El Hayat Sharm Owners Forum
 

Hello,

I'm having serious difficulties obtaining any return on my unit in the El Hayat development. The property has been rented back to the developers for a year now and I haven't received a penny. I'm not having any luck with the developers, they are claiming that they have no cash due to the credit crunch but looking at the reviews on the net the resort looks busy. I never get any response by email. The agent seems helpful but has proved ineffective in assisting so far. I've written this thread to try and find out if other owners are having the same problem and whether together with some strength in numbers we can attempt to find a solution....

Rental schemes
 

If you have a guaranteed rental scheme contract with El Hayat you should demand that income you should receive through a solicitor's letter.
If you can find others on the resort in this situation, then it may be an issue of fraud. A joint letter will make them see sense.

However, if you don't have this type of contract Hotel companies are most likely to fill their own rooms first to maximise profits.

Alan.

Advise from a developer in Sharm El Sheikh
 

If you have a guaranteed rental contract, I would suggest to save the money you were going to give to silicitors as it might be more than the rent that you promised in the first place. Rather, I would suggest sending an email to the following Mr. Zoheir Garranah, the minister of tourism in Egypt as well as Mr. Mahmoud Mohy El Din , minister of Investment in Egypt . They take immediate action and you will soon hear from the developer to settle the matter with you.
I hope I have been of an assistance to you.

Thanks for your responses.
I went to Sharm in June last year for the handover, the development was over a year late in completion and they simply refused to pay £3,500 in penalty charges on the original contract and also attempted to refuse to hand over the unit due to a late payment when the bank failed to transfer the funds from my account to them 2 years ago (although they accepted the payment and every one after). There is a guaranteed rental income of 12.5% but they don't seem to be concerned with honouring it. He has issued post dated cheques to some of the owners which have just bounced. I'll attempt to contact the ministers first.
Thanks again for your advice.

hi Nazab - what about them contacting the Governor of the red sea - would he have the same sort of authority as the minister for tourism and minister of investment?

Legal issues.
 

The Governor may have certain powers, but not to revoke a development license. No matter how large the holding company are, the Ministers are in the driving seat. If you and others contact them in unison, these practices may cease. There are other tenants associations that are putting similar pressure on cases like this.

A local lawyer may not have the bottle to stand up to El Hayat directors. You must take advice before rushing into litigation.

Alan.

El hayat
 

Hi,
I'm in exactly the same situation. I have in vested in EL Hayat at Nabq bay.
The apartment had a 5 year guaranteed rental scheme and I have not received a penny. I can't get hold of the developer and I'm starting to wonder whether I actually own it. It seems impossible to get any sense from anyone. I had thought about pursuing it legally, however, I didn't want to lose any more money. Now that I know there is someone else in the same situation it may be worth us both contacting the developers through a solicitor??

I think you should mention who is this developer so at least all members will be aware of this company. This only negatively affects all developers which is not fair. Again I reconfirm, contacting the above mentioned ministries is the fastest, cheapest and most effective way. I am a developer in Egypt in both Sharm El Sheikh and Sahl Hasheesh and giving you the right advice ... and for free !!!

Hi it doesnt look like they are strapped for cash. There is now a new cafe area at the front of the hotel and the mall open. People comin and goin. We have had a drink inside and it was mostly Russian guests and was quite busy. Nabq in general at the moment is busier than what it has been recently.

Thanks for your response nazab.
I've been trawling the internet for a contact email for Mr. Zoheir Garranah and Mr. Mahmoud Mohy El Din but have had no luck. Do you have their contact addresses?
I didn't want to mention the developers for fear of my thread being censored or account being blocked. You can probably find it yourself using any internet search engine and typing "El Hayat"