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Good look 2 all you guys that brought in sharm the market is booming,but the AGENTS ARE LOOMING.
Posts: 1344 | From: uk/ | Registered: Mar 2006
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i can see your point,not at all a old hand at this game,but new comers are very much,dont like to see anyone to lose a dime,or anyone take it
Posts: 1344 | From: uk/ | Registered: Mar 2006
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Know what you mean Mac, but it is not only Estate Agents who do the ripping off, believe me! The latest here in Hurghada is 'helping to buy land'. The land of course never belongs to the person handing over the money but stays firmly with the seller. The same land is being given away for nothing by the Government to the poor people.
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Come on mac,dont leave us hanging.What in your experience can go wrong? Is it simply a case of being charged to much,buying a property at a different address without knowing or just being sold a property that the seller does not own.How do we know if we have or are being ripped off?
Posts: 70 | From: UK | Registered: Mar 2005
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not sure what you mean on this one. you will all ways know if the seller owns it,as he must have the BLUE PAPER,this is given buy the court ,then when you buy the names are changed and stamped by the court,as for the land average price from goverment is 1-3 dollars sqmtr . as for ripping check at least 10 other prices against yours,
Posts: 1344 | From: uk/ | Registered: Mar 2006
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Hi mac,we seem to be the only ones around at the moment.We bought last april and have been out there roughly every 8 weeks.Dont take what I say to seriously,I am only looking at everything from different angles trying to get it straight in my head if we will ever know what we have bought.We only ever got the blue paper and contract in Egyptian (we did not know any better) but we did get them,thats not to say they are for a cattle shed in the middle of the desert.We are going to get them translated when we are out there in april.Lets hope it all adds up.Stu.
Posts: 70 | From: UK | Registered: Mar 2005
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the contract should have been in both so you can read the contract all i have to say on that matter never never use the person again as they did not have your full interest at heart and the one thing we must not forget here you could have lost your money,,dont worry iam cool,it just jacks me off when i here this,its like me selling you a car with a japanness log book would you buy it i think not
Posts: 1344 | From: uk/ | Registered: Mar 2006
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The only saving grace was that we bought through (we have now found out) a very reputable agent,She checked all the paper work for us and made sure everything was in order.Our property was probably the cheapest on her books and as she can only rip one person off before the game is up we figured it would not be small fry like us.She was only the agent,what would she gain from it except a ruined business.She is still living in Sharm,has been there for 15 odd years,is still an estate agent and is very keen to let our apartment if we ever want to,hardly the actions of a fly by night con artist.
Posts: 70 | From: UK | Registered: Mar 2005
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NO NOT A CON ARTIST I NEVER SAID THAT,FRIST AND FOREMOST IS TO LOOK AFTER THE BUY NEEDS, IT WAS NOT THE RIGHT THING TO LET YOU SIGN SOMETHNG THAT YOU DONT UNDERSTAND,NEVER MIND CARNT READ,ANY WAY I DONT THINK FOR ONE SECOND SHE WOULD CON YOU,BUT PEACE OF MIND IS PRICELESS.WHERE IN SHARM DID YOU BUY,RENTING IS GOOD,BUT WATCH THE COMISSION THATS WHERE THINGS GO WRONG,FIND SOME ONE YOU KNOW OR PUT ADVERT IN DIVE CENTRES
Posts: 1344 | From: uk/ | Registered: Mar 2006
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We bought in Hadaba (Ard El Mizad side) just opposite where the new water park is being built.
Posts: 70 | From: UK | Registered: Mar 2005
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yes i know it we are on the other road towards hilton water falls a villa with 6 apartments did you buy 1 or whole villa tthe area is very good i think a lot better than nabqa area for renting,going out ,shops everythink will let you know when iam out next
Posts: 1344 | From: uk/ | Registered: Mar 2006
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We just bought one.A two bed,brand new,full furnished(air con,fridge,the lot) for £36,000.We did not really know the area when we brought but have found since that it was probably the best area for us.Once you start looking there is more around you,shop and amanity wise than you first think.We only got it as a holiday home due to the weather and diving/snorkelling.To find that the local coast is easily accesable with a five minute stroll was even better.Are you on marina club side or somewhere in between the two,parallel to sea street perhaps?
Posts: 70 | From: UK | Registered: Mar 2005
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IT SOUNDS VERY NICE,SMALL WORLD, MR SMALL NOT FAR FROM YOU AT ALL. YES IT IS NICE PLACE,LITTLE MORE LOCAL CULTURE THERE AND STILL NOT FAR FROM IT ALL
Posts: 1344 | From: uk/ | Registered: Mar 2006
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quote:Originally posted by Charm El Feikh?: does anyone know where i could buy a group of maybe 3- 5, 2/3 bed villas... on the beach where i could offer family orientated holidays?
i'd like to invest in september.
A foreigner can only own 2 properties in Egypt and beach frontage properties are extremely expensive...
Posts: 3809 | From: Paradise | Registered: Mar 2003
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i didnt know there was a limit! whats extremely expensive? i own a good house in london that i plan to sell in august.
id like to buy a 5 bed beach front house for myself in sharm.
Posts: 5642 | From: hellonearth.myfastforum.org Forum Index | Registered: Feb 2006
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JUST TO CLEAR A POINT PENNY THE TWO PROPERTIES WAS A BALL PARK FIGURE FROM THE SQR MTR THAT A FOREIGNER COULD OWN, SO IF YOU WORK THE MATHS OUT IT COULD BE,A VERY BIG VILLA DOWN TO A LOT OF SMALL ONES,
Posts: 1344 | From: uk/ | Registered: Mar 2006
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HI MISS PIG IF I SEE A LADY ON THE BEACH WHEN IAM RELAXING AND THE WORD ARSENAL IS ON THIER SHIRT,WHAT DO I DO,?????????? Posts: 1344 | From: uk/ | Registered: Mar 2006
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quote:Originally posted by mac0623: JUST TO CLEAR A POINT PENNY THE TWO PROPERTIES WAS A BALL PARK FIGURE FROM THE SQR MTR THAT A FOREIGNER COULD OWN, SO IF YOU WORK THE MATHS OUT IT COULD BE,A VERY BIG VILLA DOWN TO A LOT OF SMALL ONES,
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:
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.
That the area of each real estate not be in excess of four thousand square meters.
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.
_______________________
Mac that is the law and if I think I read you have now bought 3 properties you are now in breach of the law. The government is now catching up on taxes being paid with info from the developers so it will be easy for them to see how many propeties you have. Maybe some quick planning needed I think. Posts: 3809 | From: Paradise | Registered: Mar 2003
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OK NOW READ AGAIN,AS NO THINKING REQUIRED AS VERY GOOD FRIEND IN THE MINISTERS OFFICE,FIRSTLY ALL DUTIES PAID NEW SITES SHARM COMES UNDER DIFFERENT CAT,WHAT DOES CONCERN ME IS WHERE IT SAYS FOR THE PERSON AND HIS FAMILY AND MINORS,AS YOU SHOULD KNOW THE LAW DOES NOT RECONISE THE DEATH OF NON EGYPTIANS AND REVERTS BACK,AS FOR DIFFERENT AREAS OF MAIN LAND EGYPT CARNT SAY,THIS ALL COMES BACK TO THIER HISTORY FROM WHO THEY FOUGHT AGAINST AND TO SEE WHO WAS BUYING THIER LAND UP,AS THEY DID NOT WANT ANOTHER GAZA STRIP ON THIER DOOR STEP,LASTLY PENNY YOU OF ALL PEOPLE SHOULD KNOW THE MIDDLE EAST,WHAT COMES FIRST,MORALS LAW,OR MAY BE DOLLARS.I DONT KNOW Posts: 1344 | From: uk/ | Registered: Mar 2006
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posted
YOU OR ME PENNY WILL NEVER STOP PROGRESS,I GUESS EVERY ONE WILL LOOK AFTER THIER OWN,I THINK THE SAYING GOES,IT NOT WHAT YOU KNOW,BUT WHO YOU KNOW.
Posts: 1344 | From: uk/ | Registered: Mar 2006
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quote:Originally posted by mac0623: YOU OR ME PENNY WILL NEVER STOP PROGRESS,I GUESS EVERY ONE WILL LOOK AFTER THIER OWN,I THINK THE SAYING GOES,IT NOT WHAT YOU KNOW,BUT WHO YOU KNOW.
I am not interested in trying to stop progress, I just believe in respecting the law of the country. I discussed this with a cabinet minister last year and he confirmed for me two properties only are allowed. Yes I know people in high places but I value their respect much more than trying to manipulate the law. Do you seriously thing they are going to bend the law so foreign investors can come and make a quick buck on the property market. No they look after their own in Egypt and I don't think would hestitate in confiscating property acquired outside of the law.
Posts: 3809 | From: Paradise | Registered: Mar 2003
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quote:Originally posted by mac0623: WHAT DOES CONCERN ME IS WHERE IT SAYS FOR THE PERSON AND HIS FAMILY AND MINORS,AS YOU SHOULD KNOW THE LAW DOES NOT RECONISE THE DEATH OF NON EGYPTIANS AND REVERTS BACK,
Exactly hence why my property is owned by a Uk registered company and fully registered in the company name. I can leave my Uk company shares to whoever I please and my death does not effect the ownership of the property.
Posts: 3809 | From: Paradise | Registered: Mar 2003
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Hi penny,how about the free/leasehold thing,whats the latest on that? Keeping within the law of course.
Posts: 70 | From: UK | Registered: Mar 2005
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ah penny now i had this problem and iam glad you said,now i hope you are right on this and not me,as the way out of this for me was to register a company in egypt that way you over come a host of possible future problems,then you buy 1000 houses and on the advent of death all is ok,the fee for the company was 5000dollars.that was for trading in all areas,or get the court to approve your contract in full what ever it says,as this will be the final stamp on it,and it is said the goverment will find it hard to do this,and really in the end penny what will they have to gain,but only a lot to lose from like me you mr small and the many other thousands of investers who are at the moment are doing only good for the place
Posts: 1344 | From: uk/ | Registered: Mar 2006
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Its not worry,its called,being prepared.Its a tricky and diverse place to buy a property in and I am just trying to satisfy myself.I would rather sort it out now than find I am screwed in 10 years time.
Posts: 70 | From: UK | Registered: Mar 2005
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Can anyone tell me if they have got building insurance for their property in Sharm? Have had no luck with insurance companies in the uk. Please advise if you have any contacts.
Also having just read an earlier post about the law does not reconise the death of non egyptiains and reverts back. does this mean if we were to die then it cannot be left to our children? can someone explain?
Posts: 9 | From: england | Registered: Apr 2005
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I am going in a couple of weeks to sharm to sign a contract for an off plan villa in Hadaba. the development is being built in cooperation with the Renaissance Golden View resort and is right next to it. anyone knows about this project!
I already put down a reserve with Sharm el-Sheikh Real Estate
Posts: 299 | From: Dubai | Registered: Jan 2006
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YES I WAS LOOKING AT IT LAST WEEK NICE AREA END OF CLUB MARINE ROAD---MARIA IN THE CONTACT YOU HAVE SOME ARTICLES THAT REFER TO THE CONTRACT IN THE LAST ARTICLE GET THE SELLER TO PUT IN ABOUT THE DEATH OF THE BUYER AND SO ON THEN MAKE SURE IT IS STAMPED IN THE COURT THEN YOU RECIEVE THE BLUE PAPER THEN AT LEAST IF YOU POP OFF THE KIN CAN PRESENT THE CONTRACT AND SELL WITH IT,IAM JUST DOING THIS AT THE MOMENT AND JUST BEEN TOLD MINE WAS IN THE COURT TODAY
Posts: 1344 | From: uk/ | Registered: Mar 2006
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posted
I am esearching property in sharm to purchase as an invevestment. there are a lot on the market. from your comments , whch are vey helpful, it seems that the contract is the deciding factor. Can any of you good people send me the definite clauses that a contract should include which would protect my interests.
Posts: 2 | Registered: Mar 2006
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lucarbsharm just make sure both english /arabic.look at any penalty clauses,what you are getting for your money.all ways look at the sqr mtr the gross net area as there is where the builder will make his money and the agent,as they will be selling you something that you will not have ,the difference really should not be more than 15% or less but was in a place the other week and it was a lot more ,so think on in this area of buyiny.the english is not use to buying like this as we tend to buy as a whole .unit.just read through a few times.lawyer price is about 3500-4000 no more make sure you over see this as the agents will make on this.you and that includes the lawyer going to tor a few times.visa its up to you i just brought mine on holiday visa but agents will make again here by saying we have to hire car to do this then charge you 60 pounds its the small things that add up if i can help i will if your in sharm and worried i have a guy he will read your contract for free.by the way he is a lawyer
Posts: 1344 | From: uk/ | Registered: Mar 2006
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mac0623. Many thanks for your remarks. I have been reading the ones under the othe topic as well. Till now I have been communicating via e-mail with the agents in Sharm and will plan a trip once I narow the field down. Currently I am looking at an offplan apartment in Montazah. Price seems reasonable. They insist that freehold fo foreigners is not legal. Only 99 year lease. If you'd care to I will send you the contract clauses in which they say this. I look forward to seeing more discussion on this topic.
Posts: 2 | Registered: Mar 2006
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"GET THE SELLER TO PUT IN ABOUT THE DEATH OF THE BUYER AND SO ON THEN MAKE SURE IT IS STAMPED IN THE COURT THEN YOU RECIEVE THE BLUE PAPER THEN AT LEAST IF YOU POP OFF THE KIN CAN PRESENT THE CONTRACT AND SELL WITH IT,IAM JUST DOING THIS AT THE MOMENT AND JUST BEEN TOLD MINE WAS IN THE COURT TODAY"
Mac0623 can you please go into a little detail about these additional clauses as I don't quite understand what you mean. How do these extra clauses added to your contract help you or your spouse should you kick the bucket early? Is it common practise to purchse a property in joint names? I have found all the tips and info on this forum so very helpful as a potential first time buyer. It would appear that buying is Sharm is conducted through a relatively small number of agents which means that this forum is perfectly placed to keep a tight rein on them. Together I am sure that we can make buying in Sharm a lot safer and easier. Already knowing that a lawyer should not cost anymore than 300-400Le has probably saved me about 1000 pounds sterling as I was told by Sharm Real Estate that they have an in house legal team that will handle all of your legal needs for a transaction for £1500 sterling!!
Remember folks these people are at the end of the day "Sales people" who's sole job is to make money out of you by selling space.
I am due to fly out to Sharm the first week in May so fingers crossed. I will probably buy through Sharm Real estate (if they can get their act together and convince me they are not desert snakes in disguise) or through Egyptian Experience as they have been very proffesional up to now. Before anybody says it, yes I also do intend to look at other agents too while I am there!!!
Posts: 18 | From: Midlands | Registered: Mar 2006
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Both mine and my wifes name are on the contract,we did not ask for this,it was just done like that.Whether our agent asked for for it or not we dont know.We have also got the blue paper which again we just assumed we would get anyway.Again I dont know if this was got by our agent.
Posts: 70 | From: UK | Registered: Mar 2005
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ask the person who is doing the contract to add these iam a way from home at the moment so will look at my contract when i get back and let you know £1500 is clearly to much
Posts: 1344 | From: uk/ | Registered: Mar 2006
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hi there wai i will copy the contract then send to uou so you will have some idea what to look for and ask
Posts: 1344 | From: uk/ | Registered: Mar 2006
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Hi there been looking at this site with much interest. have been going to sharm for 10 years and finally decided to buy property put a deposit down on apartment in namma bay and going back in 3 weeks to start contract.I need as much info as possible on the details that the contract will contain. your posts have been a great help so far.
Posts: 19 | From: scotland | Registered: Apr 2006
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By the way I was told the legal fees would be 1.5% of the purchase price which is what most of the agents are saying over there between (1% and 2%)
Posts: 19 | From: scotland | Registered: Apr 2006
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also all agents are saying that the law changed in December last year to a 99 year leasehold which is renewable when sold over or passed to next of kin. Sorry about all my posts so far just thought they might help.
Posts: 19 | From: scotland | Registered: Apr 2006
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Hi there Have already asked mac0623 ...has anyone had any dealings with Nina Young at Euro Sharm Real Estates.they have quoted some good figures...their legal fees seem a good price so does their commission fees. I am looking at the Shahd village Naama Bay a 2 bed apartment. Any advice would be very welcome. fallenknight
Posts: 85 | From: Egypt | Registered: Apr 2006
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It would be great if you could email me a sample contract Mac0623. Or better still put a link on this forum so that everyone who needs to can look at it. If you can't do this for whatever reason I can do it . Thank you very much .
Can I ask folks who have purchased before, are the commision fees not normally rolled into the ticket price of the property? I thought the agents commision came out of the developer so the price you see for a particular appartment for example is the price you pay and then the legal fees, maintenance fees and any government taxes on top of that.
Posts: 18 | From: Midlands | Registered: Mar 2006
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