Will hurghada have oversupply of beds ?

[Home Buy Overseas]

I wouldn't call Coral Sea Pearl low-end - I would call it midmarket.

I think it's a fine development - in a better location than Hurghada Village and Paradise Hills. Lotus Breeze might have the edge on it - it's open for debate.

As for buying another, you're looking at GBP400/m2 anywhere in this area - if you're quick. These prices aren't going to last so much longer.

i must admit, lotus breeze does look asthetically better than coral sea pearl

coral sea pearl looks on it cgi's to be more confined whereas lotus breeze seems more spaced out and more like a resort location.

id love to be able to buy more but i have invested cash in to this and dont want to overstretch myself ... id love to purchase at palma resort that looks real nice .... mind you a massive attack song springs to mind " just be thanful for what you got" i can only afford what i can afford and thats that.

whats your involvement in this propatastic u an agent , u purchased there both even??

 

[propertastic]

whats your involvement in this propatastic u an agent , u purchased there both even??

My first involvement was writing the book, details of which you can find in my signature.

It went down so well that a lot of people were asking me for advice about property, recommendations.

I started referring people to developers and then realized that I might as well go the whole hog and set up a proper agency and make it into a day job.

So that's me - 'The Accidental Agent'!

The thing is though that, because of the connections that I made while researching the book, I pretty much know all of the developers. This means that, unlike most agents that only have two or three properties to offer, I can offer pretty much anything in Hurghada - there's about 40 different developments that I know of.

I've always been pretty opinionated, as anyone who's read the book will know. So if I like something, I'll tell it like it is and if I think something is bad value, I'll tell it like it is - and offer a vast array of facts and figures to back up my thoughts.

You know these football fanatics who love to spew out facts and figures about who in the Premier League had most shots on target in 2003? I'm a bit like that but about Hurghada property.

So there's nothing I like more than when someone says that they need a three-bedroom apartment with guaranteed sea views that's completing before Feb 2009. That gives me something to get my teeth into!

Personally I am trying to get the money together to buy into Regency Beach, but I fear that I'm running out of time now as it looks like it'll all be gone in a couple of months.

 

[awahee123]

So does anybody have any thoughts on whether they think Hurghada may end up with an oversupply as beds maybe some thoughts from the newer members would be good.

 

[Home Buy Overseas]

So does anybody have any thoughts on whether they think Hurghada may end up with an oversupply as beds maybe some thoughts from the newer members would be good.

i doubt this.

This is a different proposition to lets say spain and bulgaria.

the increase in tourism is less speradic and is governed to commensurate levels of tourism increasing.

egypt is more discerning in my opinion and has less of generic appeal. I dont forsee the bucket and spade brigade coming.

there is allround sunshine. diving , culture and superb beaches..

i dont think the rate of build will be like that of dubai either, hence the builds going up will cater for increases in tourism as expected...

flights are also not that cheap so that will limit build too

 

[Peter Mitry]

I agree with your comments Wayne; Egypt is unlikely to have an oversupply of beds, at least in the short term. Hotels are working on 90 -95% occupancy and as owner occupiers begin to take over their apartmrents this will give different self catering options to those who prefer it. But in my view oversupply is a long way off.

 

[jill]

regency continental

hi we are going to hurghada 28th march to view property has anyone bought an apartment at regency continental we were interrested in this as it seems a small development or if anyone is there at the same time as us and are living in the area that we could ask questions etc we would be most greatful if we could meet up with you

 

[Julia_Hulia]

i think NO - hurghada will not have oversupply of beds coz they have to care about quality of these apartments as i know there is a lack variety of apartments for rent with nice furniture but lots of dirty flats with disgusting furniture... but they don't care...

 

[Julia_Hulia]

hi we are going to hurghada 28th march to view property has anyone bought an apartment at regency continental we were interrested in this as it seems a small development or if anyone is there at the same time as us and are living in the area that we could ask questions etc we would be most greatful if we could meet up with you

regency intercontinental located at te end of the new bi promenade... on the other road from hilton... the building looks nice but the area around all in developments... and there is no supermarkets.... but in one year may te situation will change... cos location is nice as i think but not at the moment...

 

[Thediver]

3 bed appt ..............still looking.........big shortage of beds, more like

 

[jill]

hi thanks for that just come back from hurghada and went to view intercontinental seems a bit out of the way at the moment but like you say in a few years properly very nice location so we bought one at regency towers we really love the property and location and only short taxi ride into the old town cant wait to go shopping and buy lovely fresh fish !!!! we should be going out in july for several weeks regards jill

 

[realestatemart]

hi thanks for that just come back from hurghada and went to view intercontinental seems a bit out of the way at the moment but like you say in a few years properly very nice location so we bought one at regency towers we really love the property and location and only short taxi ride into the old town cant wait to go shopping and buy lovely fresh fish !!!! we should be going out in july for several weeks regards jill

congtatulation Jill wish you all the best
Regards
George

 

[jill]

congtatulation Jill wish you all the best
Regards
George

thank you so much regards jill

 

[Sanchez]

Hi all, I have just read this thread from start to finish.
It's and oldy but a goody, as they say.

I'm doing quite alot of reading ( including oldish threads ) as part of my research for my next purchase. I'm an owner in El Gouna at the moment.

This thread discusses the possibility of oversupply, and it is once thing I have thought about as well. The Gamsha Bay developement will be massive ... something like 15 000 units ....???

My thoughts on the oversupply of both rental return and resale in the Hurghada area ( including Sahl / El gouna etc ) is that you need to try and look for something a little unique to that property to make it more desireable.
Things like sea views / beach front are always more desirable no matter which country you are investing in. A dark little one bed tucked away in the back of a 1000 unit complex may be a little harder to market.
The flip side is that you normally pay a premium for the more desirable properties. If you can stretch your budegt though, it's definately worth it.

Anyway, just a few thoughts, and happy investing ... : - )

 

[jimlin]

Has anyone any updated info on The Paradise hills complex, I have a small unit their which is very nearly complete, but am having difficulty getting an update from the developer.

Many Thanks

 

[Peter Mitry]

Reflections

Hi all, I have just read this thread from start to finish.
It's and oldy but a goody, as they say.

I'm doing quite alot of reading ( including oldish threads ) as part of my research for my next purchase. I'm an owner in El Gouna at the moment.

This thread discusses the possibility of oversupply, and it is once thing I have thought about as well. The Gamsha Bay developement will be massive ... something like 15 000 units ....???

My thoughts on the oversupply of both rental return and resale in the Hurghada area ( including Sahl / El gouna etc ) is that you need to try and look for something a little unique to that property to make it more desireable.
Things like sea views / beach front are always more desirable no matter which country you are investing in. A dark little one bed tucked away in the back of a 1000 unit complex may be a little harder to market.
The flip side is that you normally pay a premium for the more desirable properties. If you can stretch your budegt though, it's definately worth it.

Anyway, just a few thoughts, and happy investing ... : - )

Hi Sanchez I just re read your post from last June and I have to say I agree with your thoughts completely. At the time you wrote this none of us were thinking that the credit crunch would have any impact here. However it has polarised the market; there is still a demand at the bottom end of the market for the less expensive town centre properties and there is always a demand at the top end for quality beachfront.

A new arrival is that of Fractional Ownership, a system whereby you can now own a 25% share of a front line beach property for the price of a town centre studio.

Fractional differs from timeshare as price for the property is not inflated and the four owners share the costs equally. Your ownership carries a title deed and you can sell your share whenever you want. All shares rotate evenly to give everyone an equal share of the seasons.

Fractional has been huge business in the USA for years and last year was worth 1.9 billion $. All sorts of goods are sold fractionally from Ferrari's planes, helicopters and speedboats to designer handbags!

 

[HORIZON]

Hey jimlin,

There was a thread somewhere in the Forum called Paradise Hills saying that the developer went bankrupt

From my experience there was not much movement with finishing here at all and people who bought are complaining they cant get electricity connected in finished apartments. After the development figured out to be blocked by other development in front, losing sea view, the sales I presume dropped drastically.

 

[jimlin]

Paradise Hills

Many Thanks Horizon, I have recently been advised that my unit . was complete, will look out for thread and you mentioned and request reassurance from lawyer who has been advising me on progress, that developer is solvent.

Regards

 

[jimlin]

Update just recieved from lawyer,

The Developer of Paradise Hill has added some extra facilites to the complex.
1-A Heated Swimming Pool
2-Two Jacuzzi's on the roof, from where you can get a view of the sea and all Hurghada.
3-A generator has been added to cut in in case of Electricity Power cuts, especially to give permanent lighting to the stairs, roof and pool area.
4-The lifts have been installed with 10 Horse Power, instead of 8.
5-Automatic Doors have been fitted.

Also heard from developer direct that he will be issusing details of furniture packages etc within next month or so.