Hello Propertastic
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I stopped by at Orascom's offices while I was there two months ago and was told that apartments in phase 2 will be EUR2000-3000/m2, making them two to three times more expensive than El Gouna
Propertastic.
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I'm not sure whate you mean by phase 2 . There are a few developments in El Gouna that do vary in price . I was quoting the price for Golf West Phase 3 which are $95500 USD at current exchange rate .
Quote:
I also heard that there are two real estate offices in El Gouna - one for foreigners and one for Egyptians, with the Egyptians paying a lot less than foreigners.
As a result, it can work out a lot cheaper to go through an Egyptian real estate agent as a middleman, even after paying his 5% commission.
Propertastic
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It is true that there is a 2 tier pricing system and this is not only apparent in El Gouna one example is the Sharm- Hurghada ferry . I have heard a couple of horror stories of people trying to buy via the Egyptian route . I'm not saying its not possible to do but there is a risk that you could hand over your cash and get nothing .
I wasnt knocking Sahl at all only saying that its prices are very expensive for a resort in its early stages .Sahl has taken a long time to "take off" with some plots already changing hands .Orascom originally had the Marina plot at Sahl which was marketed as Venice Marina . For some reson they saw fit to sell the land on to the group who are developing Serrenia . Serrenias website appears to be "under further development " isnt that a little worrying ? I would think that prices in Sahl should be lower at the moment to compensate for any risk of the development not getting finished to planned timescales. Early buyers in El Gouna (sadly long before I found out about it) got major bargains.