Resales

[queenie40something]

Just had a response to above

The building is completed and the apartments are ready for immediate occupation.

The electric and water is on meter. I will have to check the cost per unit.

The maintenance charge for Sunny Lakes is EGP 75 per square so for these apartments the annual maintenance will be 65 x 75 = EGP 4875
regards

 

[queenie40something]

Please post here if you have anything that Lou is asking for. This is not a thread for agents to post to contact them.

 

[queenie40something]

Hi Lou - another emailed me today - Sharm Residence 2 bed very very high standard furnished £53,000 - this is on the ring road behind Sierra.

 

[enufsaid]

Any Happy Ending Stories With Resales?

Hi - Have been curious for a long time now about this. With all the new builds going on in both Hurghada and Sharm, does anyone have any good news stories regarding the selling of their property. I don't mean in making a quick profit and then jumping quickly out (e.g. the speculator) but from ordinary people.
There are many new builds in Sharm and Hurghada springing up and just wanted to know if there will be a market for these 'old' properties of ours in say 5-7 years time. In other words - will they still be sellable?
Yours comments would be appreciated - thanks

 

[NeilHollingsworth]

Hi - Have been curious for a long time now about this. With all the new builds going on in both Hurghada and Sharm, does anyone have any good news stories regarding the selling of their property. I don't mean in making a quick profit and then jumping quickly out (e.g. the speculator) but from ordinary people.
There are many new builds in Sharm and Hurghada springing up and just wanted to know if there will be a market for these 'old' properties of ours in say 5-7 years time. In other words - will they still be sellable?
Yours comments would be appreciated - thanks

I have sold a resale on DP2, not built yet but has been resold (well will be when the solicitors decide to speak to each other) had to wait for the contract to be translated in to Arabic, but almost there now and then just a matter of signing.

I think as long as you have bought wisely there will be a resale market.

 

[SuziQ2708]

I think as long as you have bought wisely there will be a resale market.

I certainly hope so

 

[propertastic]

Most Europeans think that us English are crazy for buying property off-plan and are only interested in buying finished units - which means resales.

If anyone has any small but perfectly formed (i.e. not ridiculously expensive - studios are perfect) either firstline or with seaviews or in the good parts of town (i.e. El-Kawser) then please send me full details as we have clients with suitcases of Euros or dollars just waiting to meet you!

 

[distant dreamer]

Hi - Have been curious for a long time now about this. With all the new builds going on in both Hurghada and Sharm, does anyone have any good news stories regarding the selling of their property. I don't mean in making a quick profit and then jumping quickly out (e.g. the speculator) but from ordinary people.
There are many new builds in Sharm and Hurghada springing up and just wanted to know if there will be a market for these 'old' properties of ours in say 5-7 years time. In other words - will they still be sellable?
Yours comments would be appreciated - thanks

Hi,

We purchased a resale property that was several years old in El Gouna a few years ago. At that time there were not hardly any resales available in El Gouna and there were only about half a dozen in our price range. Things have obviously changed now, with quite a lot of resales available, but many of the properties built earlier have the best positions and are in most demand. I also know someone who has purchased an off plan flipped property in Sahl Hasheesh. So some sort of resale market does exist already, but just remember location, location, location!

Regards

Penny

 

[britishegyptian]

Resale in El Gouna

Has anyone bought a resale property in El Gouna?
How do the prices compare to new developments there.
Which website or agent did they go through?

 

[Huda at pyramids]

Resale in El Gouna

Has anyone bought a resale property in El Gouna?
How do the prices compare to new developments there.
Which website or agent did they go through?

Dear Britishegyptian,
I can't say that I bought a resale in Gouna, though I have my info from a very direct source, which I can't share.
The advice I can give to you, is basically stay away from the developer. They have a tactic that keeps all the prices high, so they can push the prices of the off plan up and up and up. They don't do any resales as it is not in their interest. Simply because the profit of the off plan units and the commission for the salesteam is much higher so why would you even try selling a resales unit?

The best thing to do, if you are interested in resales. The best priced resales are under the table. Try to find persons who work, but more specifically life in El Gouna, Egyptians, Foreigners, it doesn't matter. And Talk!! just Talk, and let them know that you are interested in buying a unit. I tell you within 1 week, you've seen at least 5 apartments.
In Egypt it's very easy if you want some thing, or if you need something, tell your neighbours, specially went in comes to business or big things.
This way you do have to pay some commission, but it's like the 9% that the developer puts in his pocket. 6% from seller and 3% from buyer and on top of that a fee to reassign the contract.

Good luck,

Huda at Pyramids.

 

[Georgina]

Has anyone bought a resale property in El Gouna?
How do the prices compare to new developments there.
Which website or agent did they go through?

I bought my apartment as a resale in El Gouna in 2003.

There are many companies offering resales here in El Gouna but I am not sure if I can post the links as it would be advertising for them. I will try as a separate post.

Also there are many private resales.

Prices are high in El Gouna as it is such a beautiful place to live.

 

[Georgina]

There are many companies offering resales here in El Gouna but I am not sure if I can post the links as it would be advertising for them. I will try as a separate post.

.

This is the main website for El Gouna:
El Gouna

El Gouna was built by Orascom and here is their resale website:
Properties Search Results

These are just two private resale companies operating here:
Magic Property Management & Rentals: apartments and villas for holidays in El Gouna - Egypt
El Gouna Immobilien

 

[M Butler]

El Gouna Resales

We bought a villa in El Gouna in June 2008 from the Orascom resale dept who are based in the Abu Tig Marina.
I think up until very recently, resales did not have a high profile with Orascom but they have, I think, now realised that there is a bob or two to be made in this area. They now have a separate department that deals solely with resales and have started to produce a glossy brochure with all properties for sale directly from Orascom.

Orascom get 3% of the original selling price for every property sold in El Gouna so it doesn't matter who you sell through, they will still get their cut. As for the other 6%, I don't how this compares with other estate agents in the Red Sea area but Orascom would appear to be more proactive in chasing properties in the resale area.

Margaret

 

[Huda at pyramids]

We bought a villa in El Gouna in June 2008 from the Orascom resale dept who are based in the Abu Tig Marina.
I think up until very recently, resales did not have a high profile with Orascom but they have, I think, now realised that there is a bob or two to be made in this area. They now have a separate department that deals solely with resales and have started to produce a glossy brochure with all properties for sale directly from Orascom.

Orascom get 3% of the original selling price for every property sold in El Gouna so it doesn't matter who you sell through, they will still get their cut. As for the other 6%, I don't how this compares with other estate agents in the Red Sea area but Orascom would appear to be more proactive in chasing properties in the resale area.

Margaret

Hi Margaret,
I'll lift the veil, I used to work for Orascom and left them about a year ago.
Maybe things changed in the meantime, but back then they used to:
- take 3% from the original salesprice, (which is the price stated in the salescontract which will be reassigned.) This is a fee for the reassignation.
- take 6% commission from the seller for finding a buyer
- take 3% commission from the buyer for finding a property.

So it's used to be 9 % from the salesprice agreed between buyer and seller, plus the reassignment fee
So depending on the capitalgrowth of the property the profit for Orascom varies between 10 an 12%.
That is how it used to be and of course that ended in a situation that people didn't offer through Orascom anymore and properties that were offered through them didn't get sold.
But I understand that the wind has changed, and it became time. Orascom lost a lot of business because of this ridiculous stragety, they felt that they had a monopoly, which in that time they truly had. No company inside El gouna was allowed to do any resale. Only one company officially did it, and they ended up being thrown out of El Gouna after a disagreement.
But they only had a monopoly above the table, so under the table was the place to search for affordable properties. And then people went to Orascom and claimed that there was nobody else involved in this sale and the buyer and seller met eachother in Tamr Henna on a sunny day.

It's good that finally the wind has changed and this ship is sailing in a different direction. though I have to admit that I'm still very curious to the realistic resale figures. How much did Orascom really sell??
I think it will always stay a mystery.
All I can say that in the time I worked there, which was about 10 months, 1 property got sold. 1 in ten months

Allahualam

Warm regards,
Huda

 

[lyndsay552]

Has anyone bought a resale property in El Gouna?
How do the prices compare to new developments there.
Which website or agent did they go through?

Hi Britishegyptian

I have a one bedroom apartment for sale in El Gouna in an excellent location. Please check out my website for further details.

Lyndsay

 

[realestatemart]

We bought a villa in El Gouna in June 2008 from the Orascom resale dept who are based in the Abu Tig Marina.
I think up until very recently, resales did not have a high profile with Orascom but they have, I think, now realised that there is a bob or two to be made in this area. They now have a separate department that deals solely with resales and have started to produce a glossy brochure with all properties for sale directly from Orascom.

Orascom get 3% of the original selling price for every property sold in El Gouna so it doesn't matter who you sell through, they will still get their cut. As for the other 6%, I don't how this compares with other estate agents in the Red Sea area but Orascom would appear to be more proactive in chasing properties in the resale area.

Margaret

Hello Margaret its me George how is life, been long time for me away from the forum and wanted to saly hello to you

 

[realestatemart]

Has anyone bought a resale property in El Gouna?
How do the prices compare to new developments there.
Which website or agent did they go through?

Now in El Gouna there is many resales available and almost same price with new developments but sure all these resales in much better location, as new projects is so far from the sea and sure you can use it as soon as you buy it specialy if you use it for investment

 

[M Butler]

Hello Margaret its me George how is life, been long time for me away from the forum and wanted to saly hello to you

HI GEORGE,
I was wondering where you were.... We are doing fine and settling in nicely to El Gouna.
I have just come back tonight from Scotland - moving into another house - and I am really happy to be back.

How are things with you and your family?

Margaret

 

[realestatemart]

HI GEORGE,
I was wondering where you were.... We are doing fine and settling in nicely to El Gouna.
I have just come back tonight from Scotland - moving into another house - and I am really happy to be back.

How are things with you and your family?

Margaret

We are doing fine, my daughter Jenifer is 3 month old now and she is so funny these days but gives me hard time to sleep and business is ok

 

[nwilliams]

hi i have seen some one called colour investments based in surrey they are advertizing i bed for £10000 but not ready till 2010 how do i know they are cosher they want £2700 dep and the rest in a few weeks