Reader07 - you said you could buy for £25000 in Sahl Hasheesh last year. Well I don't think that's possible now, so surely that means prices are rising, doesn't it? I wonder how much the same apt. would then cost next year. Considering they are not even finished yet. Furthermore I don't agree £600 could buy you 2-3 months in a top resort either (Maybe 1 month maximum). But anyway, it is all speculation. All I know is that Egypt is getting more and more popular with tourists with sun, sand and sea all year round (which is not the case for Morocco, and Dubai is far too hot in the longer summer season.) Red Sea (Hurghada) is hot but has very cooling breezes (although Sharm does not which is why, in my view, Sharm is cheaper. As well as the fact you can only buy leasehold in Sharm.)

I think Sahl Hasheesh will be a great investment- im going ahead with a unit there that is available at pre release price. I went through a company that specialises in emerging markets called GEM Estates - spoke with nice lad called Samuel - knows his stuff and gave me straight answers - might get another unit in Morocco too through them as they have a non pressure approach

quote:

Originally posted by zayneb:
Reader07 - you said you could buy for £25000 in Sahl Hasheesh last year. Well I don't think that's possible now, so surely that means prices are rising, doesn't it? I wonder how much the same apt. would then cost next year. Considering they are not even finished yet. Furthermore I don't agree £600 could buy you 2-3 months in a top resort either (Maybe 1 month maximum). But anyway, it is all speculation. All I know is that Egypt is getting more and more popular with tourists with sun, sand and sea all year round (which is not the case for Morocco, and Dubai is far too hot in the longer summer season.) Red Sea (Hurghada) is hot but has very cooling breezes (although Sharm does not which is why, in my view, Sharm is cheaper. As well as the fact you can only buy leasehold in Sharm.)

Of course prices are rising, as long as there are uninformed people coming everyday. I could not care less of the final price at Sahl Hasheesh. HUrghada area is already damaged goods, all the corals near the shores are already dead. Sharm is much, much, much better but it is getting thrashed as we speak.

Ain Soukhna and especially Marsa Alam are areas which can still offer something.

Also the Emaar project near El Alamein or Orascom near Berenice might also be something of value.

reader07 - The whole concept of Sahl Hasheesh is the fact that it is something being built from nothing - initial building started years ago and yes although I like Sharm el Sheik, I feel that investing in Hurghada, (S H)will give me more value for money. All the properties are freehold and the quality will be far superior to anything ive seen in Sharm el Sheik - old breezeblock squares. Egypt has always been a favourite destination of mine and regarding the diving, there is a site reachable by boat from hurghada which is app one of the best sites in the world for diving. In my opinion and i mean no offence to anyone in the forum, if you have 50k, you will see a far better return in hurghada than sharm - app thereis a new airport being built - always a good sign!

quote:

Originally posted by rolling:
on other forums i have not seen a bad word about sahl hashesh. this could be like the story of the emporors new clothes, as the truth is, it is so far behind schedule it is a worry about the finances of the developers and whether it will ever be completed, the truth is the emporor is naked, there is nothing there - no shops no golf courses no entertainments. pizza apartments still unfinished, work barely started on andalous and ocean breeze. all does not appear well, i would guess that based on the progress made so far it will be another five years before it will be worth going to sahl hashesh and thats hoping that the next lot of off plan apartments can be sold to raise the money to build the ones they are doing now. i have looked at this project an although on paper it may look good, my instinct says stear clear, up tits going are three words that spring to mind. I may be wrong, but if I were an investor I would not be sleeping well.

I'm not sure where you are getting your information but I think you are sadly misinformed-the Developers are young, dynamic, cash rich and building this with their own money - no bank finance. Palm Beach Piazza was finished and the Developer decided he di not like the exterior tiles so he ripped them up and laid Egyptian white marble; likewise with the aircon units in the apartments, having installed individual units he ripped them all out ant put in ducting with the main unit hidden and individual temperature controls in each room.....El Andalous is up to third floor and Ocean Breeze villas are all under construction,being paid for with the Developers own cash - they have not even been released for sale yet! In my opinion this is one of the best projects I have ever seen; a world class marina designed by Sir Norman Foster, 15 5 star hotels, casino retails units four golf courses under construction. I know this project inside out and have been an investor since the beginning so if anyone likes the idea of 365 days a year of sunshine, zero rainfall, zero purchase tax, zero inheritance tax and zero capital gains, just a five hour flight from the UK - please take a look at the following link: http://www.thepropertyshopinternational.com/investment-sahl-hasheesh.asp and give me a call...

Sharpnose

quote:

Originally posted by Andyk2:
Hi - big believer that all the time mortgages are not available, Egypt is never going to take off in the same way as Morocco. However, it is a refreshing change that the UK investor gets there at the same time as everyone else. Why not get involved in a country before it becomes an emerging market rather than waiting until all the value has gone (ie Cape Verde, Thailand, Bulgaria)

Sound advice; why wait until you NEED a mortgage, right now you can buy in for less than the cost of a deposit in Spain!! When the mortgages come, and they will later this year, what do you think will happen to prices then?

quote:

Originally posted by rolling:
dear distantdreamer. Yes my statements are sweeping and I have no proof, but i would not be comfortable as buyer in this development. I like Egypt and am keen to buy as i think this is a market waiting to explode but I am holding back at the moment for the right project at the right price. I might be tempted by Sahl but in my opinion the prices are 40-50% too high for the current state of the site. It is noticeable that nearly all the positive comments come from people (like you) who are selling properties. From what i read on egyptsearch forum you have, personally, effectively received a 50% discount on your apartment, have you not? I suspect so many agents are buying mainly because the builders are giving them massive discounts, free furniture, etc etc and it seems that nearly all the positive comments on other forums are from agents who have been given the freebies by the egyptian builders. The man in the street investor is getting a raw deal and the price he pays subsidises agents like yourself in getting the right price. I have no proof of this and I may be wrong but would bet there is some seriously large brown envelopes changing hands here to get punters in.

I repeat again, Sahl is years behind schedule, there is nothing there, apartments are being sold but next to no building work going on, etc lots of things just dont feel right at all.

The first phase of the Sahl Hasheesh resort opens this week for Easter; I will personally be staying there from the 20th - 27th April (my fourth visit in 3 months) each time I go I am amazed at the amount of work which has been done.I invite you to meet me there; I will personally show you round and will introduce you to the Developers, The Egyptian Resort Company and the Marketing company, Resort Alliance. You will be absolutely amazed at the difference between your perception and what is actually happening....

Anyone considered the possibility of shared ownership as a means to reduce the costs(and risks)of purchase.This mode of ownership is now very popular in the States and it would appear to be very much in the ascendancy in Europe too judging from the amount of press coverage of late.
I would be very interested in seeking views in conceptual terms.An off plan apartment at Sahl for example does appear to lend itself well to exploring this option in greater detail.

There is a new Google Group for existing or prospective property owners in Sahl Hasheesh. You are welcome to join and participate. The address is http://groups.google.co.uk/group/sahlhasheesh Please feel free to pass this link to anyone you feel may have an interest.

I would be careful about buying into Sahl Hasheesh until they sort out all their problems - check this listing from another forum:

BIG PROBLEMS AT SAHL HASHEESH - PETITION TO BE RAISED TO SOLVE THIS
A petition is being raised to address the issues at Sahl Hasheesh resort at Hurghada Egypt.
For those who are new to the forums the main concerns around the Sahl Hasheesh resort are:

1 Pre-release and Pre-agreement forms not being honoured by Resort Alliance or the developer “Red Sea International” the developer at the Sahl Hasheesh development.
(Even though Resort Alliance for months had informed the buyers that there was no problems - including one case that no notification to the buyer for over 8 months that the pre-contract agreement would not be honoured even though Resort Alliance had been aware for over 8 months that the developer had refused to sign the contract )

2. Peoples contracts showing 2 bed apartments suddenly being changed to be much smaller 1 bed apartments after a floor redesign at the Sahl Hasheesh development plus 3 bed apartments changing to 2 bed apartments.

3. Amendments being made to the Sahl Hasheesh development floor plans with no notification being given to the buyer that this had been done for over 6 months

4. Reserved apartments which had previously been on the floor plan suddenly completely disappearing without any notification to the buyer who had reserved apartment there – the buyer not being notified that this had happened for over 6 months – further the original apartment being given another number which was then sold and the original number no longer existing.
(unfortunately this shows the developer Red Sea International appears to also be playing a large part in this –what kind of developer would renumber a floor plan showing apartments numbering 1,2,3,4,5,8,9,10 with apartments 7, 8 being missed out?)

4. Resort Alliance agreeing to contract amendments but the developer refusing to sign or agree to the amendments - subsequently Resort Alliance not notifying the seller for over 8 months that the seller had refused to sign the contract because of these amendments.

5. After the redevelopment of a complex buyers are told that there are no suitable similar sized apartments left as replacements even though current price lists showed over 20 suitable similar sized apartments available.

6. No response from Resort Alliance for weeks to numerous messages left to them via email and to messages left at their reception to contact them back.

7. Refusal of the Resort Alliance management to provide details of the Professional bodies they are members of so that buyers can make complaints against them.
8. Investigation into the collapse of Superior Real Estate as the result of non and delayed payment of substantial funds from international developer and what part Resort Alliance and Sahl Hasheesh developers had to do in this.

Julia, have you forgotten to put this on the totally property forum ? dont tell me that sharpnose and his bit on the side distantdreamer, who purely coincidently are resort alliance agents and one of whom is a moderator on that forum, have had your post deleted. surely not, in this age of free speech such dictator like censorship would not be allowed to flourish would it? I mean, can the VIs hide information that would be of interest to possible purchasers. I cannot think that would be true but if it was lets hope that same does not happen with the google group or eyeonworldwide, and nor, indeed, the C4 forum. That would shown them up as real slimeballs if they did that. lol

Please note the reference in Julias post regarding my posting which refers in the complaints to "Worldwide Destinations" should have read "Superior Worldwide".

Rolling - this was copied from my posting actually - and yes it got deleted pretty quickly off "totally property" citing potential libel??

and yes I am aware that most of the moderators are actually agents searching for new propects - but hey who else would have the time to be a moderator so I don't begrudge them that.. though really why do we need moderators at all???

I think SH question depends on what you want as an investment.

By that is do you want an upmarket resort destination or not. To some people it is, the sort of investment they want so thus it is good, to others who are just interested in making money and the highest yields win, maybe not. it is a subjective question.