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Ready to Move In - or - Off-plan - is there a shift in buying attitude ?

Discussion in 'Egypt property' started by dave99, Jan 4, 2009.

  1. dave99

    dave99 New Member

    Is it true that there is currently a shift away from buying off-plan towards buying properties that are actually completed (or just about).

    Is it possible that buyers are looking for more certainty about what they are buying rather than hoping for a good deal because what they are buying is maybe 18 months or more into the future.

    Is this a knock-on affect from late running projects, some of which are being reported on this and other forums, or a consequence of the world situation or what ???

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  2. gordies

    gordies New Member

    I think the majority of people would rather see something complete at the moment. To commit to something that is 18 months away will be seen as a risk bearing in mind worldwide banking collapses and financial restrictions.

    I believe most people would want to see a return immediately and a ready-to-go completed unit would in this instance be more appealing.

    Gordie
     
  3. NeilHollingsworth

    NeilHollingsworth New Member

    I think due to the issues surrounding some projects in Hurghada people are now wary about buying off plan. If you can buy something complete or almost complete where you can actually see the room sizes, quality of finish etc... it makes more sense even if paying a bit more, it is certainly safer and more headache free.
     
  4. thompsonsom

    thompsonsom New Member

    Does that mean you have sold all your remaining apartments then nigel?

    janice
     
  5. dave99

    dave99 New Member

    Now that would be good news

    Hi Janice

    Not yet - but now we have something completed to show potential buyers including our amazing swimming pool, it should be easier to convince people that our quality of finishing is better than many that I've seen in Hurghada.

    What do you think ???
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    Attached Files:

  6. NeilHollingsworth

    NeilHollingsworth New Member

    Whats that in the top right hand corner?
     
  7. dave99

    dave99 New Member

    It's a Water feature

    Its a water feature / fountain that was a gift from our ultra nice and very reliable builder Medhat Roman. He's the guy that's made this all possible and he's giving me gifts, even after I've given him such a hard time to get finished on time !!!.

     
  8. thompsonsom

    thompsonsom New Member

    Is there much room for sunbeds around the pool, doesn't look to be from the picture or is there more room outside of the picture

    janice
     
  9. dave99

    dave99 New Member

    Catch 22 - for space for seating or for swimming

    There is more space in front of my apartment next to the childrens section of the pool, out of view. Difficult decision when it was designed. There is also a set of bench seating along the right hand wall where you can sit when you're wet, or to put towels on. This wall gets the best of the sun in the winter so is a good place to be.

     
  10. dave99

    dave99 New Member

    Safety in buying something that you can see is finished

    It would seem from recent enquiries that many people are considering cancelling late projects and are looking for completed apartments instead.

     
  11. aylina

    aylina New Member

    some advise,for off plan buyers

    Hi there,
    im in real estate business last 6 years, my experiance is mainly real estate sales to foreign property investors in Europe.
    I lived in Egypt,(Elgouna,Hurghada) 14 years.
    Im now buying in Sahl Hashees ,its a good project.

    When you decide to buy off plan you make sure background check on developer ,
    Developer should have cash to complete the project without depending on sales.
    Make sure all legal permissions for development on place,have a good ,trustable local legal adviser etc.

    have nice day all,,,,,,,,,,,,,
     
  12. dave99

    dave99 New Member

    Buying NEW completed - is it safer then.

    NO worries like those noted below if you choose to buy new and completed then !

     
  13. dave2u

    dave2u New Member

    But as we know it is all about location location location............

    I would rather have something coming in late if it is in the right area.

    You can always upgrade your finishing once you have completed.
     
  14. danny

    danny New Member

    I have £20k to spend on a finished apartment in Hurghada, if there is anyone out there who wants a quick sale and cash immediately PM me within the next 7 days.
     
  15. dave99

    dave99 New Member

    What size / location etc

    Danny
    What size apartment and what sort of location would be acceptable, what sort of facilities are you expecting to be included.


     
  16. yorkshire boy

    yorkshire boy New Member

    if anyone is after a 2bed appartment, unfurnished, ready and available now,i may have something of interest to you, please pm me and will send you more details.
    cheers
    john
     
  17. HORIZON

    HORIZON New Member

    The developers are squeezed by the loan situation, as the banks are not giving loans out to them.

    The big developers who have sold at least 5% of their projects, cannot reduce prices, as it would diminish the value of already sold units.

    Alternatively, the individual sellers of key ready properties are free to reevaluate their properties, though sometimes they can find themselves in a loss.

    I myself would not go for offplan projects, unless developer has diversified activities, like Pyramisa Hotel Group.

    And as of key ready, now the prices are stabilizing and getting down, that could continue unitill the autumn.... I would wait till then;)
     
  18. dave99

    dave99 New Member

    Lots of interest being shown in completed developments

    Despite the general economic situation there are still buyers around with cash to spend on completed developments. We have had more enquiries (and sales) since Christmas than in the previous 3 months, which I beleive is because we have something that is no longer off-plan (and it looks great of course).


     
  19. HORIZON

    HORIZON New Member

    Actually it does look good in comparison with the developments around:) Though I was not inside, it seems to be finished to great quality (I was sneaking through open windows while driving by:D)

    Also price and quality combination is very good!
     
  20. dave99

    dave99 New Member

    Nice to have an objective opinion

    Thanks for your comments - the team will be glad to hear that their effort has been worthwhile.
     
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