Quote:
Originally Posted by propertastic
P.S. The only properties I see sitting around unsold are ones that there aren't a big market for - like the masses of expensive villas sitting around - those that offer poor value or ones that are poorly promoted so most people never get to hear about.
Put a studio on the market in a decent development for under GBP20,000 and see how long it takes to sell - you're talking just a few days usually.
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Hi Nick,
The point being made is whether the current rise in prices is because of a greater demand by Joe Public ie a genuine demand or whether prices are being pushed up to make people think that they are onto a winner and therefore starting a purchasing stampede.
My view is that Egypt is a great country with lots of positives but some of the developments are asking for silly prices which will scare off a lot of first time investors in Egypt.
Me, Derek and Awahee have been looking at the various developments being sold in the Red Sea area and believe that some developers need to have a reality check with their prices. A lot of these big developments are not as full as developers want us to believe. If you want to know which ones and you really dont know then please pm me and I can tell you their names. Some of these developments are almost next door to each other and yet have differences in price of upto £300 per sq metre between them.
Me, Derek, Awahee have all purchased in the red sea area and intend on living there for years to come even after we have stopped selling.
We do not want Egypt turning into Bulgaria where purchasers have difficulty in selling their hard earned purchases.
That aside I do believe people will pay higher prices if and when Egyptian mortgages start to appear but the danger there will be people believing they can cover their mortgage with rental returns.....another false belief for some people on this forum.
Regards
Westmids33