Marsa Alam

[shellbell]

Thats right. If we buy, we probably won't get to use it much ourselves - more of an investment. Hence why the rental guarantee appeals. Buy it, forget it - 5 years on you have half of outlay back etc
I'd love to think we'd be taking lots of hols. Unfortunately at this stage in our life, it ain't gonna happen realistically.

[cin7166]

Shellbell,

I'm in the same situation as you are. I am looking for an investment so the rental guarantees appeal to me. I may use it for 2 weeks a year at Xmas only as I already have a holiday home in Turkey so can't risk having another place lying empty. I bought my villa in Turkey for myself but haven't visited it as much as I would have liked to due to work etc.

I definately think a resort is the way to go, as going by my experience on rentals, people want everything at their door, so the more facilites, shops, restaurants, etc the better. They also want the beach on their doorstep!

So I'm going to narrow it down to Sahl Hasheesh (if I can afford it), Marsa Alam beach resort or shall I wait for Gamsha Bay?

[shellbell]

Originally Posted by cin7166

Shellbell,

So I'm going to narrow it down to Sahl Hasheesh (if I can afford it), Marsa Alam beach resort or shall I wait for Gamsha Bay?

I got pretty close to buying in Sahl Hasheesh, last year but the prospective maintenance fees seemed astronomical. With the higher purchase cost & ongoing high upkeep costs, we decided against it, as you have to rent it out that much more to cover costs & no guarantees.
Whens Gamsha Bay, coming up? I thought that was June - Sept ish last year, but still nothing. I was interested in that one too.
Marsa Alam - well the 'buy it forget' appeals. If we'd known El Gouna was gonna be a winner a few years back, we'd have gone for that. So maybe if we don't go for Marsa Alam, we'll regret 10 years from now.
Its all a gamble eh?
Wheres your place in Turkey? Sounds like you don't rent it as much as you'd like..... Never been to Turkey, but looking at hols there this year funnily enough.

[cin7166]

Well, looks like I will forget Sahl too then! I have a villa in the Bodrum peninsula, and I must admit I bought with my heart and not my head, purely for myself as a treat. I soon discovered I couldn't visit as much as I thought, so began to offer it to friends and family and got no takers, not many people fancy Turkey and as the maintenance charges doubled on completion, was told £60 per month and is now £120 per month I decided to start advertising it as I couldn't justify it lying empty. So far I've rented it for one week last year. I have lowered my prices significantly this year so we will see! So by listening to the enquires I get, people want everything on their doorstep, don't seem to want culture and peace and quiet! My place only has a communal swimming pool and is a 20 minute walk to the village for the nearest shops, restaurants, bars etc. It's a 15 minute dolmus ride to a bigger beach resort but people think it's in the back of beyond!

[Peter Mitry]

Community fees in Sahl are 1€ per m2 per month, so a 1 bed apartment of 64 m2 would be 60€ per month approx.

[shellbell]

Cin7166,
Don't let me put you off. Take a look at Sahl, things could have changed for all I know. We were looking at a 150m2 apt in El andoulous. I can't remember exact figures & agent gave best guestemate at time. Lost all that info though, when laptop died!
Just remember, by the time we'd bought, furnished,paid maintenance & rental agency fees, we'd have wanted to rent it fairly regularly. The beauty of lower outlay properties is that we wouldn't be too concerned if we didn't get regular rentals.

[cin7166]

I know what you mean. It's so difficult with so much choice! Marsa Alam appeals with the rental guarantees but I don't like the idea of paying all the cash upfront into Escrow. I know it's safe enough, but I don't understand why we can't just pay in stage payments. Then I would be able to hang on to some cash while having 18 months to save some more instead of wiping out my entire bank balance in one go!

[shellbell]

Thats the downside...... always one there somewhere!

[cin7166]

I know. I've just come across this on the net.

Libra Holidays Group has announced plans to develop an ambitious mixed use resort on Marsa Alam beach front. Plans for the five million square foot development were publicised shortly after the group agreed terms with the Minister of Egyptian Tourism Mr Mohammed Zohier Garana.

The project will provide Marsa Alam with further high quality hotel accommodation and diverse real estate developments. Also planned are a marina, sporting facilities including a golf course and a spa, shopping piazzas, a water park and other entertainment

[dave99]

Originally Posted by cin7166

I know. I've just come across this on the net.

Libra Holidays Group has announced plans to develop an ambitious mixed use resort on Marsa Alam beach front. Plans for the five million square foot development were publicised shortly after the group agreed terms with the Minister of Egyptian Tourism Mr Mohammed Zohier Garana.

The project will provide Marsa Alam with further high quality hotel accommodation and diverse real estate developments. Also planned are a marina, sporting facilities including a golf course and a spa, shopping piazzas, a water park and other entertainment

Maybe time to decide then - big projects should help the "area" in terms of popularity and that means future growth - over man years - as long as you're willing to wait - and an income along the way seems good - pity it's so far into the future before it will be ready.

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