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Studio or one bedroomed flat?

Hello, I am new to this site and would like some advice please.
I am  50 years old, reasonably fit and looking towards a stress free life abroad, after visiting Hurghada, I have fallen in love with the place. I have always wanted to live abroad and feel I need to do it before its too late.
I am thinking of buying either a studio or a one bedroomed flat in Hurghada, firstly to use as a holiday home for myself and then hopefully to move into on a permanent basis.
Am I better to look for a resale or a new one being built ie project, who to buy from and where are the best area's regarding things to do, safety etc.  any advice would be very much appreciated.

Also looking for new friends who have already taken the plunge and live in Hurghada.

Thanks

Stella

Hi Stella,

Welcome to Expat.com and thank you for your introduction :)

For your search, i would advise you to have a look at our Housing in Hurghada section, you might find an offer that may suit your needs.

In order to find new friends, do not hesitate to participate on other networking threads here : http://www.expat.com/forum/87-18-networ … egypt.html

Thank you and good luck

Priscilla

Hi Pricilla,, I will take a look, thank you x

Hello Mesmer, I'd recommend you to look for resale not new projects and you it is better to search online and if you have someone here in Egypt (relative, friend) to check the documents as you know if the seller knew that you are not Egyptian the price will be double :) also you need to hire a lawyer to finalize the paper works for certifying the contract for a foreigner, I will send you in a message a search engine that you can use and I will be happy to help you if you have any question. :)

Hello
Thank you, that would be really useful, at the moment I,m looking at a company in London who deals with properties in Hurghafa and they sort everything for you including lawyrrs etc. I will be in Hurghada at the end of March so hoprfully will look at properties then
Thank you for your advice ive taken it on board.

Great to hear that, hope that you find your best option, and I will be glad to help you anytime, just Pm if you need anything, I visit Hurghada from time to time.

Thank you I will, its nice to know theres people to chat to x

Hi Stella  I am like you looking to buy a flat firstly for holidays and then for it to be my permanent home, it would be great if we could share any information we find , which I'm sure would benefit us both. good luck with your search.

Hello Susan
That would be great, ive p/m you.
Hope to hear from you soon

X

Hi I did this 8 years ago have two apartments now one near El Gouna and one in Sakala town center

@ Jeremybright > If you are actually renting your appartments, i suggest you to post your offers in the housing in Hurghada section as well please.

Thanks

Priscilla  :cheers:

Hi I too am looking to buy a cheap studio as a holiday get away I am looking at some in February it would be good to share any information .

Have not rented as its not easy to rent when I am back home in England but if I ever move over full time will then also do not think will be easy to rent the one I have not in the town centre

I dont know but what about gouna u will love it to but i dont know if they have apartments

Anyone looking for rental properties or has a rental property is asked to post  a free ad in the housing section , top of this page.

Advertising is not permitted on the open forum.

I do live @ Cairo, But I could help U guys if You're searching for renting or buying a cheap and nice small flat or studio..
I do travel to Hurghada monthly and rented many times and also know the price ranges of buying and renting per area..
So it'd be my pleasure to help any one for hiving info or tips gor free ..
Regards..

Hi mesmer


this a useful information u had to know before that u decide to Buying a Property in Egypt.

Legal Steps to Buying a Property in Egypt :


The steps would be as follows:


1- Due Diligence Report

The due diligence report is the most important part of the transaction since it aims to verify the legal safety of the property, or otherwise. Your lawyer will obtain the necessary documents to complete the legal checks and submit to you a written report of their findings.

A due diligence report necessarily investigates the following items: • Title of Deed The legal proof of who the legitimate owner is of your desired property. • Building License A license issued by the state granting the right to build on a land plot, defining the purpose of the building, the grace period and the percentage of land it is permissible to construct upon. • Commercial Register This is the official record of the developer’s company. • Tax ID The legal proof that the developer’s company is recognized by tax authorities.

Once the due diligence report has been completed and your lawyer has confirmed it is safe to continue with the transaction, the next step is to check your contract.


2- Revision of your Contract

A draft copy of your contract should be sent to you by your agent or the developer directly. Once you have received this then a copy should be forwarded to your lawyer, whist it is advisable to peruse the document yourself also to confirm your details are correct and highlight any queries you may have.

Your lawyer will revise your contract both in English and Arabic to confirm an accurate translation, to ensure the contract complies with the due diligence report, to ensure all mandatory articles are present and to evaluate whether the clauses are fair for both parties. Any issues raised by either you or your lawyer would then be discussed with the developer and changes made, where applicable. Once the final contract is agreed upon by both parties it must be signed by both parties on every page, including any addendum's, with your names signed and printed on the last page of the contract.

Once the contract has been signed by both parties, one original copy should be sent to your lawyer to be authenticated by the Egyptian court.

Authentication of your Contract

It is a common mistake to call this process registration, since registration is impossible in the case of ownership being on the basis of a ninety-nine years usufruct (for example in Sharm el Sheikh) and is, for the most part, unavailable in other areas. Registration can also be a lengthy process, which once completed restricts the amount of property an individual can own and renders them unable to resell within five years. If you do decide to register it is advisable to authenticate your contract in any case until the registration is complete.

The authentication of the contract is done by way of a court case known as “Signature Validation”. The case aims to prove that the signature of the first party is legitimate, thus preventing contract denial and rendering him unable to dispute any clause in the contract at a later date. It is valid also against his heirs when applicable. The case takes an average of 6-8 months in court, although the length of each case is entirely dependent on the efficiency of the judge assigned to the case.


3- Real Estate Tax Law (Law No. 196 of 2008)

On handover of your property you become subject to the Real Estate Tax Law, which came into effect as of January 2010. On property handover the owner is liable to complete the tax form and submit it to the tax office. This can be done by the owner personally or by a representative, but it is the owner’s responsibility to ensure that the task is completed.

The real estate tax law was implied originally to help the lower-income classes of the society. It had exempted cheaper properties from its scope and it is purposed to enhance the country's economy. The tax is considered to be fair and just. The criteria utilized to estimate the tax leaves no space for personal judgments, as it is based on tables and certain categories. Even the penalties have taken the form of financial penalties. The law does not stipulate any criminal punishments on delay or refusal. The law code has even included a table at its epilogue.


if u have any more questions .... just inbox me & u r welcome

good luck

best regards

Thank you for the information, I have messaged you

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