[crombiestone]

I am not sure of the exact location of this development (Pyramids 2 ) but I assume its close to El Gouna as one site I came across claimed it was in El Gouna .

IT ISN'T .

Between El Gouna & Hurghada there are a number of failed developments ,some up to 14 years old . I assume its one of these being bought up and completed or it could be a vacant plot being freshly built upon . Either way expect to be looking out on unfinished neighbouring developments for a considerable time and nothing in the near vicinity except a bus service to El Gouna / Hurghada.


The El Gouna to Hurghada road is littered with "ghost" resorts and will fall far short of the expectations of many a European holidaymaker .It is on the red sea but thats about it . It may be a cheap buy but dont think that you will rent it easily or sell it on easily despite what the developers may tell you .

Egypt is becoming a cash cow for developers with everyone and their brother buying up land and building on it . The number of flights to Hurghada from the UK has dropped considerably from 2006 to 2007 . That can't be a good thing . I can't really see Egypt becoming the next Costa Del Sol .

There is definitely a market for Egypt but My money is on parts of Sharm and the Integrated resorts to survive as Apartment investment areas. El Gouna ,Taba Heights , Sahl Hasheesh, Gamsha Bay & Port Galib. I'm not even sure if there is room enough for this number of upscale resorts . People have high standards and I dont think anywhere else will come up to scratch for tourism in any numbers. Apartments will always have to compete with the Hotels and the All Inclusive deals can be ridiculously cheap.

One thing for certain is that there is too much building going on to keep everyone happy . The only ones certain to make a killing are the developers who are over selling the potential of the region .

As an example .

Zafarana are using the past growth of El Gouna to sell the potential of their resort. There is NO WAY that you can compare the two . I have passed Zafarana on the bus on the way to Cairo . Blink and you miss it . There is NOTHING else around so why build an airport ??

The main reason for this post is for the newcomers . Be VERY CAREFUL where you buy . I cannot comprehend people who buy without visiting beforehand . Yes it is cheap but you have to ask yourself why ? Visit ,ask yourself honestly would I like to holiday here and will it be easy to market and rent and crucially sell on ?

It's so easy to be taken in but DO NOT BE SEDUCED BY ARTISTS IMPRESSIONS AND SALESMEN !!!!

If you visit and you are 100% happy then by all means go ahead . If you like it and can see yourself holidaying only and do not need the rental money hey its chaper than some cars ... go for it ! BUT Do not think you are guaranteed to make a killing because you are not .

This post may make me unpopular but I think its needed .


OK I'll get off my soap box now .