Buying Property in Hurghada

[Duchanio]

Hi

I am new to the forum and apologize if this has been covered before.

I am thinking about buying property in Hurghada as an investment to rent out in the summer and holiday in over the winter.

The prices seem fantastic which makes me worried that there may be some hidden pit falls. We bought a property in North Cyprus about 6 years ago and although we love the place now we had lots of problems with the builders and trying to get the title deeds so I am very wary of buying again in an unknown area.

If I buy a property would it be risky to buy an unfinished property or 'project'? Will the builders keep requesting more money on top of the agreed price?

Are there problems receiving the title deeds? I read that the land registry is not up to date and people may claim ownership to your land after you have bought the property there.

Any advice would be greatly appreciated.

Thanks
Thomas

[Lanason]

Hello and welcome to the forum

No idea about buying in Hurghada but El Gouna is maybe a safer bet (nicer but maybe more expensive) depends on your budget

[Gounie]

You can buy property in Hurghada at resorts like Tiba from as little as GBP6,000 I believe. But you get what you pay for. If I had booked an expensive flight and ended up renting an apartment somewhere like that for my annual holiday I would be devastated when you can get a great deal in a hotel right on the beach. To rent out long term maybe more suitable asking around GBP100 per month. You need to do your research and visit the area without a doubt. There are property forums which cover every resort and you can read of the problems people are having. Usually these cheaper apartments are just for the shell and you have to fit kitchens, water heaters, air conditioning, etc. Many have lost their money in Hurghada so take care and do your homework. There are also Facebook Groups for specific developments too. Everyone is so keen to buy off-plan after seeing a glossy brochure and expecting prices to rise. Everything in Egypt is uncertain at the moment so there are no guarantees that tourism will pick up again. As Lanason said El Gouna which is 24km north of Hurghada is a different world but a completely different price range. I would recommend buying a resale after researching that other residents at the development are happy and the building is being maintained and that you can register the property and that the land has been registered.

[Eco-Mariner]

This forum has covered many issues on purchasing in the Red Sea locations. What you've read here is correct, El Gouna is a safer and a little more expensive but these are built.... Whereas many off-plan projects elsewhere in and around Hurghada have not been completed due to many reasons.

You will find lots of what we call residential tenements which look good in brochures but fail to impress owners when they start to live in them. That's because if you pay "cheap prices" you get "cheap standards" because Egyptian developers just want your money.

Look for a resale. But double check the legal documents of ownership thoroughly.
Last of all, don't be conned as soon as you speak to an agent or their lawyer. Go see for yourself your options. Thousands have been duped over the last 5 years. Don't be one of them.


Eco-Mariner

[Helen Ellis]

Is your priority a place to winter in or a summer rental? There are many problems with land registry, double and triple selling, unfinished developments, sky high service and utility charges etc in some projects. If you want a cheap place to winter here then a resale in Hurghada may suit. I would never buy off plan now except in El Gouna and Sahl Hashish and for long term investment/rental only the good stuff is worth buying and that is pricey. El Gouna is fabulous and as safe as it gets here.I would buy there if I could afford it. There are good places in Hurghada, it all depends on your budget.

[steveolena]

Hi Thomas, i may be able to help out, you need to make 4 more posts then we can send private messages as i don`t want to give my contact details for all to see, regards, Steve

[steveolena]

or maybe you can try and pm me

[mamasue]

Off plan is a lousy idea in Hurghada......
So many building projects look fantastic on paper....but never get finished.
The way Egyptians build is generally they start with a little money... build until the money runs out....then wait to sell from a glossy brochure.
If not enough people put money in, it never gets completed, and the people who have put money in never get it back.
Also.... never believe completion dates.....they rarely happen on time, if at all.
Helen's right...it's far better to buy an existing place...at least you can see what you're getting....and make sure the place comes with a green registration card.
Also, standards of workmanship aren't great.... so with an existing place (there are plenty around for sale now) you get to see the finished product!
Sorry to be cynical, but I've seen many trusting people get burned, often Brits buying off plan.

[hurghadapat]

I am sure that

Originally Posted by susy37

Dear,

The compound I am in its in the last quarter and it will be finished by the end of the year, the developer its internationally recognized and he already built most of the amazing compounds located in Sharm, all compound its registered and I do have the documents a also signed and verified by the government, there is no chance to be a scam.

Yes there is a lot of scam going on everywhere, the issue its to know how to get the proper documentation and when the company its well known and you have all documents in your hand, when I signed my contract the signatures where verified and I got the receipt from the first to the last payment stamped and correct propriety transfer documents If someone makes a decision to buy any house in Egypt first should check the company of course.

Thanks
Susy


I am sure that all your documentation is legitimate and that your complex will be completed,but unfortunately many aren't so many people have lost substantial amounts of money when buying property in Egypt and also the egyptians are extremely good at producing fake documents when they are selling property or land that doesn't actually belong to them....many,many pitfalls to look out for when buying property in egypt as Mamasue said in her post.Personally i would never invest in egypt in any way,shape or form as far to unstable for my liking.



Thanks
Susy

[Eco-Mariner]

I think the best idea is - to trust no-one and never take anything at face value. Double check everything most of all paperwork for the land, project licenses and that the end-product meets the development brochures.
That is not always possible with local lawyers who can generally be in the pockets of the developers. Even Notaries have been jailed for taking bribes. Since 2008 off-plan projects are regarded as high risk as hurghadapat and others have pointed out.
There little accountability in Egypt, no consumer protection like in Europe so be careful, this is a big purchase you are about to make.


Eco-Mariner.