El Gouna

[crombiestone]

I appreciate that this forum seems to be used for developers to promote their wares but El Gouna never seems to get a mention . Now I am biased as I have a property there but I have no financial gain to be had from promoting the development . The only place you can buy proprerty in El Gouna is from Orascom (One of the largest companies in Egypt )in El Gouna .

El Gouna is the original blueprint for the mega resorts that are appearing up and down the red sea (and Morocco) , Shal Hasheesh being the main up & coming resort .

It has taken 15 years to build El Gouna to its current size and whilst the massive increase in interest in Egyptian properties will mean that the new resorts will grow quicker ,If you know Egypt ,you know that things dont happen that quickly there !

Sure Hurghada property is very cheap but the premiums incurred at the Mega resorts are in some way justified ,they certainly were totally justified for me . I do however agree that the premiums for property in Sahl Hasheesh are very high considering how long people will have to wait for Shops ,restaurants and golf Courses to be completed .

In El Gouna we already have 14 estblished hotels ,over 60 restaurants & bars,shops,a Golf course (soon to be two), a hospital,a school ,a marina ,a brilliant transport system ,a football club and even an airport (Cairo Only )! and development continues apace

Yet you can still get property off plan from £44,000 for a one bedroom apartment with pool shared between only 50-60 apartments in a low rise development overlooking a tranquil lagoon . Something I think some readers will be surprised at .

I have no doubt that Sahl will be magnificent but I think the prices are too high for the level of development completed at the moment when comparing to El Gouna .

[propertastic]

I stopped by at Orascom's offices while I was there two months ago and was told that apartments in phase 2 will be EUR2000-3000/m2, making them two to three times more expensive than El Gouna.

I also heard that there are two real estate offices in El Gouna - one for foreigners and one for Egyptians, with the Egyptians paying a lot less than foreigners.

As a result, it can work out a lot cheaper to go through an Egyptian real estate agent as a middleman, even after paying his 5% commission.

I guess that it's a matter of taste, but I did rather find El Gouna to be a little claustrophobic compared to Sahl Hasheesh's wide vista that stretches out from wherever you are in the resort.

[awahee123]

Hi crombiestone,

I think you are right in thinking the members of the property forum will be surprised at your quoted 1 bed price,I certainly am.
El Gouna is a very nice place and exclusive.
If you have anyhting to add about el Gouna please start a new thread with your desired subject i'm sure you will receive a lot of interest.
It would also provide valuable information to people on the forum.
I certainly do not know much about El Gouna and would welcome any information you can provide,maybe you can keep us updated with any further issues.
I'm sure you will receive more enquiries regarding the £44000 price quoted for a 1 bed apartment.

[distant dreamer]

As an owner on both Sahl Hasheesh and El Gouna, I have to say I love them both for different reasons. I think there is lack of discussion about El Gouna because they refuse point blank to deal with agents, like Crombiestone says and obviously with all the other developments around most agents who post here would rather spend their time promoting something that they may end up getting commission on, one way or the other!

[crombiestone]

Hello Propertastic

I stopped by at Orascom's offices while I was there two months ago and was told that apartments in phase 2 will be EUR2000-3000/m2, making them two to three times more expensive than El Gouna
Propertastic.

I'm not sure whate you mean by phase 2 . There are a few developments in El Gouna that do vary in price . I was quoting the price for Golf West Phase 3 which are $95500 USD at current exchange rate .

I also heard that there are two real estate offices in El Gouna - one for foreigners and one for Egyptians, with the Egyptians paying a lot less than foreigners.

As a result, it can work out a lot cheaper to go through an Egyptian real estate agent as a middleman, even after paying his 5% commission.
Propertastic

It is true that there is a 2 tier pricing system and this is not only apparent in El Gouna one example is the Sharm- Hurghada ferry . I have heard a couple of horror stories of people trying to buy via the Egyptian route . I'm not saying its not possible to do but there is a risk that you could hand over your cash and get nothing .

I wasnt knocking Sahl at all only saying that its prices are very expensive for a resort in its early stages .Sahl has taken a long time to "take off" with some plots already changing hands .Orascom originally had the Marina plot at Sahl which was marketed as Venice Marina . For some reson they saw fit to sell the land on to the group who are developing Serrenia . Serrenias website appears to be "under further development " isnt that a little worrying ? I would think that prices in Sahl should be lower at the moment to compensate for any risk of the development not getting finished to planned timescales. Early buyers in El Gouna (sadly long before I found out about it) got major bargains.

[crombiestone]

Thought I had better correct my conversion

The exchange rate has dropped a bit since July when it was 2.16 USD to the £. At current exchange rate its about £46,600 for $95,500 USD

[distant dreamer]

Interesting about the Serrenia website. When I was out in early November I had another tour of the whole of Sahl Hasheesh. Regarding the Serrenia project, I was told that they were waiting for very strong diggers which were being delivered in the New Year and then it would be underway again. Also a famous name is apparently getting involved with Serrenia, alongside those already on board. Guess we'll just have to wait and see!

[Peter Mitry]

I heard the same rumour; no names but suffice to say THE richest man in the world and the most successful real estate magnate ever! I guess we'll have to wait & see!

[propertastic]

Originally Posted by crombiestone

I'm not sure whate you mean by phase 2 . There are a few developments in El Gouna that do vary in price . I was quoting the price for Golf West Phase 3 which are $95500 USD at current exchange rate .

I'm not sure what the Phase number is precisely, but it is the 'new' or 'next' phase which will include a new marina and a new golf course all to the north of the current area of development.

Certainly I would say that anyone who is interested in an upmarket villa would do well to look at El Gouna as there are a lot to choose from - I see a lot of them on the secondary market now.

I am not aware of too many villas being built at Sahl Hasheesh - those that I do know of (Ocean Breeze) are insanely expensive.

[J4hurghada]

HI
I visited El Gouna last week We have very good friends who own the Chinese Resterant there. What a lovely place but way up market for my bugget. That is why poeple like me invest in Hurghada as the prices are way lower. If I had 1/2 a million to spare I would love a villa there like the prime minister of Egypt has there.