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Selling apartments in Hurghada

Discussion in 'Egypt property' started by robynellis, Aug 25, 2008.

  1. robynellis

    robynellis New Member

    Hi

    I've bought an apartment in Coral Sea Pearl and am now considering selling this prior to completion next year.

    Can anyone advise me if this is possible and how best to do so?

    I have paid the initial 40% and have also purchased the furniture and air con package, since purchasing the apartment the value has increased considerably so I want to sell it for a price that reflects the rise.

    Am I permitted to sell my penthouse studio apartment fully furnished? If so how do I do it?

    Any advice will be hugely appreciated.

    Thanks
     
  2. NeilHollingsworth

    NeilHollingsworth New Member

    Yes you can sell it, you need to get a letter from WWD saying they are are happy for you to sell it. You then find someone to sell it for you or do it yourself, once a buyer is found you both instruct solicitors. They will then carry out a contract re-assignment, the buyer takes over the contract to pay the 60% and you get the balance of whatever you have sold it for minus the 60% plus agents and solicitors fees.
     
  3. robynellis

    robynellis New Member


    Thanks very much for your quick response. So as long as a I have a letter of approval from WWD I'm fine to sell it on?

    Do you have any idea how much the solicitor fees would be roughly to reassign the contract?

    I wouldn't want to sell for any less than £25k including the furniture package so if someone were to buy, they'd keep the 60% of my purchase price which is around £10k to pay WWD on completion and pay me the other £15k?

    Also could you recommend a good agent with reasonable fees?

    Sorry to ask so many questions, I'm rather clueless when it comes to the resale of properties.

    Thanks
     
    Last edited: Aug 25, 2008
  4. NeilHollingsworth

    NeilHollingsworth New Member

    Thats what the forum is for, asking questions so no problem. You are right in your post the buyer keeps 60% to pay WWD on comletion and you get the rest. The solicitor fees will vary depending who you use, i can recommend Loic @ MaxGold Partnership he is completing a resale on DP2 at the moment, so knows the system.
     
  5. robynellis

    robynellis New Member

    That's fantastic, thanks very much, can you recommend a good estate agent with reasonable fees?
     
  6. NeilHollingsworth

    NeilHollingsworth New Member

    You will struggle as the agent can make much more money selling new ones unless they charge you the same and if so you will probably not make any money at all. I have taken a few resales on for a minimum fee however i am not dealing too much with WWD properties at the moment.
     
  7. Lsab

    Lsab New Member

    If he is taking on resales, I would highly recommend Neil.
     
  8. robynellis

    robynellis New Member

    I thought that would be the case, thank you very much for all your advice you've been very helpful.

    Would you consider taking on the resale of my apartment? If so I would be extremely grateful for further info with rgeards to what I'd need to do to arrange this and an estimated figure in relation to your fees.

    I have taken loans out to fund the property purchase/furnitre package upto this stage therefore I am simply hoping to break even and cover my costs, that's why I was hoping to sell for approximately £25k. I do think however that this amount is reasonable when taken into account that the buyer will get a fully furnished penthouse studio. Do you consider this price reasonable?

    Thanks very much again for all your help.
     
  9. NeilHollingsworth

    NeilHollingsworth New Member

    The price depends on location within the complex and how quick you need to sell it, if you have a pool facing studio and there are no more available then you will be in a good position to ask a good price likewise if you are in no hurry to sell and can holdout for the best price offered. So there are several factors to take into account, if you want to email me the details i will give more specific advice. Not sure if i am in aposition to take it on as i already have a few but will see if i can help.
     
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