Resales

[Georgina]

Originally Posted by britishegyptian

Has anyone bought a resale property in El Gouna?
How do the prices compare to new developments there.
Which website or agent did they go through?

I bought my apartment as a resale in El Gouna in 2003.

There are many companies offering resales here in El Gouna but I am not sure if I can post the links as it would be advertising for them. I will try as a separate post.

Also there are many private resales.

Prices are high in El Gouna as it is such a beautiful place to live.

[Georgina]

Originally Posted by Georgina

There are many companies offering resales here in El Gouna but I am not sure if I can post the links as it would be advertising for them. I will try as a separate post.

.

This is the main website for El Gouna:
El Gouna

El Gouna was built by Orascom and here is their resale website:
Properties Search Results

These are just two private resale companies operating here:
Magic Property Management & Rentals: apartments and villas for holidays in El Gouna - Egypt
El Gouna Immobilien

[M Butler]

We bought a villa in El Gouna in June 2008 from the Orascom resale dept who are based in the Abu Tig Marina.
I think up until very recently, resales did not have a high profile with Orascom but they have, I think, now realised that there is a bob or two to be made in this area. They now have a separate department that deals solely with resales and have started to produce a glossy brochure with all properties for sale directly from Orascom.

Orascom get 3% of the original selling price for every property sold in El Gouna so it doesn't matter who you sell through, they will still get their cut. As for the other 6%, I don't how this compares with other estate agents in the Red Sea area but Orascom would appear to be more proactive in chasing properties in the resale area.

Margaret

[Huda at pyramids]

Originally Posted by M Butler

We bought a villa in El Gouna in June 2008 from the Orascom resale dept who are based in the Abu Tig Marina.
I think up until very recently, resales did not have a high profile with Orascom but they have, I think, now realised that there is a bob or two to be made in this area. They now have a separate department that deals solely with resales and have started to produce a glossy brochure with all properties for sale directly from Orascom.

Orascom get 3% of the original selling price for every property sold in El Gouna so it doesn't matter who you sell through, they will still get their cut. As for the other 6%, I don't how this compares with other estate agents in the Red Sea area but Orascom would appear to be more proactive in chasing properties in the resale area.

Margaret

Hi Margaret,
I'll lift the veil, I used to work for Orascom and left them about a year ago.
Maybe things changed in the meantime, but back then they used to:
- take 3% from the original salesprice, (which is the price stated in the salescontract which will be reassigned.) This is a fee for the reassignation.
- take 6% commission from the seller for finding a buyer
- take 3% commission from the buyer for finding a property.

So it's used to be 9 % from the salesprice agreed between buyer and seller, plus the reassignment fee
So depending on the capitalgrowth of the property the profit for Orascom varies between 10 an 12%.
That is how it used to be and of course that ended in a situation that people didn't offer through Orascom anymore and properties that were offered through them didn't get sold.
But I understand that the wind has changed, and it became time. Orascom lost a lot of business because of this ridiculous stragety, they felt that they had a monopoly, which in that time they truly had. No company inside El gouna was allowed to do any resale. Only one company officially did it, and they ended up being thrown out of El Gouna after a disagreement.
But they only had a monopoly above the table, so under the table was the place to search for affordable properties. And then people went to Orascom and claimed that there was nobody else involved in this sale and the buyer and seller met eachother in Tamr Henna on a sunny day.

It's good that finally the wind has changed and this ship is sailing in a different direction. though I have to admit that I'm still very curious to the realistic resale figures. How much did Orascom really sell??
I think it will always stay a mystery.
All I can say that in the time I worked there, which was about 10 months, 1 property got sold. 1 in ten months

Allahualam

Warm regards,
Huda

[wemyss1960]

Please take a look in the 'Property for sale' section.

[lyndsay552]

Originally Posted by britishegyptian

Has anyone bought a resale property in El Gouna?
How do the prices compare to new developments there.
Which website or agent did they go through?

Hi Britishegyptian

I have a one bedroom apartment for sale in El Gouna in an excellent location. Please check out my website for further details.

Lyndsay

[realestatemart]

Originally Posted by M Butler

We bought a villa in El Gouna in June 2008 from the Orascom resale dept who are based in the Abu Tig Marina.
I think up until very recently, resales did not have a high profile with Orascom but they have, I think, now realised that there is a bob or two to be made in this area. They now have a separate department that deals solely with resales and have started to produce a glossy brochure with all properties for sale directly from Orascom.

Orascom get 3% of the original selling price for every property sold in El Gouna so it doesn't matter who you sell through, they will still get their cut. As for the other 6%, I don't how this compares with other estate agents in the Red Sea area but Orascom would appear to be more proactive in chasing properties in the resale area.

Margaret

Hello Margaret its me George how is life, been long time for me away from the forum and wanted to saly hello to you

[realestatemart]

Originally Posted by britishegyptian

Has anyone bought a resale property in El Gouna?
How do the prices compare to new developments there.
Which website or agent did they go through?

Now in El Gouna there is many resales available and almost same price with new developments but sure all these resales in much better location, as new projects is so far from the sea and sure you can use it as soon as you buy it specialy if you use it for investment

[wemyss1960]

for sale section updated.

[M Butler]

Originally Posted by realestatemart

Hello Margaret its me George how is life, been long time for me away from the forum and wanted to saly hello to you

HI GEORGE,
I was wondering where you were.... We are doing fine and settling in nicely to El Gouna.
I have just come back tonight from Scotland - moving into another house - and I am really happy to be back.

How are things with you and your family?

Margaret