Quote:
Originally Posted by orosurf
Do you guys ever have anything positive to say?
Any new mortgages in Egypt have to be good news for investors. Of course ,a 65% mortgage won't help much if you have to pay 90% up front, as required by certain developers in Hurghada
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The truth of the matter is that you have been able to buy apartments on 60% finance for at least six months in both Hurghada and Sahl Hasheesh.
My comment was that, if this has been available for so long, why would the announcement of a mortgage package for the Resort Alliance product in Sahl Hasheesh do anything to generate further sales.
Sales for RA were great at the start of the year, and they got greedy and put their prices up every month. Sales at Sunset Pearl were even better because they had a mortgage product, so RA put their prices up even more!
Now, RA have had to take their availability off-line, because everybody can see that their prices are way too high, and everybody could see (but not anymore) that they are just not selling anything. A mortgage product is not going to solve their dilemna - "do we put our prices down to reasonable levels, or continue to overcharge for our product?"
The best units in all their developments have gone. The investors who were in early enough are very happy, but whatīs left would not attract me at half the price.
Itīs a fantastic development, but I wouldnīt borrow 50% more than I need to, to get in there.
Andy