Quote:
Originally Posted by propertastic
I think that success breeds success. There's more development in this part of town anywhere else other than the Touristic Centre, which will increase the value of land and half-finished properties.
I thought that the new laws about having to finish a certain amount of the building work over a set time period or else the land reverts back to the town was designed to stop this problem in any case?
Egyptians seem like pretty enterprising people to me. I can't believe that, once there are 2000+ apartments occupied in this area, no taxi driver is going to want to go there.
Although it is seperated by that stretch of military land (which I don't think will be the case forever), this part of town is still closer to the centre than the southern end of Hurghada is.
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Well current land owners have till 31st December this year before the new governor will start taking land back off them. Unfortunately though all they have to do is get the foundation and skeleton up and their sorted.
A lot of land owners also got the land for next to nothing and they dont really have enough funding or no how to take it forward.
Anyway... we can keep our fingers crossed that the others will develop, or we can buy in more developed areas...or of course pay that little bit more and buy in something like Sahl Hasheesh.