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Author Topic: buying an apartment in Sharm el sheik
nevermind
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quote:
i have never met western or egyptian who consitantly put clients in contact with a company they themselves used - who got nothing...........
[/QB]

[Roll Eyes] [Roll Eyes] hmm... i do it all the time, even all my life [Big Grin] . Am not very rich in material measures, consequently, but I am very happy [Big Grin] [Big Grin] . Try, it's fun!

Maybe Shark's Bay Oasis? I really like the Bay and the houses by pictures are not bad, at least not as boxy as in Roman Theatre or similar. And the view will be great. On the other hand it is kind of cut off from main settlement areas, stuck alone between hotels halfway between Na'ama and airport, so there won't be easy access to services like around Naama or in Nabq. But for holidays it will be quite unbeatable and if driving car or scooter it is not so unthinkable to live there either. It's sharksbayoasis@hotmail.com or +20 693 600450/451/452 or +20 122220722.

For legal advice check out www.sharmwomen.com Forum, we have a lawyer there who regularly writes on real estate issues (no doubt on small selfish intentions of indirect material gain [Eek!] )

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Lui
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Hi Young at Heart

We have bought 2 apartments in the Sunny Lakes development in Naama bay and are were please with them, went to see them here in June. If you want to know more about the development look at either www.ssqrealestate.com or www.sharmcabana.com

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tamer & hamis
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hi all,
for the sake of clarification,I would like to give you an idea about ( Sharmdreamz)owners:

i'm Tamer the owner of sharmdreamz & my wife her name is Hamis,
my partner is Ian475 & his wife Gail.
mac is one of the people that we have known and met through the forums.
and if anyone want to know more about Tamer & Hamis and sharmdreaz just visit the other forum(forum.goredsea.com) and you will know who are we?
mac never sorted all his furniture through us , he has only sorted few things through us.
and i have never asked him from where he sorted the rest of his things.
so,from the forums (other one) i met more than 90% of them and they have delt with sharmdreamz and no one of them came by a recommandation from mac.
and in this forum we have also members that deal with sharmdreamz.
so, if there are certain problems or conflicting opiniones, please don't let it include others.
and if anyone have any coments or questions to sharmdreamz please don't hesitate to ask me or Ian and we will be able to answer all your queries.

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sammy
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Good thing there's a delete by date feature. Keep the bickering off the forum so accounts don't get suspended .. use private messaging. thank you ...

So back to the topic .. any good 2 bedroom apartments close to Na'ama or right on the beach?

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young at heart
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thanks lui, near naama is what im interested in. Good move Sammy!
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DRELT
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Sammy,

This bickering keeps us all entertained, I log on every night to see how the bun fight is going on, have you deleted any from yesterday, would hate to have missed any.

Also I think its a bit rich deleting some messages here seeing as though if you view the other topics on ES some of the language and personal insults hit very close to the bone, although appreciate you cant read every posting but it seems some regulars are far worse than what we have been experiencing here.

To comment on what Sharmer2, Major Nort, SLBN70, they are only trying to find out the truth about some things going on in Sharm and Mac is only trying to defend himself but has problems writing his replies cause the smoke coming out of his ears obstructs his vision of the keyboard ha ha.

Toodle pip!

I say keep up the entertainment

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mac0623
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i think i will make my point when in sharm very soon, drelt stick to the truth only say what you know not what others say i think that best for all concerned and clearly shown on this thread this morning
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mac0623
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not a chance on the beach in naama unless rental
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ian475
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thanks sammy,look forward to the rest of the info!!!!
dreelt,went beyond close to the bone when slbn introduced a fake pm trying to involve sharmdreamz in the row with mac for whatever reason.
sharmer2,major nort,please keep me or tamer out of it and our business unless you keep to truths,otherwise go for it.
slbn70,i hope now to see the apology to sharmdreamz for your mistake.
veronica,thanks pet.

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Major Nort
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ian475 i have no problem with any body and i never mentioned sharmdreamz or do i remember did sharmer2
M.N.

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ian475
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ok major.
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mac0623
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ok guys lets stop this as thier was no point before and none this time does it matter who was fedding who with pm,s just let the readers decide on that, i think if we all thought for a moment and just think who was firing the bullets from out of site.

LOOKS LIKE ITS GOING TO BE SUNNY TODAY.

JUST A QUESTION TO ANYONE READING HAS ANYONE BROUGHT IN THE , WHAT WAS THE HILTON OYOUN NOW THE MILLEMUM OYON AS I WENT BY THIS THE OTHER DAY LOOKS GOOD FROM OUT SIDE JUST THOUGHT WHAT WAS HAPPENING TO THE APARTMENTS ,
WAS GOING TO BUY IN THIER THE VILLAS THAT WENT AROIUND THE POOL, I THINK THEY ARE THE BEST VILLAS IVE SEEN IN SHARM WITH THE BEST FINISH, AND THATS INCLUDING MY OWN FINISH

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ian475
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sorry major,i must apologise sincerely for that,having reread what i wrote i can see how it would appear confrontational and that realy wasnt the intention(i was in a rush and i am not the most literate person at the best of times)
i will apologise to sharmer2also as she wasnt the instigator either.hope theres no hard feelings and you are more than welcome to visit sharmdreamz in the future for a chat.

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mac0623
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looks like they kept getting deleted sharmer i answered your question on taxes in egypt and about opening a company i hope you done the same when you brought and sold your property.
now this forum and thread is about property where did you buy and sell your property sharmer lets stick to property as you know sharm very well what di you do there and where was your property and where are your side kicks

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mac0623
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sharmer wrote

Things change every day in sharm - you can see full staff working and a man in every building - or it can be like a ghost town - it depends on the developers pocket. When they have to bring in cement or other expensive items maybe there are no staff at that time, but all you need to see is that the work is continious - wheather staff or supplies - sometimes they cant do both and its understandable.

IT SEEMS YOUR WEALTH OF KNOLEDGE ON BUIDING WORK IS THE SAME LEVEL AS YOUR POSTS ZERO.


CAN YOU REMEMBER SHARMER WHEN WE HAD ALL THIS OUT BEFORE IT WAS SOME MONTHS AGO EVERYONE IS DYING TOO KNOW WHERE YOU BROUGHT.

SHARMER IT SEEMS YOU ARE UP FOR THE RIGHT THING TO BE DONE.

IF I TOLD YOU THAT THIER IS AN AGENT SELLING IN SHARM AND THE PEOPLE THAT BROUGHT HAVE CONTRACTS WITH OUT THIER NAMES ON AND NOW THE AGENT WILL HAVE NOTHING TO DO WITH THE PEOPLE AND THEY ARE STRUGGLING TO GET THIER APARTMENTS.
WOULD YOU KNOW THIS AGENT OR WHAT WOULD YOUR THOUGHTS BE ON THIS

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mac0623
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THATS SOME PROFIT SHARMER 30K TO 65K I HOPE YOU ARE ABOVE BOARD ON THIS AS WE ARE 100% COVERED WITH OUR BOOKS I JUST LOVE IT WHEN THINGS BACK FIRE ON THEM, SO YOU LIVED IN DELTA FOR 4 YRS MADE A LOT OF PROFIT KNOW A LOT ABOUT THE RENTAL MARKET AND THE SALES MARKET IN SHARM TOLD PEOPLE THE BEST PLACES TO RENT LIVE ECT, YES WE HAVE CHATTED BEFORE I REMEMBER YOU WELL YES YOU HAVENT CHANGED
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mac0623
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NOW ON A LIGHTER NOTE IS IT GOING TO RAIN TODAY,
I GUESS THE 20.000 WATER CANS I JUST BROUGHT WILL NOT SELL THIS SUMMER

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mac0623
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does anyoneone know when the new water parks open in hadaba it looks very good and the front shop areas are very good eating area
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DRELT
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I was told this water park was only open to hotel residents...this was back in April, if it is the same water park near to sheikh abdullah supermarket.
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DRELT
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Mind you Mac I should know as being a water park atendant is the only job I am good for ha ha
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mac0623
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drelt if it rains anymore we wil all be good at it, what hotel you on about thier is no hotel thier my villa is in front of it well to the side on club marine rd school on the left as you look at it and shops on the right and fantasia behind, now u got me thinking, mind you its hot now sun is out lovely, just off to get daughter out hospital now with twins so rest off my day is taken up
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DRELT
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Mac
I thought the water park in hadaba was the one with the elephants in front and with a row of shops either side.

I went to the reception in April and was told it is only for use of hotel guests, I thought no more and shot off to Cleo park.

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mac0623
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ummm dont know the shops either side are little diners and very good but i think the water park is for all i just dont know hotel thier
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Des
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[Razz] [Razz] Can only assume that Mac is away!! It really is most boring with nothing happening, no
scandal no insults etc- very BORING!! [Frown] [Frown]

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young at heart
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Was just thinking the same, nothing like a good soap opera to keep you from being bored!
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Zeiad Yehia
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Legal Procedures to Purchase a Property in Sharm el Sheikh


Purchasing a property in Sharm el Sheikh is different than purchasing a property in any different location in Egypt, according to the difference in legal status. There was an administrative decree issued by the prime minister of Egypt in 2005, abrogating the context of the previous law issued in 1996. Despite the fact that originally an administrative decree is normally unable to nullify law, but this decree is currently the prevalent decree governing the foreigners’ legal status when it comes to purchasing a property in Sharm el Sheikh. The aforementioned decree states that foreigner purchasers in Sharm el Sheikh may not be granted the right to be "landlords" on the properties they purchase, but only would have the "Leasehold" right, for the maximum time of 99 years. Some people believe that purchases are "Freehold" purchases, and since the term "Freehold" originally applies to the right to enjoy a property and all its advantages for good, in addition to the right of disposal, either physical or legal disposal, and since the decree has stated the maximum limit of freehold as 99 years, therefore – legally talking – it is NOT freehold, and not exactly leasehold, it is better to be rephrased to "Usufruct". Usufruct is the best description for the current real estate sales legal name involving foreigners in Sharm el Sheikh, and it, consequently, raises many questions concerning registration of the sale.

Definitions of usufruct on the Web:
• The right to enjoy other goods with the obligation to preserve them, except where the law authorizes otherwise.
www.gruposantander.com/pagina/indice/0,,659_3_2,00.html
• (Legal-Civil Law) The right of enjoying a thing, the property of which is vested in another, and to draw from the same all the profit, utility, and advantage which it may produce, provided it be without altering the substance of the thing. For example, in Nevada, the state's water belongs to the people, but is permitted, through the water rights permitting process, to be used beneficially by other individuals or entities.
www.nalms.org/glossary/lkword_u.htm
• A legal term from the Roman Empire (in Latin, usufructus), meaning "using the fruit" of land claimed by the State without injuring or destroying the ecological infrastructure.
www.maquah.net/We_Have_The_Right_To_Exist/WeHaveTheRight_26Glossary.html
• Usufruct is the legal right to use and derive profit from property that belongs to another person, as long as the property is not damaged. In many legal systems of property, buyers of property may only purchase the usufruct of the property.
en.wikipedia.org/wiki/Usufruct

Property Ownership in Law

The ownership of land by foreigners is governed by three laws: Law No. 15 of 1963, Law No. 143 of 1981 and Law No. 230 of 1996.
Law No. 15 of 1963
Law No. 15 and its amendments (Law 104 of 1985) provides that no foreigners, whether natural or legal persons, may acquire agricultural land.
Law No. 143 of 1981
Law No. 143 and its amendments (55/1988, 205/1991, & 96/1995) governs the acquisition and ownership of desert land. Certain limits are placed on the number of feddans (one feddan is equal to approximately one hectare) that may be owned by individuals, families, co-operatives, partnerships and corporations. Partnerships are permitted to own 10,000 feddans, provided that the individual shall not own more then 150 feddans. Joint stock companies are permitted to own 50,000 feddans.
Partnerships and joint stock companies may own desert land within these limits even if foreign partners or shareholders are involved, provided that at least 51 percent of the capital is owned by Egyptians. However, upon liquidation of the company, the land must revert to Egyptians. Article 1 of Law No. 143 defines desert land as the land two kilometers outside the border of the city.
Further, the lease of such land for more than a period of 50 years shall also be considered to be ownership under Law 143. Despite the fact that companies which were formed under the Investment Law No. 8/1997 do not require Egyptian participation, companies that undertake projects over desert land must be owned in their majority by Egyptians. According to the law 55 of 1988, the President of the Republic may decide to treat Arab nationals as Egyptian nationals for purposes of this law.


Law No. 230 of 1996
On July 14, Law No. 230 of 1996 was issued superseding Law No. 56 of 1988. The new law allows non-Egyptians to own real estate whether built or vacant with the following conditions:
1. That ownership be limited to only two real estate properties throughout Egypt for accommodation purposes of the person and his family (family meaning spouses and minors), in addition to the right to own real estate needed for activities licensed by the Egyptian Government.
2. That the area of each real estate not be in excess of four thousand square meters.
3. That the real estate is not a historical site.
Exemption from first and second conditions is subject to the approval of the Prime Minister. Ownership in tourist areas and new communities is subject to conditions established by the Cabinet of Ministers.
Furthermore, non-Egyptians owning vacant real estate in Egypt must build within a period of five years from the date their ownership is effective (the date on which the realty is recorded at the competent Notary Public Office). Non-Egyptians may only sell their real estate five years after registration of ownership, unless the consent of the Prime Minister is obtained.


Registration, in principle, is this process done in the notary office, to register your sale contract, as a deed, and a proof of owning a property. Since the aforementioned decree stated that foreigners are not granted the rights to be landlord, then it is not allowed for foreigners to register their properties, while practically, even Egyptians are not allowed to register their properties in Sharm el Sheikh. Therefore there has been an urgent need to find an alternative legal method to suit the new status of foreigners in Sharm post the prime minister's decree.

The only option available for foreigner purchasers in Sharm el Sheikh is a legal suit called "Signature Validity". Signature Validity legal suit, however, is a legal suit aims to obtain a court verdict, stating that the signature of the seller in a sale / usufruct contract, is truly theirs. This legal suit, however, DOES NOT touch on the origin of right, or in other words; it is non-concerned about neither who is the current owner of the property, nor who was the previous owner, but is only concerned about the belonging of the signature to the seller, and therefore is a mere precautionary legal suit. This legal suit, however, is the common suit used for sales and usufructs in Sharm el Sheikh, and it has a legal value after all, despite the fact of not being as valuable and authenticated as registration.


Purchasers should take the following procedures into their consideration while purchasing a property in Sharm el Sheikh:


A) Obtaining a real estate certificate and a tax certificate for the property:
Purchaser's lawyer should obtain a "NEGATIVE" certificate for the property from the government, stating that there are no mortgages, pledges, or any other sort of rights arranged to any other party on the desired property. The certificate must be governmental and stamped with the official stamp of the state. Also a certificate must be obtained from the tax authorities determining the exact due taxes on the desired property. There has been a wide-spread myth stating that there are no taxes due on Sharm el Sheikh's properties. The truth, however, is that THERE ARE taxes estimated on each property in Sharm el Sheikh. Those taxes vary in value according to the original usage of the property. Purchasers are requested to consult their lawyer in order to handle the taxes issue. Taxes can be reduced to almost 60 EGP in case if the property is used for the sole purpose of residence, while these taxes would be higher in case if the property was used for the purpose of renting out.

B) Articulating a precise and bilingual sale / usufruct contract:
Sale / Usufruct is actually all about the contract, and therefore it is imperative for a purchaser to have a precise and detailed contract, defining the property boundaries in a definitive manner, purchase price, how did the property evolved to the previous owner, method of payment…etc.
This contract should be articulated in both Arabic and English languages, and it must be taken into consideration that the only authenticated and recognized language in courts is the Arabic language, and consequently English is used for the mere purpose of guidance. Here is a golden advice: NEVER sign a contract which was articulated only in English or any other languages than Arabic when it comes to purchase a property in Egypt, or you will be in serious risk.

C) Authenticating Sale / Usufruct Contract:
Prior to the point of authenticating Sale / Usufruct contract, purchasers are required to issue a power of attorney to their lawyer, in order to be able to act on their behalf in courts. Power of attorney, however, requires the purchaser "Principal" to obtain a multi-entry visa from El Tur city, which is located not far from Sharm el Sheikh, and where all the governmental utilities for Sharm el Sheikh's area are located. After obtaining the power of attorney from the notary office, the lawyer is responsible for establishing the signature validity legal suit. This legal suit takes between 6-8 months before obtaining the final verdict from the court.

These were simply the imperative steps needed to purchase a real estate property in Sharm el Sheikh, which in practice are not any different between Egyptians and foreigners, Except for the fact that Egyptians are entitled to choose between having a sale or usufruct contract, while foreigners have the sole choice of having a usufruct contract.

Appendix

It must be mentioned that Egypt has replaced its old method of registration – out of Sharm el Sheikh – for taking a percent equals to 3% of the purchase price as fees for notarizing a contract. The new policy is to take a certain amount of funds not exceeding 2000 EGP as fees for the registration process, regardless of the purchase price of the sold property. It must also be emphasized that other types of legal suits which purpose to prove the transfer the ownership are unavailable due to some legal hazards i.e. Contract Validity legal suit. This legal suit is available only in case if the seller has registered his property, or obtained a contract validity legal verdict on it, and be SELLER here I mean each seller in the evolution of deed, which is unfortunately not the practical case of Sharm, furthermore, the state collects fees equal to 7.5% for this type of legal suits, and it can take long time in courts, and by long time here I mean 2 years average. There is NO PERCENT taken by the government for the signature validity legal suit, but only administrative fees, which shall be included in the attorney fees.

UPDATE: Please read the "New Prime Minister's Decree" thread to know more about the most recent update to the legal status of property purchases in Sharm el Sheikh "Company concerned, regardless of nationality".


Zeiad Yehia
Head of Legal Department
City and Urban International
Gendy Mall, King of Bahrain St., 2nd Floor,
Neama Bay, Sharm el Sheikh,
South Sinai, Egypt.
Telephone: +20 69 3601515
Fax: +20 69 3601520
Cellular: +20 12 3344988
www.cui-egypt.com

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Hopefloats Always
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DO Americans live there and if so is there work for american women in sharm?

--------------------
Brenda

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Zeiad Yehia
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There is work for anyone in Sharm, Americans or not. It depends on other criteria actually i.e. qualifications, experience, personality...etc.
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auntie
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anyone any news about either Sharm Dreams and Sunny Lakes handover?
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amanir
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--------------------------------------------------------------------------------
Hi all, [Smile]
I am writing this because I felt that some people in this forum might like to have some success stories in buying property in Sharm El Shiekh as most of what we hear in this forum can be negative.. I also like to be fair and say it when things are good. I am not expecting anything from this letter and I am not an agent.

I just got back from Sharm.. having bought an apartment at Sierra Resort with the help of Amr with the support of his boss Tarek and his team at Sharm El Sheikh Real Estate . Initial contact took place only via emails initially. Amr was so open and honest from the start. I never had a time to worry or misunderstand thanks to his communicative and professional approach in addition to his experience in all these legal issues. I managed a holiday to Sharm and it was good to see the site as well. To my surprise, I also saw more than the site I actually climbed the stairs to my apartment and stood proudly taking photos of the rooms and the surrounding area, then we were shown other apartments with furniture and all. I then went to the office opposite El Pacha and signed the contract with no fuss or misunderstanding.. there I met with all the staff who served me through the phone or email .. and I also met with their wonderful boss “Tarek” who impressed me with his honesty and professionalism not to mention his language skills .. (he was on the phone chatting with a client with both English and French (I know he is fluent as I speak a bit of French myself as well) .. I was really pleased to get to know these people I felt they treated me like a very good friend and they were keen to help me. I signed my contract and paid the first %25. I really wish that all of you have a good experience like mine .

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mac0623
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i will be thier in the next few days if your about
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messenger
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quote:
Originally posted by mac0623:
as we british are not that stupid.

Ah come on Mac, be honest [Big Grin]

So does anyone know anything about properties in Dahab. I would like to buy a place there and looking for information on where to find listings of properties.
I also am curious about financing as I'm a poor fella just looking for a quite place to in the sun [Smile]

cheers

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mac0623
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dahb is very cheap to buy we waas looking at land thier very cheap as for property not sure on value per sqr mtr and building costs , as for finace/mortgages these will come soon as now at last the goverment have agreed there is a need to change like other gulf states, but this will increase the market value
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queenie
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Hi Dahabproperty

See here http://www.totallyproperty.com/egypt-property/6847-legal-procedures-purchase-property-egypt.html where Zeiad advises against buying in Dahab.

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www.sierraresortnabq.co.uk

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messenger
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Thanks
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sharmcliff resident
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We wish we could have said we had a good experience with buying off-plan real estate in Sharm.
Have a look at:

http://sharmciff.info

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enwild
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Hello,

I've noticed that the El Hayat development has been mentioned earlier in this thread. Has anyone else had problems receiving their rent? So far I haven't received a penny and the resort has been open for over a year now. There's a thread at the following url:
http://www.propertycommunity.com/forum/egypt-property/14284-el-hayat-sharm-owners-forum.html

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Jake1081
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KISS YOUR INVESTMENT MONEY GOODBY......THEY ARE SLY PEOPLE............lol
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mac0623
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I've noticed that the El Hayat development has been mentioned earlier in this thread. Has anyone else had problems receiving their rent? So far I haven't received a penny and the resort has been open for over a year now. There's a thread at the following url:
http://www.propertycommunity.com/forum/egypt-property/14284-el-hayat-sharm-owners-forum.html ..

talking with other owners of this resort and they are saying the same i think the youner brother of the developer is forcing people to pay money for no reason then it doesnt get passed on to the owners,
also a lot of court actions aginst the owners

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thomascaelyn
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For the development of our house you need to spend some money to make it as your dream house.So I would suggest to take a loan and then start interior designing so that it become your dream house.


negligence claims

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joncardial
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Great information found..
I wanna buy a property at sharm..Thanks for sharing this..

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WWJD(The Truth)
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How much would it cost for me to buy the dessert and BMW Camel four seater.

Ive been looking into buying that piece of propety for some years. And I've heard (Just telling you what I heard) Camels are just as reliable as a BMW over there.

I got abot .30 cents in the bank, and ill be gettin about a dollar fifty tomorrora.

Hit me up with some offers!
Money isnt a problem.

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Carrick2
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Can anyone suggest me another place in Egypt apart from sharm to buy a flat..

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kentucky health insurance

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Cheekyferret
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Check out Hurghada, El Gouna, Ain Sokhna, Sinai Peninsular, Taba... Just do a Google search and you will find numerous of places.

It all depends what you are after... sea, sand, sports, respite, golf...

If you are looking in cairo for business reasons look at Maadi and Heliopolis as they both accommodate for expats quite sufficiently.

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Dubai Girl
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quote:
Originally posted by Carrick2:
Can anyone suggest me another place in Egypt apart from sharm to buy a flat..

I have an apartment in New Cairo in a place called Golf City. It's about 20 mins outside Heliopolis and it's on the Cairo - Ishmailia Desert Road. It's a lovely location, gated community, overlooks a golf course (hence the name [Big Grin] ) very green, very quiet and spacious. There is a bunch of shops and restaurants including Carrefour right near it and also a shopping mall all of which just opened in the last year or so.

It's mostly villas but they do have apartments for sale.

This link is for the website for the Amarante Golf Club and Resort. There are some flash images on the home page and you can see the white stucco style apartments overlooking the golf course.

http://www.amarantegolfcity.com/

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Caleb
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What would be the best business in Egypt can you pls share few ideas..

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maryland health insurance
massachusetts health insurance

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Kendrick5
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As it has a great demand you're offered a wide range of Apartments in Sharm El Sheikh. So, the choose the right one..
Good luck..!

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Homes for Sale Jupiter Island
Homes for Sale Tequesta

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sherribaby
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We have a beautiful 2 bedroom apartment on Riviera Sharm, its 10mins walk from Naama Bay. Overlooks beautiful swimming pool on complex and has supermarket gym etc onsite. Very quiet complex and always a sunbed available!!!

We pay £200 maintainence fees a year, thats it!!! Seems many newer properties appear to be adding hefty fees these days.....hahaa we bartered over these and got our good deal... nothing changes!!!

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maxman
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Hello guys...
Would anyone know Whats the average price in sharm for:
1)a studio apartment.
2) a 2 bedroom flat
3)villa(own compound)

Cheers!!! [Big Grin] [Big Grin] [Big Grin]

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winstonterr
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Hi,
I'm considering buying an apartment or flat but I've heard that they can be harder to sell than houses. Is this true? Does having other homes in the same apartment building as yours cause a problem when trying to sell?
_________________________________________
apartments Barcelona

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