anyone-bought-sharm-thinking-buying-sharm

[realestatemart]

Originally Posted by queenie40something

Hi George they already have lawyers - this has been going on for a long time. I have read their plight on lots of different forums.

its the wrong choice from their side from the begining

[Riccal]

Originally Posted by realestatemart

its the wrong choice from their side from the begining

Hi

I dont see how you can say this is their wrong choice. At some point a buyer has to make a decision (gulp) and buy a property. They do all their due diligence and check that the details in the contract are correct and they decide to go ahead. Then some a.....e of a developer decides to completely screw them because he believes that, as a local, the law will be on his side no matter how pig ignorant his behaviour is.

Foreign purchasers will always find this sort of problem legislatively, whether in Egypt, Dubai, Morocco, Bulgaria etc. etc. (even in the supposedly level playing field of the European Union), but this sounds like one of the most unbalanced I have heard about.

Every international emerging market that decides to take advantage of the global property buying trend MUST work towards bringing genuine non partisan legislation and court systems into play or they risk losing everything that the government wishes to put in place strategically because of the blind and greedy behaviour of short term gain artists like this guy.

Sharm Resident, I applaud your self control. If it was me this guy would be seriously regretting his actions (and, so would I whilst reflecting from within an Egyptian jail cell I guess)

Rick

[vix]

Originally Posted by Riccal

Hi

I dont see how you can say this is their wrong choice. At some point a buyer has to make a decision (gulp) and buy a property. They do all their due diligence and check that the details in the contract are correct and they decide to go ahead. Then some a.....e of a developer decides to completely screw them because he believes that, as a local, the law will be on his side no matter how pig ignorant his behaviour is.

Foreign purchasers will always find this sort of problem legislatively, whether in Egypt, Dubai, Morocco, Bulgaria etc. etc. (even in the supposedly level playing field of the European Union), but this sounds like one of the most unbalanced I have heard about.

Every international emerging market that decides to take advantage of the global property buying trend MUST work towards bringing genuine non partisan legislation and court systems into play or they risk losing everything that the government wishes to put in place strategically because of the blind and greedy behaviour of short term gain artists like this guy.

Sharm Resident, I applaud your self control. If it was me this guy would be seriously regretting his actions (and, so would I whilst reflecting from within an Egyptian jail cell I guess)

Rick

Well written Riccal. My heart goes out to them, what a nightmare. Certainly puts the odd broken tile and poor grouting into perspective.

[Lsab]

Same here. Buying abroad can be risky - buying in the UK as well I suppose, to a lesser extent but this isn't about the wrong choice. These particular people have posted their dilemma on many other forums and it's been going on for a long time. Imagine having something like that consuming your life. Talk about a dream turning into a nightmare.

[Riccal]

When I read it I wanted to growl. The frustration this guy must be suffering... well, as I said, hats off to him for self control. I can just imagine the developer smiling whilst believing he is completely above any form of redress and, even though it aint my gaff, I could picture myself wiping it off his face.

Anyway, these are the injustices that are part and parcel of investing in emerging markets and the true measure of the market is that the blatant 2-tier system is done away with over time. But then what happens to these opportunities when everywhere is a level playing field?

Rick

[queenie40something]

Hi agree with above. We all need to take note and these went with a well respected UK Agent / Developer??? This has been going on in Sharm for a few yrs so please take note when purchasing - dont always take what your UK / Egyptian Agent / Developer / Lawyers says as face value!!
BTW Sharm Resident welcome to TP

[queenie40something]

Sharm Resident - what is the new update - has Mac found out anything?? Pray tell!!

[sharmcliff resident]

We are already working on this as newspaper did not bring much.

The Governor has enough power do it or at least push it at high level in Cairo. But he don't care!!

[realestatemart]

Originally Posted by sharmcliff resident

We are already working on this as newspaper did not bring much.

The Governor has enough power do it or at least push it at high level in Cairo. But he don't care!!

He will not, not he don't care, bt he don't like that others know that he got such problem

[sharmcliff resident]

Guess you are right. One day he might regret not to have helped and supported us from the day we met him (30 January)