posted
WARNING! You can only buy the property on a 'leasehold' type basis, this is for 99 years and is renewable apparently. Don't let anyone else tell you different. There are many agents to choose from in Sharm- competition has really increased there over the last couple of years. there are lots of potential buyers landing every day at the airport, with access to credit these agents can only dream of. Remember Egypt is a very poor Country and any opportunity to exploit tourists and those wanting to buy is taken. Don't be decived by the friendly, trust me approach. These are real del boy tactics. My husbands mother has not slept since she bought a home over a year ago (not yet built and unlikely to be)- all her retirement savings went into it, and there is no comeback. Be very careful- the property market there is not all it seems to be. There are hidden costs such as over-priced furniture packages, which the agents make more commission on than they do selling the actual property. Also, completion dates are often very optimistic, and as you are not there to see the progress being made, you are reliant on the agent sending you photos, which although they promise to do, never actually get round to. The expected value of the properties is highly inflated and as there are no legal or trade bodies representing agents in Egypt, those selling will say what they think they can get away with, relying on their area knowledge (itself limited in Sharm as it is a ‘young’ town) and the rental expectations are nothing short of fictitious. There is no legal cover for you if you buy from an agent there. Mnay properties are available through european/UK agents that are registered with trade bodies. If you want to see the 'off plan developments' by all means, get these sharks to take you to the developments you have heard of (do your research before going to Sharm) but don't commit, put down a deposit, or make any promises. You can think on it when you return home, and if youre still keen, there are plenty of reputable european agents with trade body membership for you to choose from. It is often possible to buy direct through the developer. Please be careful. If it sounds to good to be true, it probably is. The returns are not that good, nor as much as you'd feel comfortable with.
Posts: 22 | From: uk/sharm | Registered: Jul 2006
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posted
I would like to share my experience i bought through a british agent operating in sharm with a fancy office and british agents definitley a comfortable environement for us british but i then decided to cancel when i found out that the price was inflated by the agent in comparison with the seller by 20-25% and can't tell you the treatment i received first of all after declaring my intention for cancelling my phone calls were ignored and my e mails so now iam stuck with my property and trying to sell it with a low price to match the market since the agent had added 25% which iam losing now.
Posts: 9 | Registered: Aug 2006
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