Will hurghada have oversupply of beds ?

[realestatemart]

Originally Posted by jill

hi thanks for that just come back from hurghada and went to view intercontinental seems a bit out of the way at the moment but like you say in a few years properly very nice location so we bought one at regency towers we really love the property and location and only short taxi ride into the old town cant wait to go shopping and buy lovely fresh fish !!!! we should be going out in july for several weeks regards jill

congtatulation Jill wish you all the best
Regards
George

[jill]

Originally Posted by realestatemart

congtatulation Jill wish you all the best
Regards
George

thank you so much regards jill

[Sanchez]

Hi all, I have just read this thread from start to finish.
It's and oldy but a goody, as they say.

I'm doing quite alot of reading ( including oldish threads ) as part of my research for my next purchase. I'm an owner in El Gouna at the moment.

This thread discusses the possibility of oversupply, and it is once thing I have thought about as well. The Gamsha Bay developement will be massive ... something like 15 000 units ....???

My thoughts on the oversupply of both rental return and resale in the Hurghada area ( including Sahl / El gouna etc ) is that you need to try and look for something a little unique to that property to make it more desireable.
Things like sea views / beach front are always more desirable no matter which country you are investing in. A dark little one bed tucked away in the back of a 1000 unit complex may be a little harder to market.
The flip side is that you normally pay a premium for the more desirable properties. If you can stretch your budegt though, it's definately worth it.

Anyway, just a few thoughts, and happy investing ... : - )

[jimlin]

Has anyone any updated info on The Paradise hills complex, I have a small unit their which is very nearly complete, but am having difficulty getting an update from the developer.

Many Thanks

[Peter Mitry]

Originally Posted by Sanchez

Hi all, I have just read this thread from start to finish.
It's and oldy but a goody, as they say.

I'm doing quite alot of reading ( including oldish threads ) as part of my research for my next purchase. I'm an owner in El Gouna at the moment.

This thread discusses the possibility of oversupply, and it is once thing I have thought about as well. The Gamsha Bay developement will be massive ... something like 15 000 units ....???

My thoughts on the oversupply of both rental return and resale in the Hurghada area ( including Sahl / El gouna etc ) is that you need to try and look for something a little unique to that property to make it more desireable.
Things like sea views / beach front are always more desirable no matter which country you are investing in. A dark little one bed tucked away in the back of a 1000 unit complex may be a little harder to market.
The flip side is that you normally pay a premium for the more desirable properties. If you can stretch your budegt though, it's definately worth it.

Anyway, just a few thoughts, and happy investing ... : - )

Hi Sanchez I just re read your post from last June and I have to say I agree with your thoughts completely. At the time you wrote this none of us were thinking that the credit crunch would have any impact here. However it has polarised the market; there is still a demand at the bottom end of the market for the less expensive town centre properties and there is always a demand at the top end for quality beachfront.

A new arrival is that of Fractional Ownership, a system whereby you can now own a 25% share of a front line beach property for the price of a town centre studio.

Fractional differs from timeshare as price for the property is not inflated and the four owners share the costs equally. Your ownership carries a title deed and you can sell your share whenever you want. All shares rotate evenly to give everyone an equal share of the seasons.

Fractional has been huge business in the USA for years and last year was worth 1.9 billion $. All sorts of goods are sold fractionally from Ferrari's planes, helicopters and speedboats to designer handbags!

[HORIZON]

Hey jimlin,

There was a thread somewhere in the Forum called Paradise Hills saying that the developer went bankrupt

From my experience there was not much movement with finishing here at all and people who bought are complaining they cant get electricity connected in finished apartments. After the development figured out to be blocked by other development in front, losing sea view, the sales I presume dropped drastically.

[jimlin]

Many Thanks Horizon, I have recently been advised that my unit . was complete, will look out for thread and you mentioned and request reassurance from lawyer who has been advising me on progress, that developer is solvent.

Regards

[jimlin]

Update just recieved from lawyer,

The Developer of Paradise Hill has added some extra facilites to the complex.
1-A Heated Swimming Pool
2-Two Jacuzzi's on the roof, from where you can get a view of the sea and all Hurghada.
3-A generator has been added to cut in in case of Electricity Power cuts, especially to give permanent lighting to the stairs, roof and pool area.
4-The lifts have been installed with 10 Horse Power, instead of 8.
5-Automatic Doors have been fitted.

Also heard from developer direct that he will be issusing details of furniture packages etc within next month or so.