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Shared Ownership in Hurghada

Discussion in 'Egypt property' started by dave99, Nov 20, 2007.

  1. dave99

    dave99 New Member

    Shared Ownership in Hurghada - interested !!!

    ..

    Just picked up this post from another forum.

    Posted by clayton
    Hi Everyone,

    I read a few weeks ago in The Mail ( which is published here in FL) that SharedOwnership is becoming popular in British people wishing to share villas, etc..
    Does anyone know of any companies that specialize in this ?
    We would dearly love to own a European villa ( anywhere warm) however would not need to use it all year round and would not want the hassle of renting it out.

    A 4 couple share would be ideal to split the weeks and use it when its your turn,

    Any info would be appreciated,
    Thank you


    I also would be interested to know if there is any interest in this idea since it is something that I've been considering offering at my development.

    .

    .
     
  2. awahee123

    awahee123 Banned

    It may be a good idea once prices go beyond our reaches,at the moment i'd be surprised to see a lot of reaction to shared ownership,Maybe in the near future.
     
  3. RedSeaVision.com

    RedSeaVision.com New Member

    In America we call them "Times Shares", but they don't have a very good reputation.
     
  4. Peter Mitry

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

    The new trend is Fractional Ownership; not like time share at all, normally four people club together to buy a villa on a shared basis with contractually agreed terms for use and maintenance. Its getting popular now in Spain where villa prices are so high and I can certainly see the advantage in Egypt where most people will use their villa purely for holidays rather than to live in. Fractional Ownership properties can also link in to RCI to get the benefit of exchanging weeks for other places. The difference is with FO each person actually owns the title to their share of the property.
     
  5. awahee123

    awahee123 Banned

    Yes I agree with Peter I dont think this is timeshare it is definately part ownership, i'm sure it will come about in Egypt.
     
  6. dave99

    dave99 New Member

    Anybody know the legal implications in Egypt

    Anybody know the legal implications in Egypt.

    This seems like great idea, especially if say upto 4 families are involved, any more would get a bit tricky I think.

    ..
     
  7. Lsab

    Lsab New Member

    I was looking through some of the older threads and came across this one, so thought I'd add my bit!

    I would assume that it is happening now in egypt because last August I received some information about an investors club that had reserved 100 appartments in one of the developments in Hurghada. The deal looked really interesting but we weren't looking to buy in Egypt at that time. The most interesting thing was that they were offering fractional ownership so that, then, it was possible to buy a quarter share in a studio for just over £5,000 and as little as just over £9,000 for a quarter share in a 2 bed. Of course these prices will have gone up by now, but it's food for thought.

    I wonder if anyone visiting this site has purchased this way.
     
  8. this shared ownerip i didn't hear about it in hurghada, do you know which project is doing shared ownership????
     
  9. Lsab

    Lsab New Member

    When I got the information they didn't actually name the site but having had a look around and compared photos, I'm pretty sure it's the Lotus development near Sindbad Aqua Park. As I said, it was an investors club that bought up a sizable amount of the appartments. Can't even be sure if it all went ahead though I see no reason why not.
     
  10. Peter Mitry

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

    Its an interesting concept and prompts some people to compare it with timeshare. However, the reality is very different as it is often four friends or business associates who buy a quarter share each and the true costs of maintaining the property are simply divided by four. The 3 month allocation rotates by a quarter each year; so if you have the winter months this year, next year you will get spring and the following year summer, so ownership values remain even.
    I understand that with some fractional ownership schemes there are even the opportunities to exchange your time for other properties in other parts of the world.
    I am surprised that it has not taken off amongst British owners but I think it is only a matter of time. As property prices rise it may be the only way for many families to 'own' their holiday home.
     
  11. Lsab

    Lsab New Member

    Hi Peter,

    Yes, that's it exactly! Fractional or shared ownership is absolutely nothing to do with timeshare. I think more Brits are going for it these days - I think there was a piece in a recent 'Place in the Sun' magazine about someone purchasing that way in Portugal. It's an ideal way of buying more than you would otherwise be able to afford. I'm not sure if it would work well for investment only but then if the other owners were in it for the same reason, why not? Have you heard anything about it in Hurghada?
    Linda
     
  12. Peter Mitry

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

    Not yet; really it is up to an enterprising agent or developer to find a suitable contract which adequately covers the legalities of ownership. I have been asking but so far not found one. There must be a lawyer somewhere who has drafted such a document that would simply need to be tailored to the buyers and the project in question. Maybe Zeiad has come across this?
     
  13. I think this will be difficult in hurghada, as its already not easy for lawyers and to find good lawyers to do such contracts yet, plus how you will devide the property??? each owner select his months or how it works??? then will be fight for xmass period who will use the property ;)
     
  14. don't think so
     
  15. Peter Mitry

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

    It works very well and would work in Egypt just like anywhere else; time allocation is on a rota as stated earlier.
     
  16. Thanks Peter, but don't youhink its still too cheap in EGypt to go in this direction of sharing????
     
  17. Peter Mitry

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

    Its not what I think that matters; if four friends choose to buy a bigger property so that they can each use it for three months then they will do it anyway. As agents we will not sell a quarter of a property, we will be approached by groups of four people who want to buy a whole apartment.
     
  18. cathegypt

    cathegypt New Member

    you ban also buy land and share it ,on one land 1000sq you can build on 30 % and be in private and nice district
     
  19. Peter Mitry

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

    Welcome to the forum Cathegypt. Have you actually done this or do you know someone who has? I would have thought that it was just a case of putting all of the names on the contract.
     
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