Quote:
Originally Posted by Organics1
Hi All,
I too have been waiting a while and really looking forward to see Ancient Sands (Along with numerous other investor friends) and have recently received the E-Brochure for it. I totally agree with everyone here it does look great but 125,000 GBP for a one bed apartment (inc. Furniture) on pre launch is taking the ****. Especially considering the two blocks that have been released. I was FULLY expecting these to be a lot higher than your average Hurghada apartment but God only knows how much the fairways apartments will be! oh and three years is only for the first phase completion, so you'll be living on a build site for a few years after that too.
I 100% agree with Neil. Why have 50,000 GBP tied up in this for three years (40% of 125,000 GBP) when for the same money or less you can buy in EL Gouna with an already established track record, not only with foreign investors but with Egyptians alike. I would have fully expected these to be somewhere between the prices of Sahl and EL Gouna. Making them comparable in price to EL Gouna is not a good investment in my mind and if anyone on here does think it's a good idea list your reasons, maybe I'm in cuckoo land!
Why not start earning on your money straight away both from rental income and capital appreciation and buy Across the road.
Then there's the "offer" of the management scheme! So not only is the 14% "anticipated" you then are deducted 4% for maintenance and then you receive 50% of that. Hmmm
Actually I could go on with loads of other reasons but to be honest I think I've said enough.
I look forward to hearing the "real" reasons why people think this a "great" investment instead of what else is available and not just about how great the resort will look. I am more than happy if I have stated anything incorrect to be corrected and if there is a good enough argument I may still be swayed. But at this stage it has to be some argument.
Regards
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I have been examining my options for buying in Egypt and it seems to me that this project is one of the few that clearly expresses the ins and outs of how you buy, what costs will apply and how it all works. It actually seems to me that they are quite honest. The only place I have found honest advise so far has been this forum and the Ancient Sands website seems to also provide a lot of information that has been helpful.
The only reason I comment is because I have brought properties before where the rental return is shown as gross with no information to qualify this and I have ended up with high utility bills, maintainence fees and other management charges that suddenly appear on the bill. But in the case of the Ancient Sands website they have shown exactly what it includes so you can calculate a realistic net figure with no hidden added extras.
I know that Organic's 1 seems to feel that the deducttion from the income is excessive and indeed it is quite high, but you can rent it yourself as well according to this thread. At least it seems if you rent through the 'management scheme' it looks like most of your costs are covered even if the market is not so strong. I am sure they could have simply quoted a net figure and no-one would have made any comment, but I prefer to know what is included and how it all works. I am now looking at this option, despite the high prices, as I think that there will not be any horrors hidden around the corner.
Only time will tell!!
Caroline F