Will hurghada have oversupply of beds ?

[propertastic]

I've never been to Latvia but I know my mate had his stag party there as well, are everyday things cheap?.
My friend said it was very reasonable for drinks LOL

Not so much any more. Inflation is now the highest in Europe at 13.5% and prices in the centre of the city are aimed more at visiting foreigners than the locals.

 

[dave99]

Thanks - just like the UK then !!!

Quite nice until FHM voted it 'Europe's best stag party destination' in 2005, which resulted in RyanAir jetting in planeloads of football hooligans in every weekend, who make such a nuisance of themselves that the locals are sicked and tired of them.

It gets a bit chilly up here in winter as well.

And the property market has been dying since last March.

But, apart from that, it's quite nice!

Thanks - just like the UK then !!!

.

 

[awahee123]

Hi Nick,

Wow inflation rate looks crippling...Is out of town still reasonable?.

 

[propertastic]

Hi Nick,

Wow inflation rate looks crippling...Is out of town still reasonable?.

Well it started off being very cheap, but with the inflation rate, it's catching up with the rest of Europe really fast.

Prices are cheaper outside the capital for sure (similar to most countries). Property did go through a boom but now prices are sliding fast (which is a shame because I own property in the country's #3 city which increased very fast for a couple of years but has now gone back down a lot).

 

[dave99]

Do they "package" stuff

Here's a new rental agency that seems relatively efficient in my first dealings with them:

Red Sea Rentals ~ Self catering sea view properties and more ~

Do they "package" stuff like transfers / flights / insurance etc.

.

 

[propertastic]

Do they "package" stuff like transfers / flights / insurance etc.

.

No, they're a small company.

No way a little guy in Hurghada is going to match the clout of one of the big internationals for making package deals.

 

[dave99]

looks risky for long term planning

Well it started off being very cheap, but with the inflation rate, it's catching up with the rest of Europe really fast.

Prices are cheaper outside the capital for sure (similar to most countries). Property did go through a boom but now prices are sliding fast (which is a shame because I own property in the country's #3 city which increased very fast for a couple of years but has now gone back down a lot).

looks risky for long term planning

..

 

[propertastic]

looks risky for long term planning

..

This is what leading economists and the Head of the European Bank are saying too. They are saying that the economy is fast approaching meltdown and they might have to value the currency by a third against the Euro.

As most people have mortgages in Euros, this will be rather bloody. It's exactly the scenario that caused the run on the Argentinian Peso a few years back.

 

[Peter Mitry]

Hi Guys! Just a reminder that this thread was meant to be about whether or not Hurghada has an oversupply of beds!! Interesting though Latvia is its a long way from Hurghada and no where near as hot!!

 

[awahee123]

You are right Peter it is sorry..
It's easy to get side tracked on the forum.

 

[Peter Mitry]

We heard a little while back from Chandra who was setting up a rental agency to manage rentals in Sahl Hasheesh. I was wondering if this idea has gone any further as I am sure that many people will be interested.

 

[awahee123]

I think Chandra is still going ahead with it however no new info at the moment.

 

[amarshak786]

Newbee

Hi

I am looking at buying a three or two bedroom apartmant in Hurghada i have looked at the Pearl Vista complex being developed by World wide developments.

This is the first time i am investing abroad and i am a bit nervous i was wondering if anyone on the board could provide advice regarding Hurghada property market. Also i would like to rent the apartment out what kind of returns some of the investors getting and are there any agents were i could rent through.

I know this is a lot to ask but i want to do my home work before i dive in.

Thanks

Amar

 

[propertastic]

You sounds like the perfect customer for my book if you want to really check out the market in Hurghada.

Pearl Vista is not in there though as it was only announced this week.

But most of the other competing developments are covered.

You can find out more details at:

Propertastic! Hurgada report page, complete Egypt Red SEA Real estate report

 

[hiszein]

hurghada

I can help you in any info you want , also think of sahl hasheesh its gr8 investment too , I can also help in Hurghada.
Hisham
Arab Real Estate Guide
[email protected]

Hi

I am looking at buying a three or two bedroom apartmant in Hurghada i have looked at the Pearl Vista complex being developed by World wide developments.

This is the first time i am investing abroad and i am a bit nervous i was wondering if anyone on the board could provide advice regarding Hurghada property market. Also i would like to rent the apartment out what kind of returns some of the investors getting and are there any agents were i could rent through.

I know this is a lot to ask but i want to do my home work before i dive in.

Thanks

Amar

 

[hytham medani]

hello,

what is the problem with you are talking about, actually i see no problem, the economy is doing ok. the wheather is great. do not talk to me about terror because it is every where and london is one of them of course. a large amount of the people who did the attacks in the 90s now confess that they wrong to do so (it is published in the press so you can check it by yourself). the tourism industry is growing with almost a double digit every year especially for the uk market. sahl hasheesh could be one of the greatest places when it will finish. there are buildings in sahl hasheesh which are mainly sold to uk people. these resorts should have demand from the english regarderless of the whole demand in egypt. pyramisa has its 900 rooms project in sahl hasheesh and is starting to build another hotel and residential buildings. come on guys , what should we worry about in sahl hasheesh is that development should be faster than that. i wish to go to sahl hasheesh and find tourists near the beach and shopping at night, that is when surely we are going to make money. please correct me if i am wrong

 

[Peter Mitry]

Welcome to the forum Hytham; perhaps you would like to tell us a bit about yourself in the Introductions thread?
I agree with you about Egypt as a holiday and residential tourism destination. Resorts like Sahl Hasheesh will be absolutely amazing when finished.

 

[Home Buy Overseas]

complex versus complex

With the thousands of apartments coming online in the next few years in Sahl Hasheesh ,hurghada town and on the road to el gouna plus the dozens and dozens of new hotels will this drive down rentals. as competion grows for beds in he self catering market in hurghada and the 5 star beach front hotels offer fantastic all inclusive deals to compete with Sahl Hasheesh will investors struggle see any return on there investment

my good lady wife and i are purchasing a studio apartment in the coral sea pearl complex. i have plumped for this because of its good location its a good price and it offers us as inexperienced purchasers a foot on the ladder and rental potential.

with other complexes on the go at the moment there such as lotus breeze hurghada village paradise hills , i have two questions

1. how do you think my complex rates against the others i have mentioned?
2. what potential do you think there would be for other low end developments to enter the market as i would like to think i could afford to buy another??

 

[Home Buy Overseas]

I've never been to Latvia but I know my mate had his stag party there as well, are everyday things cheap?.
My friend said it was very reasonable for drinks LOL

i went to estonia 2 years ago.. tallinn is a quaint fantastic little place

we went mid winter and i even thought of investing there.. residential apartment complexs were too dear for me there ... in comparison to egypt

my 15k savings have bought me a little bolthole in the sun where temperatures reach 40c plus and its a really relaxed lovely place

im kinda renaging on my commercial rental intention having thought that hey
i have a property in the sun.. it may be small but its mine..
its gotta be worth more than 15k just for that reason alone

 

[propertastic]

with other complexes on the go at the moment there such as lotus breeze hurghada village paradise hills , i have two questions

1. how do you think my complex rates against the others i have mentioned?
2. what potential do you think there would be for other low end developments to enter the market as i would like to think i could afford to buy another??

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.