Which one?

[es1]

Hi there, i am currently looking to invest in shal hasheesh but there is so many options i dont know which one would be best iam looking to make capital growth more than rental and would prefer to sell before completion. ive been offered one on sunset pearl beach and golf resort by gem who say its one of the best there but its 80k which seems high compared to others. there is also a residensial complex in magawish lot less start 27k and hotel pyrimisa. Can anyone advise which would be best hotel,resi etc.prices aswell thanks

[dave2u]

i think you need to go out there get a feel for what you want every agent will say you should buy from them .look at all the develpoments in sahl.then have a look at others in hurghada.do not commit to anything come home ask a thousand questions and if its right for you go ahead

[es1]

Thanks dave2 that makes sense....

[andyk2]

Originally Posted by dave2u

i think you need to go out there get a feel for what you want every agent will say you should buy from them .look at all the develpoments in sahl.then have a look at others in hurghada.do not commit to anything come home ask a thousand questions and if its right for you go ahead

It looks as if you are torn between Morocco and Egypt from what I have seen you post to date. Take Daves advice and get out and see the opportunities and come back and make your own mind up.

Also important to decide what your investment strategy is. Seen that you are considering buy-to-flip. Would suggest that you seriously consider your exit strategy (ie - who is going to buy it from you) before making a decision.

Andy

[dave99]

Originally Posted by es1

Hi there, i am currently looking to invest in shal hasheesh but there is so many options i dont know which one would be best iam looking to make capital growth more than rental and would prefer to sell before completion. ive been offered one on sunset pearl beach and golf resort by gem who say its one of the best there but its 80k which seems high compared to others. there is also a residensial complex in magawish lot less start 27k and hotel pyrimisa. Can anyone advise which would be best hotel,resi etc.prices aswell thanks

If you are only interested in selling before it's finished (flipping its called) then you are in a HIGH RISK game, and if you have never done this before you should stay well clear of this market and all the "stories" of quick easy money.

Given that you'll here stories on this forum from agents who have "seen it done" you'll be taken in and believe that you cannot lose, guess what, if it was that easy why would agents and developer bother doing anything else.

Think about it, do the numbers very carefully - for Sahl Hasheesh the agent will get at least 8% from your first payment, there is always a price increase just around the corner to "encourage" you to buy now, there will be lots of "information" about rental potential that will create a big capital value increase (no proof yet). The only way to reduce the risk from this form of short term speculation (6 to 9 months lets say) is to get a guarenteed buy back from a developer who can give you names of previous owners who have bought and already sold this way - (is that a pig I see flying by). If no guarentee is available ask yourself why not. Are the the Agent and Developer really so sure that the value will increase by XX% pa !!! If you can get a guarenteed buy back on a car thats depreciating why not a property in a much sought after area !!!

If you really want to speculate at least do it with a much smaller potential outlay, which means forget Sahl Hasheesh. If you cannot sell, for what ever reason (and there are many), and you cannot make ALL the payments as they fall due, you stand to forfeit LOTS of money - AND for heaven sake do NOT BORROW to try to make this a better prospect.

Put another post out on this forum for evidence that there is ANYBODY out there willing to buy an UNREGISTERED part built property, from someone who cannot prove that they actually own the apartment they want to sell !!!

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[Peter Mitry]

Hi es1 you are mostly getting good advice apart from the doom monger who is basically telling you not to buy anything (except of course his little development which will amazingly turn out to be the exception to the rule!)
My advice concurs with most of the sensible people here; go out to Hurghada, look at whats available, prepare all the relevant questions including exit strategy, rental potential and anything else you can think of. Don't believe the promises of mortgages as right now there are NONE. Yes everyone is talking to the Egyptian banks and for sure one day there will be a mortgage but not right now. Absolutely no one can give you an offer from an Egyptian bank. So whatever you consider make sure that you have the money during the construction period. Above all this is not a market for 'flippers'; be prepared to hold for up to five years; in this time I would expect to see up to 200% growth in property values, particularly in front line beach locations - and by all means ask the Developer if he would be prepared to sell for you. Front line beach resales in Sahl Hasheesh do sell, no matter what the doom mongers think.

[dave99]

Am I seeing things - did I not see a post from the moderator "advertising" mortgages in Sahl Hasheesh.

The position on mortgages is as STATED - HSBC bank in Hurghada will lend once there is something to act as security, on a REGISTERED Property.

Borrowing is not a wise move for "Flippers".

I do wish that the Moderator would stop and think a bit more about the real value of the forum and stop being so personal.

Just for the record I will defo NOT sell to anyone who feels that they want to flip one of my apartments.
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[andyk2]

Peter,

Just last week you were posting that you had mortgages available for all your "exclusive Sahl Hasheesh" clients - are you now retracting this?

Mortgages exist on Sahl Hasheesh and in Hurghada through any WWD product. The interest rate is 7.20% and available only on a capital and interest basis (ie not interest only). With prices starting in Hurghada at £15.000, it requires £6.000 down with the balance on finance at £81 per month (based on a 15 year repayment mortgage)

Of course, I´m not advocating that a studio in Hurghada would be "flippable", but a better unit may be. I still stick by my original posting of "go out there and see what you think" rather than advise to buy site unseen.

Anybody can reserve with a full money-back guarantee on any WWD project, but I don´t believe that once a client has visited Sahl Hasheesh, they would want to pull out of their investment.

Andy

[Peter Mitry]

What you saw was an offer from the Broker who is offering mortgages to WWD clients; I met with him on Thursday and you can be sure that right at this moment there is not one Egyptian bank that has offered a mortgage to anyone in Sahl Hasheesh or elsewhere.

[Peter Mitry]

This is simply not true; the Broker concerned has not yet had one single offer from an Egyptian bank. For the sake of everyone I hope he is successful eventually but right now he cannot guarantee it. Please ask him to confirm what I have said.