Investing in Hurghada
Investing in Hurghada
Investing
Apartment or villa?
Buying off-plan property in Egypt is quite straightforward. The most difficult part is choosing the right apartment or villa for yourself.
There are two main types of properties available to buy in Egypt. Off-plan,
which are properties or developments still to be built,
or resale & key-ready properties which are ready to move into.
Both options have a similar buying process but the main difference is the payment plan.
investing
Meet with a Property Advisor
Once you have identified a new development, or chosen property,
and confirmed the price and package, you normally need to pay a reservation deposit.
This is normally £2,000 and will secure the property and remove it from the market.
This is normally between 5 – 20% for resale properties and in some cases 0% deposits are available
Once you have reserved and paid for a property you are issued with a purchase contract.
The purchase contract will detail the property purchase, property information,
who you are buying from, what you are getting and any other terms relating to the purchase.
This is normally in Arabic and translated into English.
If you are happy with the terms of the contract you then sign two (sometimes more) copies of the contract and pay the deposit payment according to the terms of the contract.
Once the seller has received the deposit they will counter-sign the contracts,
keep one copy and send the other back to you.
It is recommended that when you first decide to purchase a property you employ an independent lawyer to assist you with the purchase.
The lawyer should be able to check the Arabic and English terms of the contract,
the history of the seller, and whether they have all the necessary ownership and building permissions for the property. The lawyer should also check if there are any outstanding debts on the property as you will inherit these with the purchase.
Once you have signed your contracts and initiated the purchase you can opt to register your contract in the local court. This is called Court Validity Suite.
This process simply registers the transaction in the local court. You can do this either as soon as you sign the contract or on completion of the purchase.
There are two main types of registration for properties in Egypt. Local Registration (also known as Court Validity Suite) or National Registration and the Land Registry in Cairo.
Normally for newly built properties, the National Registration takes a long time since the owner or builder cannot register a development until it has been built.
Once it is built they begin the registration process which can take up to 18 months.
Once they have registered they then transfer the registration to the new buyer.
Because of this most buyers normally register at the local level first, then register nationally at a later stage when it is possible to do so.
Investing
Construction Progress Updates
If requested we can provide you, for the entire duration of construction works,
updates via newsletter each month with details and photos of the progress on the building work on your resort and also inside your property
After the completed building has passed a final technical inspection,
Hurghadians Property will officially transfer the ownership rights over the property over to you,
after which you are free to move into your new home.
Other things to consider now include utilities, furniture, and maybe rental service which we can assist with at any time.
CONTACT US
For more information about any available properties or to enquire about our services, please fill out the form and one of our dedicated team will reply within 24hrs
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