Is offplan dead in Egypt

[dave2u]

with all thats gone on the last few years have all the uk buyers and others now turned there backs on off plan.you can trust no one do not part with a penny untill you have the keys and a finshed complex

 

[NeilHollingsworth]

with all thats gone on the last few years have all the uk buyers and others now turned there backs on off plan.you can trust no one do not part with a penny untill you have the keys and a finshed complex

Hi Dave, I think the majority of off plan is dead however I still believe there are good developments out there and people really need to do their homework. Don't go for something really cheap or offering rental guarantees, if it sounds too good to be true.............

If you look at Sunset Pearl in Sahl Hasheesh, people bought off plan around 3 years ago, it has taken a long time, there have been many ups and downs including missing people in air accidents, missing millions etc, etc... but apartments are now being handed over see photographs below. I think the Egyptian government needs to step in and close a few of the cowboys down so the good honest developers/builders can get on and let the Hurghada property market realise the huge potential we all know it has. However, the prices have to be kept in line with the country, the standard of finish needs to be improved, the overall buying process legalised and made more transparent and cowboy solicitors closed down.

 

[Alan Cockayne]

Reputable developments

with all thats gone on the last few years have all the uk buyers and others now turned there backs on off plan.you can trust no one do not part with a penny untill you have the keys and a finshed complex

Neil is quite right in that the reputable projects are usually part of a major hotel and management complex. Sunset Pearl is a good example as it is associated to Pyramisa a well established Egyptian company known wordwide.

One has to look at the success of El Gouna Estates to know that under the present economic climate, simple off-plan Egyptian residential developments with Egyptian management offering rental guarantees will never meet the contract specifications. They simply do not have the skills, standards or money to fulfil investor needs.

While demand was high, prices rose.... Dubai are reducing prices by 30% to complete standing contracts, however Egypt will not be sensible and follow. Blinkered by the many visitors they see arrive for holiday vacations, unaware that hotel facilities are a necessary motive to satisfy customers, they blindly offer paper projects to unwitting investors in the hope they part with money.

We believe the global financial crash has made people more aware of scams and unprofessional services.....
Please do not make 2010 another year of calamities. Do your homework and try to be more careful with your funds.

A Happy New Year to to all you readers.

Alan - Coralife-Style Consultants.