S
Sergio
New Member
WHAT NOW FOR INVESTMENT??? Is it smart move to invest now ....??
propertywatch1
<b>Official Photographer</b>
Its going to be a long time before the market picks up, thats if it ever will. Too many problems with both developers and agents.
These ongoing problems have been and still are a major downside to what was a great place to invest.
These ongoing problems have been and still are a major downside to what was a great place to invest.
C
CMChris
New Member
Have you never got something good to say??? Watch the You tube videos of the good people of Hurghada and see the change happening. I'm now keeping a bic razor handy by my computer for when I read your sad posts.
The ONLY people still going to Hurghada are the British, everyone scuttled like rats leaving a sinking ship but we know better, seen terror on our own streets and felt the repercussions of tourism dropping off because of scaremongers. I have my tickets to go in April booked a few months ago and I'll be doing my bit to support the fantastic people of Hurghada
Peter Mitry
<B>Egypt Forum Founder Member</B>
Is Egypt a Good Place to Invest?
However, investing anywhere is never without risk and it is important as a principle to follow a few basic guidelines:
The recent troubles in Egypt are certainly not a reason not to invest; rather they are an opportunity to get a good deal in a country which has a bright future ahead of it. This revolution has been entirely non secular; Moslems and Christians have stood side by side for a better future, with equal opportunities, more freedoms and less corruption.
There are bad Developers and there will always be bad agents; its the same in every country in the world. However, by following the steps above and carrying out your own 'due diligence' on the people you are dealing with you can avoid many of the pitfalls.
I make no apology for saying that I am an agent myself, operating in Hurghada and representing many other agents overseas. And yes, I have made mistakes but we learn by them and rather than saying 'its a terrible place to invest', we do our best to ensure that the mistakes of the past are not repeated. I am also an Egyptian and I feel passionately that this place has a bright future; it is difficult to understand therefore why people who have chosen to make their homes here do their best to dissuade others from doing the same.
The path to a free democratic future will not be an easy one and there will be setbacks along the way, but there is a real will amongst the Egyptian people never to return to the old regime and that can only bode well for the future.
I understand much of the negativity surrounding investment in Egypt; there have been many high profile projects where people lost money and this is a major concern if you were one of those people.
However, investing anywhere is never without risk and it is important as a principle to follow a few basic guidelines:
- Do use a good agent with a strong track record in the area you plan to invest
- Do use a good local lawyer; try finding one who comes well recommended
- Do ask your lawyer not just to accept the due diligence but to check it in detail
- Do ask your lawyer to check the contract for any items which are not in your interest
- Do ask your lawyer to check the penalty clauses in case the project is delayed or does not complete
- Be prepared to seek advice from others with a greater knowledge of the area than you have
The recent troubles in Egypt are certainly not a reason not to invest; rather they are an opportunity to get a good deal in a country which has a bright future ahead of it. This revolution has been entirely non secular; Moslems and Christians have stood side by side for a better future, with equal opportunities, more freedoms and less corruption.
There are bad Developers and there will always be bad agents; its the same in every country in the world. However, by following the steps above and carrying out your own 'due diligence' on the people you are dealing with you can avoid many of the pitfalls.
I make no apology for saying that I am an agent myself, operating in Hurghada and representing many other agents overseas. And yes, I have made mistakes but we learn by them and rather than saying 'its a terrible place to invest', we do our best to ensure that the mistakes of the past are not repeated. I am also an Egyptian and I feel passionately that this place has a bright future; it is difficult to understand therefore why people who have chosen to make their homes here do their best to dissuade others from doing the same.
The path to a free democratic future will not be an easy one and there will be setbacks along the way, but there is a real will amongst the Egyptian people never to return to the old regime and that can only bode well for the future.
R
Razanne99
New Member
Ive got my tickets re booked too after Jet2 pulled out of Egypt. Egypt has always been a long term investment and the recent troubles have not helped with market growth, but lets just hope with the new regime in place, things pick up again and we can all go back on mass and enjoy what is a beautiful country with great people.
Propertywatch1 - Im sure their is no need for negativity and we can all help to increase stability.
propertywatch1
<b>Official Photographer</b>
The problems in Hurghada are there for everyone to see and have been for some years now. There are many on this forum that have had their hard earned cash taken from them. without even seeing a finished apartment.
Excuse after excuse from both developer and agent alike leaving many heartbroken. If you have seen hurghada for as many years as i have you would know that this is far from coming to an end.
Yet we still see more developments being started only to sucker more people into leaving deposits on what could be another unfinished project.
From postings on this forum alone you can read of the horror stories of many developments that have big problems before during and after the development stage.
its been a long time on the forum since we have read of anyone looking to invest where a couple of years back every new member who joined asked about developments to invest in.
When was the last time an Agent advertised a new project and would back its progress 100%.
Sometimes it is worth looking back in time over previous posts and you would see that interest in Hurghada has began to tail off.
The major blame for this is false promises from both Agent and Developer .... people just wish to be told the truth ..... its ok to say a project is delayed but be honest about it don't make excuse after excuse.
Remeber and i have said this before ... bricks cement sand cost pennies in Egypt so if you see a project taking ages to get to a stage where it needs the inside finishing ask yourself why. Even ceramics tiles and windows are inexpensive ... if problems arise at any of these stages then money has run out and you have to ask why.
Regarding building documents eg:- land being registered ... land ownership ... building licenses .... proof of no mortgage on the land ask to see these and or obtain a copy .... it is possible I HAVE DONE IT ... i have copies.
Any good Agent worth his fees should have no problem and no excuse to see to it that you have a copy of these documents to ease your mind.
this said in my opinion buying a completed apartment would be a safer way to go. At least you should be able to see the correct documentation by the original owner. At of course the apartment would be free from all the hassle of waiting and wondering if or when it would be finished.
Excuse after excuse from both developer and agent alike leaving many heartbroken. If you have seen hurghada for as many years as i have you would know that this is far from coming to an end.
Yet we still see more developments being started only to sucker more people into leaving deposits on what could be another unfinished project.
From postings on this forum alone you can read of the horror stories of many developments that have big problems before during and after the development stage.
its been a long time on the forum since we have read of anyone looking to invest where a couple of years back every new member who joined asked about developments to invest in.
When was the last time an Agent advertised a new project and would back its progress 100%.
Sometimes it is worth looking back in time over previous posts and you would see that interest in Hurghada has began to tail off.
The major blame for this is false promises from both Agent and Developer .... people just wish to be told the truth ..... its ok to say a project is delayed but be honest about it don't make excuse after excuse.
Remeber and i have said this before ... bricks cement sand cost pennies in Egypt so if you see a project taking ages to get to a stage where it needs the inside finishing ask yourself why. Even ceramics tiles and windows are inexpensive ... if problems arise at any of these stages then money has run out and you have to ask why.
Regarding building documents eg:- land being registered ... land ownership ... building licenses .... proof of no mortgage on the land ask to see these and or obtain a copy .... it is possible I HAVE DONE IT ... i have copies.
Any good Agent worth his fees should have no problem and no excuse to see to it that you have a copy of these documents to ease your mind.
this said in my opinion buying a completed apartment would be a safer way to go. At least you should be able to see the correct documentation by the original owner. At of course the apartment would be free from all the hassle of waiting and wondering if or when it would be finished.
