posted
I don't know anything about this British firm based in London, but I thought their overview of buying a property in Egypt looked useful and clear:
(But it doesn't mention the Red Sea rules which I gather from this forum are a bit different).
Posts: 5593 | From: Egypt | Registered: Dec 2005
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posted
The property market in Sharm? Well, I wouldn’t. Not through Sharm anyway. There are lots of European agents, where you’ll be better protected against the problems that may occur (registration, late delivery, over priced furniture packages etc). There will always be an element of mis-selling in Sharm, as very few are trained, as the law does not require this. Most of the agents have gone there as they see an opportunity to persuade Europeans to part with cash they could only ever dream of having access to. They can talk the talk, and make you think you are getting a good investment opportunity, but the truth is, no-one knows what will happen in Sharm, and fewer are close to been qualified to comment on the property inflation, potential returns and evidence of such. The market will go as high as we will allow it to, depending on how many are (daring/careless?) enough to commit to the dream of owning a property there without hassle, and being able to keep hold of it, despite the curious ‘usufruct’ (leasehold) nature of our purchases and likely future changes in the law.
Posts: 22 | From: uk/sharm | Registered: Jul 2006
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-------------------- Jane Akshar UK Co-owner of www.flatsinluxor.co.uk Appartments and Tours in Luxor Posts: 2791 | From: www.flatsinluxor.co.uk, Luxor, Egypt | Registered: Jan 2003
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posted
No worries - I'm not even considering Sharm. I was just mentioning that it didn't discuss the usfruct thing (but I forgot its name) in case anyone read the guidance and thought it did. Me I'm a big city girl - looking at buying in or near Cairo Posts: 5593 | From: Egypt | Registered: Dec 2005
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quote:Originally posted by liz007: The property market in Sharm? Well, I wouldn’t. Not through Sharm anyway. There are lots of European agents, where you’ll be better protected against the problems that may occur (registration, late delivery, over priced furniture packages etc). There will always be an element of mis-selling in Sharm, as very few are trained, as the law does not require this. Most of the agents have gone there as they see an opportunity to persuade Europeans to part with cash they could only ever dream of having access to. They can talk the talk, and make you think you are getting a good investment opportunity, but the truth is, no-one knows what will happen in Sharm, and fewer are close to been qualified to comment on the property inflation, potential returns and evidence of such. The market will go as high as we will allow it to, depending on how many are (daring/careless?) enough to commit to the dream of owning a property there without hassle, and being able to keep hold of it, despite the curious ‘usufruct’ (leasehold) nature of our purchases and likely future changes in the law.
Oh please Liz wake up it is the European agents that are doing the biggest rip offs in Sharm and can you really blame the Egyptians taking a stake from a load of Europeans flocking to buy up properties with the one sole aim of making a profit then leaving the country putting nothing back in. Yes it's a big bubble that will burst eventually but don't blame the Egyptians they didn't start it.
Posts: 3809 | From: Paradise | Registered: Mar 2003
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posted
What surprises me over buying property in Egypt, is how few people actually have the papers translated before or after they have signed them. I doubt that they would sign something that involves so much money in their home countries without reading the contract first.
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Posts: 10 | Registered: Jul 2006
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For those who are interested to buy a property in Cairo. I have a 2 bedroom flat to sell in Cairo, Nasr City. the flat is in a lively area where a family, students or an office could be located. Contact me for anymore details.
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