posted
HI Des, I am dealing with Coldwell Bankers in Sharm, everything is going well and I have had fantastic service, I am buying at the El Hyatt, where are you looking?
Jackie
Posts: 2 | From: Wellingborough Uk | Registered: Dec 2005
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posted
Has any of you guys purchased furniture yet? And do you have to pay extra for a/c? Have been speaking with quite a few agents I found on the net and an agent in Sharm. Still doing much research and was very interested in the changes from freehold to leasehold. Anyone know when this is going to be declared in law? Just waiting for a friend in Sharm to get back to us with a Lawyer in egypt to deal with the conveyancing and contracts. Seems like a good market to invest in, love sharm, visit every year. The info on tax seems rather vague and ambiguous? Anyone found weblinks on this taxation issue?
Posts: 2 | From: cambridge,england | Registered: Feb 2006
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posted
"Has any of you guys purchased furniture yet? And do you have to pay extra for a/c? Have been speaking with quite a few agents I found on the net and an agent in Sharm. Still doing much research and was very interested in the changes from freehold to leasehold. Anyone know when this is going to be declared in law? Just waiting for a friend in Sharm to get back to us with a Lawyer in egypt to deal with the conveyancing and contracts. Seems like a good market to invest in, love sharm, visit every year. The info on tax seems rather vague and ambiguous? Anyone found weblinks on this taxation issue?"
as far as I know, the leasehold law has already been issued last summer (in the form of a decree issued by the cabinet). the leasehold renews automatically at the end of the 99 year period, or when selling the property.
there is a 3% registration fee right now, but it looks like it will be changed soon to a fixed fee. The Egyptian government is trying to encourage property registration (heard over 80% of properties are not registered in egypt because the owners want to save the 3% fee). Is that the tax you are asking about!
i am also looking into buying a property in sharm. from what i understand, if you buy offplan, usually the advertised price does not include appliances, water heaters, and air conditioners. You will have to buy the "furniture package" to get these items.
Posts: 299 | From: Dubai | Registered: Jan 2006
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quote:Originally posted by Gulfy: " i am also looking into buying a property in sharm. from what i understand, if you buy offplan, usually the advertised price does not include appliances, water heaters, and air conditioners. You will have to buy the "furniture package" to get these items.
That is correct but would just warn the quality of appliances and furniture in these packs are very poor. I have heard of water heaters packing up within a year. It is much better to organise this yourself and go to Cairo and buy good quality furniture. Water heaters and airconditioning are avaiable in Sharm
Posts: 3809 | From: Paradise | Registered: Mar 2003
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in general, would you end up paying more, less, or about the same if you do your own shopping as opposed to buying the "furniture package"!!!
Posts: 299 | From: Dubai | Registered: Jan 2006
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posted
thanks guys for all this information. We are taking our time, doing lots of research and currently have a friend in Sharm sourcing a lawyer for us. We are determined to buy, but are NOT going to hand over any money or sign anything without a lawyer present. I was interested in some info about the Hilton Sharm Dreams project, any weblinks or info on this?
Posts: 2 | From: cambridge,england | Registered: Feb 2006
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in general, would you end up paying more, less, or about the same if you do your own shopping as opposed to buying the "furniture package"!!!
You can buy for less and get much better quality especially if you have your furniture hand made. I am hoping to get some new furniture made in Cairo fairly shortly so by all means contact me if you want a recommendation when you are further on with your plans.
Posts: 3809 | From: Paradise | Registered: Mar 2003
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posted
Collect my apartment next week from Pioneer Property www.pioneerproperty.org they have been great also with the legals no problem. Their new developments come with good standard furnishings air con + everything else inc glasses and crockery except bedding. Dont know if the water heater will last until we try it!
Posts: 4 | From: West Yorkshire | Registered: Feb 2006
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posted
hello Sir, we were so sad as coldwell banker staff coz that client who mentioned that he was having a nightmare with Coldwell Banker , he who caused us pain, I regret that he is intending to profane our reputation, baring in mind that he is the one who was not punctual by not paying the flat's price in time..i have documents from the bank states that (he exceeded the deadline for the transfer) and moreover , the flat was delivered to him with A/C and Hotwater(the office paid the it from the commission as per the company's owner promise..please, i will be grateful when the people should take care before throwing the others with unpleasant accuses. thank you and kind Regards,
posted
Hi all, Has anyone seen, or got any information on the Sierra Resort development, at Nabq, being marketed by Sharm Real Estate ? We are going to Sharm next week to look at this and want to be as prepared as possible. Thanks
Posts: 3 | From: UK | Registered: Feb 2006
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posted
I think Hunter & Hunter is marketing this project in the UK, but they get their information from Sharm Real Estate.
Posts: 299 | From: Dubai | Registered: Jan 2006
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quote:Originally posted by wapyaly: thanks guys for all this information. We are taking our time, doing lots of research and currently have a friend in Sharm sourcing a lawyer for us. We are determined to buy, but are NOT going to hand over any money or sign anything without a lawyer present. I was interested in some info about the Hilton Sharm Dreams project, any weblinks or info on this?
posted
Hi Wapyaly, we bought an apartment last year on the Hilton Sharm Dreams and shall be visiting again in a couple of weeks. I assume your interest is in the proposed new project in front of Na'ama Heights. Will keep you posted with any info I can gather.
Posts: 21 | From: Nottingham,England | Registered: Jul 2005
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posted
Helens Kirkers husband (www.hkirkerexclusives.com) is a furniture maker.Thats how they first met,he was making the furniture for the flats etc that she was selling.He is an egyptian and handily they live in Sharm.Most of the developers who sell through Helen use her husband for the furniture.We have furniture he has made in our apartment and it is pretty good.She also has a business partner who does interior design and supply.
Posts: 70 | From: UK | Registered: Mar 2005
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posted
Hi has anyone bought at the El Hayat as I have a chance to buy one of these, went and had alook in feb, looks like it will be a nice development, Sajjad is the agent seems to be a good bloke.
Posts: 16 | From: UK | Registered: Mar 2006
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posted
Friend of mine bought at El Hayat also thru Sajjad, no problems at all if he is from City& Urban in the UK then yes he is a good bloke and will look after you.
Posts: 97 | Registered: Nov 2005
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posted
I am looking to buy in Sharm soon but have no idea who to choose in terms of Estate agents and Lawyer. Is there also any other way to get the one year temporary multi visit visa? Is there a charge for the visa? I have been to Sharm a few times so know it's layout and setup but I have not looked into its property scene until now. I am also planning to buy to rent out to holiday makers, has anyone got any experiences they would like to share on this?
This thread has been great so far and the information has been so helpful.
Posts: 18 | From: Midlands | Registered: Mar 2006
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posted
As far as I am aware you can only get the 1 year residence visa once you are in Egypt.The visas are very cheap,I think the 1 year res visa was only LE38.
Posts: 70 | From: UK | Registered: Mar 2005
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posted
If I were to go to Sharm with the intentions of putting down a deposit on a property, is it easy for foreigners to open a bank account and what is the best way of getting funds over to Sharm without complex money movements or incurring massive charges? Do agents and developers only require a small deposit to secure the property and then you have lets say 1 months grace to get the funds in place? Mr Small I have been reading your posts and from the sounds of things, buying a property in Sharm is very straight forward and safe providing you use the right people, would you agree? Who did you use?
Posts: 18 | From: Midlands | Registered: Mar 2006
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posted
Hi Wai, we bought in Sharm last yearand all went well. However if you have not done your research it can easily go "tits up". Buying off-plan or re-sale usually involves your paying a deposit, of say £1000, to secure the property followed by regular payments every three months for up to three years although this does vary depending on which developer, agent, project is involved. Another point to be wary of is the currency situation. The developer mostly stipulates the "hard price" in one currency, if it's in £s it's simple but if it's EGP, U.S. Dollars or the Euro then exchange rates obviously come into effect adding complications, your bank should be able to advise you on this. As I said, things do vary but with so many Brits investing there the system ought to be tried and tested by now. Good luck and buy wisely!
Posts: 21 | From: Nottingham,England | Registered: Jul 2005
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posted
Thanks Tony those comments are completely valid and I will certainly take those comments on board. I have also noticed that property prices in Sharm are also creeping up and with more developements underway I wonder if the rental market will become saturated very quickly thus driving down rental prices. The sudden rise in developements seem to be at a pace which can only go to undermine the whole balance of the property market forces.
After returning from Cyprus two days ago I can report to have seem property prices which although supposedly off plan, are about 10-20% more expensive than the current property market values across the board. I will keep doing my research and hope the prices in Sharm don't do the same.
Please keep the info coming guys as this thread has been great so far.
Posts: 18 | From: Midlands | Registered: Mar 2006
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posted
Hello everyone.. has anyone asked about property tax in Sharm? is it applied there? has anyone paid it already? and how much is it and how is it calculated??
Thanks a lot
Posts: 275 | From: the Globe | Registered: Dec 2005
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posted
I have got a feeling that over there they call it a registration fee. As I understand it after you purchase the property and the lawyer then has to go to court to get all the paperwork notorised (which it why you have to give a lawyer the power of attourney on your behalf) you then have to formerly register your property which is charged at 3% of the purchase price. Can anyone tell me if I have this all correct. I know that the government are trying to change the registration fee to a set fee to encourage more people to register as at the moment about 80% of property owners dont bother to save the 3%.
I also read that their is no taxation (Capital gains or income tax) of any kind in Egypt which I actually find very hard to believe.
Posts: 18 | From: Midlands | Registered: Mar 2006
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posted
Buying property in Egypt is very simple and straight forward if you happen to be lucky enough to find the right people.I am sure some of the people who are being put forward as being 100% honest and good,may not be.We just dont realise it.For all we know there might be more crooked agents than honest ones.It is a leap of faith,it does take balls and i suppose we will only really know when we come to sell in 10,15,20 years time and discover we never really owned it at all,you never know.One thing that we have been hearing lately is that the government has decree that after 2010 there will be a ban on new buildings.If the foundations are in the property can be finished,so expect nothing but foundations going in for the next few years.Dont know how true it is but we have heard it from more than one source.We paid for our apartment in sterling by money transfer,it did not cost much at all,about £50 for £35,000.
Posts: 70 | From: UK | Registered: Mar 2005
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posted
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Posts: 2 | Registered: Mar 2006
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posted
HI THERE ALL I HAVE SEVERAL PROPERTIES THERE AND KNOW ALL THE INS AND OUTS SO NOW DOING MY OWN DEVLOPMENT IN MONTAZA ON THE BEACH WITH POOL ALL 2 BEDS 5 STAR HIGH SPEC petemccormack@hotmail.co.uk
Posts: 1344 | From: uk/ | Registered: Mar 2006
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posted
HI TO ALL THERE IS NO CHANGE IN THE LAW ABOUT BUYING IT IS STILL FREEHOLD,THIS IS TO ANYONE BUYING PLEASE CHECK YOUR PRICE AGAINIST THE PER SQR MTR AND AGENTS DO NOT WORK FOR NOTHING ,IN NABQA ITS 4800 SQR MTR,ALL MY CONTRACTS ARE FREE HOLD,YOU WILL FIND MORE OFTEN THAN NOT THE SQR MTR PRICE IS LOADED
Posts: 1344 | From: uk/ | Registered: Mar 2006
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quote:Originally posted by Farstar: Hello everyone.. has anyone asked about property tax in Sharm? is it applied there? has anyone paid it already? and how much is it and how is it calculated??
Thanks a lot
There is now a new annual property tax payable to the government. It is approx LE 6 per sq Metre
Posts: 3809 | From: Paradise | Registered: Mar 2003
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I am also looking to buy property in Sharm. I have had details from most agents but it is a minefield knowing who you can and cant trust. One of the members from this forum kindly contact me and gave me some advice. I was looking at Namm Bay and Nabq and there are some good apartments for sale. However I have been told that there are problems with the Hilton Development and they are way behind schedule. Hilton are now trying to pull the plug on their associated with this particular builder. How true this is I dont know. Any advice would be greatly appreciated. We are going out to view in May. People mentioned Tarek who I met at the HomeBuyers Exhibition. He wanted me to put down £1000 returnable deposit but again I was not sure. This was for the Sharm Bride Development. Once again any help would be appreciated. I have also been offered off-site at the 5* Orient resort but again dare not go ahead with anything until we have seen the projects.
Posts: 17 | From: UK | Registered: Mar 2006
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posted
I also spoke with Tarek and Khaled at the homebuyers show Ildi. I actually put down a £200 refundable deposit to reserve a property in the Sierra resorts development. Not sure why you were asked to put down £1000, maybe it is because the completion date is sooner! I have also had conflicting information since. Khaled told me that their in house lawyers charge about £1500 for the legal fees in buying a property and then somebody from their office in Sharm (the co-ordinator Caroline) told me that legal fees will be about £5500LE which is about £550 sterling!! Suffice to say that if I decide to buy through them I will be finding my own Lawyer! Buying in Sharm seems to be a minefield of constantly changing prices and processes. Why can't they find a set way of doing stuff. Also I found the furnishing packages so over expensive. It would not cost that much to furnish a house in the UK never mind a supposidly cheaper country. I fear agents are getting too greedy and the market might suffer because of it.
Posts: 18 | From: Midlands | Registered: Mar 2006
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posted
Hi all. Penny,can you shed any light on what mac0623 is saying about property being freehold.As i heard it,no property was free hold anymore,is this something new.Where is your info from mac0623?
Posts: 70 | From: UK | Registered: Mar 2005
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I too do think the furniture is expensive. I was told by Egyptian Experience it would cost approx £2,500 for furniture. A solicitor would cost £300. I do trust them to be honest and the lady in question who I spoke is English too. I does seem as though people are making up their own prices as they go along. Once again this is what I meant about the minefield. As people are talking about frehold and leasehold. I have only ever been informed that if i buy it would be leasehold for 99 years and if I sell then they start the leasehold again for another 99 years. I have never had any other conflicting reports on this. My husband and I are not getting anxious about buying and want to do so as soon as possible.
Posts: 17 | From: UK | Registered: Mar 2006
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posted
mr small i have had no problems in my free hold,i find it really hard these agents are saying this,as i know some of the agents bosses buying and belive me there are not buying lease,as for buyIng in a multi storey complex this will be down to the developer,and what ever goes in your contract and the court signs and stamps it,it is ,,as for the freehold lease hold story this goes back a long way and the history of sharm as egypt went to war over this place,and then when all the land and houses was being sold and the growth of the market took of; the goverment did want the people who they fought against buying all the land and claiming it.so this law was spoke about,then they found it was the westerners buying,hence now rapid growth and many adverts from tourist department pushing sharm,and the good thing now almost fly anywhere in uk to sharm SO NOW GO FOR IT
Posts: 1344 | From: uk/ | Registered: Mar 2006
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posted
the bus will go buy if you dont put your hand out.and then once on, you can always get off
Posts: 1344 | From: uk/ | Registered: Mar 2006
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posted
Hi Mac,we bought in April 05 just as the law changed,half way through the preceedings we found that all property was now being sold leasehold only,exactly as Ildi has said,99 years renewed when you sell.If the law says 99 years leasehold how can you get freehold.Are you sure you have not been had ?
Posts: 70 | From: UK | Registered: Mar 2005
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posted
please you will not find one person from the top down who will tell you the law has changed please.please look at your lease contract to renew there must be a clause,how much how will you renew the law says on lease that it must go back to the seller which is the local,like i said mr small your take a contract in the court with the buyer and the seller walk out with the blue papaer and the lawyer over sees it,please look at the lease laws in this country much the same,i told you about the history and why,,and now show me the govertment paper bill,now whos been had,
Posts: 1344 | From: uk/ | Registered: Mar 2006
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posted
Ildi, do you know who you are going to buy through? I am starting to wonder if Sharm El Sheikh real estate is a good find due to their haphazzard approach to pricing and inconsistant sale techniques. I have heard from my brother in law that Egyptian Experience seem to be much more organised.
Still I guess I can only go out there and see who is offering the best service and prices.
Posts: 18 | From: Midlands | Registered: Mar 2006
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posted
I have a refered name " Clayton Nel" can anybody provide me with any info on this person, has anybody had any dealings with him, if so please elaborate.
Posts: 12 | From: Newcastle Upon Tyne | Registered: Mar 2006
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posted
hi there wai just read what you said about agents getting to greedy,you are dead right.its what there up to all the time.you see the property will be listed at several agents so shop around.and you will get the agents who will say we are the sole agents for this project then ask your self why,is it because nobody else will touch it,has the builder got a bad name,so many reasons for this.and then the agent will try and sell you what HE can make the most on.try go direct you will be amazed hire a car and look around use the agents your the one who is buying and its your money
Posts: 1344 | From: uk/ | Registered: Mar 2006
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posted
no you will not find any i have a number will send to you 30£ aday can can him down if you want it longer nice car and guy its in my other phone
Posts: 1344 | From: uk/ | Registered: Mar 2006
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