Shared Ownership in Hurghada

[dave99]

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Just picked up this post from another forum.

Posted by clayton
Hi Everyone,

I read a few weeks ago in The Mail ( which is published here in FL) that SharedOwnership is becoming popular in British people wishing to share villas, etc..
Does anyone know of any companies that specialize in this ?
We would dearly love to own a European villa ( anywhere warm) however would not need to use it all year round and would not want the hassle of renting it out.

A 4 couple share would be ideal to split the weeks and use it when its your turn,

Any info would be appreciated,
Thank you

I also would be interested to know if there is any interest in this idea since it is something that I've been considering offering at my development.

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[awahee123]

It may be a good idea once prices go beyond our reaches,at the moment i'd be surprised to see a lot of reaction to shared ownership,Maybe in the near future.

[RedSeaVision.com]

In America we call them "Times Shares", but they don't have a very good reputation.

[Peter Mitry]

The new trend is Fractional Ownership; not like time share at all, normally four people club together to buy a villa on a shared basis with contractually agreed terms for use and maintenance. Its getting popular now in Spain where villa prices are so high and I can certainly see the advantage in Egypt where most people will use their villa purely for holidays rather than to live in. Fractional Ownership properties can also link in to RCI to get the benefit of exchanging weeks for other places. The difference is with FO each person actually owns the title to their share of the property.

[awahee123]

Yes I agree with Peter I dont think this is timeshare it is definately part ownership, i'm sure it will come about in Egypt.

[dave99]

Originally Posted by awahee123

Yes I agree with Peter I dont think this is timeshare it is definately part ownership, i'm sure it will come about in Egypt.

Anybody know the legal implications in Egypt.

This seems like great idea, especially if say upto 4 families are involved, any more would get a bit tricky I think.

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[Lsab]

I was looking through some of the older threads and came across this one, so thought I'd add my bit!

I would assume that it is happening now in egypt because last August I received some information about an investors club that had reserved 100 appartments in one of the developments in Hurghada. The deal looked really interesting but we weren't looking to buy in Egypt at that time. The most interesting thing was that they were offering fractional ownership so that, then, it was possible to buy a quarter share in a studio for just over £5,000 and as little as just over £9,000 for a quarter share in a 2 bed. Of course these prices will have gone up by now, but it's food for thought.

I wonder if anyone visiting this site has purchased this way.

[realestatemart]

Originally Posted by lsab

Hi Peter,

I was looking through some of the older threads and came across this one of yours. I thought it might be something that people might have a view on now that fractional ownership is more widely used to buy property.

Last August I received some information about an investors club that had reserved 100 appartments in one of the developments in Hurghada. The deal looked really interesting but we weren't looking to buy in Egypt at that time. The most interesting thing was that they were offering fractional ownership so that, at that time, it was possible to buy a quarter share in a studio for just over £5,000 and as little as just over £9,000 for a quarter share in a 2 bed. Of course these prices will have gone up by now, but it's food for thought.

I see fractional ownership mentioned more and more, with regard to buying property overseas and wondered if, since this first post, anyone had actually come across it in Egypt.

this shared ownerip i didn't hear about it in hurghada, do you know which project is doing shared ownership????

[Lsab]

When I got the information they didn't actually name the site but having had a look around and compared photos, I'm pretty sure it's the Lotus development near Sindbad Aqua Park. As I said, it was an investors club that bought up a sizable amount of the appartments. Can't even be sure if it all went ahead though I see no reason why not.

[Peter Mitry]

Its an interesting concept and prompts some people to compare it with timeshare. However, the reality is very different as it is often four friends or business associates who buy a quarter share each and the true costs of maintaining the property are simply divided by four. The 3 month allocation rotates by a quarter each year; so if you have the winter months this year, next year you will get spring and the following year summer, so ownership values remain even.
I understand that with some fractional ownership schemes there are even the opportunities to exchange your time for other properties in other parts of the world.
I am surprised that it has not taken off amongst British owners but I think it is only a matter of time. As property prices rise it may be the only way for many families to 'own' their holiday home.