Darryl

 

[Cherry House]

property in Dahab

Hey Darryl,

first , I would like to say that Dahab is a very primitive natural nice place to live in.despite I'm living in sharm for 10 years now.I do recommend Dahab.

first,what I know is that HSBC gives mortgage for foreign residents who have fixed job with current monthly income.

second,pls pls pls go for buying a full built property no matter it costs you more but at least u have it with the documents in hands.
I don't want to stay watching foreigners complaining about delivery date when buying offplan.
I think u don't have time and temper for hassles to lose.

 

[SHARM-SERVICES]

Hi all

I've been reading through some related posts but apologies in advance if i'm reinventing the wheel here.

I've been to Dahab 3 times now. I'm looking to purchase an apartment or whatever that is available around 15k GBP.

I want a place for myself 2 months a year at the moment(more permanent in a year or 2 planned).

I'm not a money motivated person. Yield ROI etc don't really get me excited, although I'm not wealthy. I just think I will rent to friends if they want to use it when I'm not there.

Like anyone I suppose, I want as safe as an investment as possible. I don't want a plot of desert, a half built ram shackle that has been getting built for 5 years

I take it the government registered 99yr leasehold is the safest bet for Dahab. Is the time to buy now(I just got back from there this week and there seems to be a waiting game for impending price drops).

My friend has advised me to get a mortgage with HSBC and get them to do the leg work ensuring their investment is good. Sounds like a good idea, anyone done this?

Sorry for being so broad on my 1st post. I've never bought a property other than mine in the UK

Thanks in advance for any clarification!

Darryl

Hi Darryl,

Firstly HSBC will not give you a mortgage. Sorry to be blunt, but mortgages are not available from HSBC for foreigners (although it is something that has been talked about, it has not yet materialised). It is possible for non-Egyptians to obtain a mortgage from some banks or independent mortgage companies, but one of the requirements to do so it that the property must be REGISTERED, which for the most part rules out Sharm and Dahab, and even a majority of property in other tourist areas. It is NOT a requirement to be resident in the country to obtain the mortgage, but you must prove your income from your home country and have it authenticated in the Egyptian Consulate (but that's another story given the likelihood of obtaining a registered property in Dahab).

What I would recommend if your case would actually be off-plan (or semi-offplan) property, given that your budget would require financing and developers usually offer good terms of finance on off-plan property. If you could find one offering suitable terms of payment on a built property, then go for this.

Alternatively if you own property in the UK then you could look a re-mortgaging to release funds, but this I don't have experience on to advise how to proceed.

Just make sure, wherever you choose to buy you hire a trusted lawyer and have all the necessary due diligence checks performed.

SHARM SERVICES