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Looking for some feedback

Discussion in 'Egypt property' started by JMBroad, Feb 13, 2008.

  1. JMBroad

    JMBroad New Member

    Hi all, been a participant on these forums for quite a while - talked with a few of the regulars here both on and off the boards for some time too.

    Quick Bio: I'm originally from the UK but have been moving around Europe with my family since I was 8 - career wise I worked mainly in tourism and hotel trade at senior management level until I decided to quit the rat race and move to Spain to work in real estate to do something different - ie have a social life.

    I currently work for an international real estate agency based in Spain researching markets and sourcing investment product. I never promote product on the forums and am not involved in sales myself - ie don't have direct contact to clients on or off the board - I am normally only in daily contact with developers, partner agencies and the sales team. So much so that I don't publicly advertise which company I work for (although several people from the board know me personally and know which company I work for). I don't hide it either so if you really have to know, send me a pm and I don't mind answering.

    I participate on these forums to get different perspectives from investors, developers and even other agents and to keep a weather eye on different opportunities which may present themselves.

    On the forums I've been mostly participating in the Spain, Portugal, Germany and Brazil threads - as those are the countries I've been most active in, however I've recently read through a lot of the Egypt threads with great interest - superb community feeling on here and look forward to the chance of joining in on the forum meetings if there is one going on when I get the chance to visit Hurghada.

    Ok, Boring intro over - now for a couple of questions - I look forward to your opinions:

    1) Hurghada
    2) Sahl Hasheesh

    From what I've read on here and comparing prices from developers, Hurghada seems to be a lot cheaper with regards to price/m2 - which can be expected when comparing a resort to a town/city location. However the lowest prices in SH seem to be on par with the highest prices in Hurghada, and in many cases, prices in SH are double the prices of Hurghada property.

    Having not been out there myself yet - is that difference really justifiable? I saw Peter's post recently about European prices for European investors. What is the reason for the difference in price - is it the infrastructure, facilities and amenities or is it the construction quality or (as someone earlier mentioned) the security factor? Or is it the European atmosphere (ie nationalities packed together).

    Also, regarding Sharm - Having read some of the historical data on the Sinai Peninsula's and the fact that most "risk-assessment" websites (including the UK Foreign Office) indicate that the vast majority of incidents are on the Sinai Peninsula and around the Gulf of Aqaba - how safe do you feel in Sharm?

    Look forward to reading your opinions.
     
    Last edited: Feb 13, 2008
  2. dave99

    dave99 New Member

    See threads on Sahl Hasheesh

    This sor of question is alreday well covered on this forum

    maybe try searching for them.

    I think there was also a poll.
    ..
    .
     
  3. Peter Mitry

    Peter Mitry <B>Egypt Forum Founder Member</B>

    Hi John and welcome to the forum; Sahl Hasheesh is quite simply a world class resort which has already been eight years in the making and construction will almost certainly continue for another 5 or 6 years. Many people wanting to experience Egypt would never consider a Resort like this; it will be a totally protected place where you will be shielded from the hustle and bustle of the bazaars and street traders. However, from an investment standpoint there isn't a day goes by without more value being added to properties in Sahl. The new Marina, Serrenia, the shopping malls and entertainment facilities, the sunken city and the proposed 11 championship golf courses will all continue to add value for the forseeable future.
    Downtown Hurghada is a completely different proposition but in many ways the same rules will apply as elsewhere in Europe; front line beach will always be in most demand and second line developments will be judged on facilities provided and access to popular amenities.
    Wherever you invest the market is comparable with Spain 30 or 40 years ago and we are right at the beginning. Even though Sharm is leasehold most 99 year leases are renewable and many people are looking for opportunities to invest there too. The Egyptian market is definately one to get into sooner rather than later as to wait will mean that many people will have missed out on the best opportunities.
    Rental returns will follow in the future as tourist numbers grow and the balance changes from all inclusive hotels to property ownership. However, with hotels at 90%+ occupancy all year round there will still be a market for sensibly priced and promoted private lets.
     
  4. JMBroad

    JMBroad New Member

    Thanks I did search for them but although several discussed individual options I couldn't find one which compared the two directly. I'll try looking for a poll - see if that helps.

    Someone recently gave me a comparison which pretty much sums it up but I guess I'll have to wait until I can get out there to "feel" the difference.

    Thanks for the info, Peter
     
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