Ancient Sands - Investor's thoughts ...

[ThomasCurtains]

[QUOTE=Sanchez;64718]Hi all,
TC .. great to hear from another AS purchaser. Congrats !!
Which unit?

Hi Sanchez, Unit 14 building 2 - only a studio but it's really a 1-bed. Views should be spectacular! Like the location of the development as well on the most northern part of El Gouna. Didn't want to chance the hire car going onto the site but had a good walk around instead. Seems flat from a distance but it has loads of little hills and valleys and the spot for the hilltop village is really high.

[Organics1]

Originally Posted by Sanchez

Organics ... I think I know the perfect investment for you.
It's called HSBC. Stick your money in there. There's no risk, no stress, a solid 5-6% pa less tax ; - )
I get the feeling you haven't been to El Gouna before (guessing, but just a hunch). I think you should take a trip there if you haven't. It will help you get a view of the full picture.


Dave

Sanchez...Thanks for the advice on where I should "stick my money". I had never thought of that

Good luck with your investment

[Lsab]

Hi Steph and welcome to the forum.

I would like to point out though, that you should read more of Georgina's posts before coming to that conclusion - even ones further back on this thread, where she shows much concern for Egyptian workers. I think that the comment 'it is Egypt after all' meant nothing more than things work differently there than they do in the UK. Also I think that a responsible forum should be able to show opinions from all sides. We don't have a balanced view if those that have had a negative experience in any way, shape or form are not allowed to express it. Don't you agree? I think once you get to know Georgina on the forum you will see that she is not the person you think.

Do you live in Hurghada yourself? We always welcome the views of people living there...in fact we welcome all views, no matter where you live Hope to hear more from you

[crombiestone]

Originally Posted by Jeremy Sturgess

You all (Organics Georgina and Crombiestone) make some valid points. The fact remains there is an active resale market in Gouna compared with anywhere else in the Red Sea area of Egypt. Approx 4 % of the existing housing stock turned over last year at Gouna which is close to European levels of housing turnover. Sure there are some people who are finding it harder to sell but I think a lot depends on the Phase in which you bought and how sensibhle is your asking price. Certainly I know many very happy people who bought in White Villas, Abu Tig Marina and the New Marina myself included. Particularly those who got in early on in the particular phase. You need to be selective about where you buy even in Gouna - not everything appreciates at the same rate or is equally appreciated by others after it is built. I know Ancient Sands will be the highest quality development at Gouna in every sense and that prices will reflect this in years to come.

The other thing to remember is that the old hands like Georgina and Crombiestone presumably bought some years ago before Gouna had really taken off. For them it is possibly even harder to foresee how prices could rise any further at Gouna. (I felt this way about London property in about 1999 ! how wrong I was)

Someone with fresh eyes looks at it completely differently - elite egyptians love Gouna and all want to buy here. I see no reason why prices in Gouna shouldnt reach European levels or higher. There will continue to be a rerating of Gouna - the Middle East is booming - lots of money being made - much more than in Europe. Gouna is a primary recipient of all this new wealth. It will also be the case that the type of English people who buy in Gouna in future will be different (wealthier) from some of the English who have bought in the past. This wealthier european clientele wouldnt consider buying anywhere else on the Red Sea but at Gouna. I believe Orascoms strategy has positioned Gouna on a different level from the other resorts on the Red Sea. Hence the increasing prices which price out a lot of people. Some of the earlier bargain hunters who bought here are not the target market for Gouna any longer. Gouna is attracting wealthier europeans now who will fit in much better with the wealthy egyptians who buy here. A smart strategy I believe but one which will no doubt upset some of the old hands who would prefer the status quo.

Certainly I think that anyone who believes 87 k furnished is too much for a prime studio on an amazing gated golf / lagoon development in Gouna is not the kind of buyer Ancient Sands wants or needs. These people are better off buying elsewhere.

Im'not sure if your comments were meant to be insulting but your suggestion that El Gouna is attempting to attract a better class of buyer did come across that way to me .

As Georgina has already pointed out ,it was the lack of full time residents that initially caused problems in El Gouna . All those rich Egyptian owners who wanted a retreat from Cairo ,but then they only visit a few times a year .All those full time businesses , the restaurants and bars were empty most of the time .

More affordable property was made available to encourage more full time residents and to some extent its working but many of the properties were bought by Brits as investments and remain empty most of the time . At least these properties are affordable to long term renters .Nonetheless each time I visit El Gouna ,there seem to be more visitors to the bars and restaurants ( Despite the AI hotels trying to kill the other businesses by keeping their guests inside the hotels confines).

Trying to turn El Gouna more Elitist will not improve the economy of the town as they too will make a yearly visit ,their properties remaining empty for the rest of the time . And rental prices will be beyond the price range of local renters.

El Gouna is without doubt the loveliest location on the red sea for me , to be an Elite destination like say Dubai , will take nothing short of a miracle,the build qualiy in Dubai is in a different League to Egypt ,another Golf course and a couple of "six or even seven" star hotels . ( gradings that Dubai invented themselves that dont really exist ) arent the answer . Some decent permanent roads would be a good start .

It seems again that as soon as anyone tries to inject some realism onto this forum ,even if they are "old timers " and long term residents with a good knowledge of El Gouna they are shot down by "fresh eyed forward thinking " masquerading as sales hype .

[samui13]

Can anyone get a good list of resales. We are buying offplan and I would love a resale instead it would be so much easier but I cant find anything on the net?????

I have found a couple in hurgharda centre but not much at all.

Originally Posted by samui13

Can anyone get a good list of resales. We are buying offplan and I would love a resale instead it would be so much easier but I cant find anything on the net?????

I have found a couple in hurgharda centre but not much at all.

Give it about 5 years Samui and I suspect there will be several resales in the Hurghada/El Gouna area. With all the new developments going on and off-plan discounts etc. there are a lot of investers taking up the opportunity, once the developers move further a field the resale market should start to flurish

Just to agree with Crombie, I got the impression that Jeremy was implying El Gouna is just for snobs too Sorry Jeremy if we read you wrong

[Jeremy Sturgess]

Originally Posted by crombiestone

Im'not sure if your comments were meant to be insulting but your suggestion that El Gouna is attempting to attract a better class of buyer did come across that way to me .

As Georgina has already pointed out ,it was the lack of full time residents that initially caused problems in El Gouna . All those rich Egyptian owners who wanted a retreat from Cairo ,but then they only visit a few times a year .All those full time businesses , the restaurants and bars were empty most of the time .

More affordable property was made available to encourage more full time residents and to some extent its working but many of the properties were bought by Brits as investments and remain empty most of the time . At least these properties are affordable to long term renters .Nonetheless each time I visit El Gouna ,there seem to be more visitors to the bars and restaurants ( Despite the AI hotels trying to kill the other businesses by keeping their guests inside the hotels confines).

Trying to turn El Gouna more Elitist will not improve the economy of the town as they too will make a yearly visit ,their properties remaining empty for the rest of the time . And rental prices will be beyond the price range of local renters.

El Gouna is without doubt the loveliest location on the red sea for me , to be an Elite destination like say Dubai , will take nothing short of a miracle,the build qualiy in Dubai is in a different League to Egypt ,another Golf course and a couple of "six or even seven" star hotels . ( gradings that Dubai invented themselves that dont really exist ) arent the answer . Some decent permanent roads would be a good start .

It seems again that as soon as anyone tries to inject some realism onto this forum ,even if they are "old timers " and long term residents with a good knowledge of El Gouna they are shot down by "fresh eyed forward thinking " masquerading as sales hype .

Oh dear Crombiestone !

Why do you have to bring Class into this ? I used the term "wealthier" not "classier" and I think we all know that they do not mean the same thing.

For the record my post was not in any way meant to be insulting and I'm sorry if you have interpreted it so. Read it again with your own insecurities firmly in control and I'm sure you will agree.

[Jeremy Sturgess]

Originally Posted by SuziQ2708

Give it about 5 years Samui and I suspect there will be several resales in the Hurghada/El Gouna area. With all the new developments going on and off-plan discounts etc. there are a lot of investers taking up the opportunity, once the developers move further a field the resale market should start to flurish

Just to agree with Crombie, I got the impression that Jeremy was implying El Gouna is just for snobs too Sorry Jeremy if we read you wrong

Ditto my response to Crombie

[crombiestone]

Originally Posted by Jeremy Sturgess

Oh dear Crombiestone !

Why do you have to bring Class into this ? I used the term "wealthier" not "classier" and I think we all know that they do not mean the same thing.

For the record my post was not in any way meant to be insulting and I'm sorry if you have interpreted it so. Read it again with your own insecurities firmly in control and I'm sure you will agree.

Ok so now your last sentence is insulting or is it condescending or perhaps both , The use of the word class in my post was incorrect . Thanks for pointing that out .

See below for the Wikipedia definition of Elite ?

Elite (also spelled Élite) is taken originally from the Latin, eligere, "to elect". In sociology as in general usage, the élite is a relatively small dominant group within a large society, which enjoys a privileged status envied by individuals of lower social status.

Originally Posted by crombiestone

Ok so now your last sentence is insulting or is it condescending or perhaps both , The use of the word class in my post was incorrect . Thanks for pointing that out .

See below for the Wikipedia definition of Elite ?

Elite (also spelled Élite) is taken originally from the Latin, eligere, "to elect". In sociology as in general usage, the élite is a relatively small dominant group within a large society, which enjoys a privileged status envied by individuals of lower social status.

Ditto Crombiestone's response