Egypt back on the map?

[Peter Mitry]

When the Egypt forum was launched it rapidly became the most popular and most visited destination Worldwide. Those of us who were involved from the very beginning understand only too well why it was discontinued.

It is great to see posts appearing again and I hope this will be the beginning of a great revival.

It is incumbent upon all of us involved in the industry to pay major attention to due diligence and, in particular, to the credentials of the lawyers preparing the documents.

It is not enough to know that land is legally owned and planning permission is in place; prospective buyers need to know more background on Developers and their past performance to be able to guage the likelihood of a project reaching completion.

We must learn from the shortfalls of the past in order to ensure a better future.

 

[Mantis]

What is the nature of these forums?

It is incumbent upon all of us involved in the industry to pay major attention to due diligence and, in particular, to the credentials of the lawyers preparing the documents.

It is not enough to know that land is legally owned and planning permission is in place; prospective buyers need to know more background on Developers and their past performance to be able to guage the likelihood of a project reaching completion.

We must learn from the shortfalls of the past in order to ensure a better future.

Not only is it about what project diligence to trust, but who to trust.
Over the years speculators saw Egypt as a quick profit making destination with flights and buy-to-let options that were too good to miss especially with all the credit and cash flying around.

Today, the situation is far removed. Credit is no longer an option. Flights are astronomical compared with 1990 fares and hotel charges. What were once premier locations are now lying near idle with 60% less bookings in those top sector venues due to mainland security issues.

The situation is not beyond repair, however it is not a quick fix. Property sales and vacations are still highly demanded but lessons have to be learned, mostly by officials, but the punters must also realise that in these times of upheaval, riots and revolutions, greed must be curtailed. Those who spend now have greater options. Social networks such as these forums play a part when researching the dangers as well as the lucrative best buys and these new posts must be a tool for free speech not just for responsible promoting.

Since 2007 the world has changed. If they want to trade, Egypt must change with it and be more responsible to its customers; not just trying to fix their own problems but satisfying every demand placed on them. That starts with dialogue.



John.