Latest From Hurghada Property Market

Egypt provides visitors with year-round sun, a stunning wealth of history, world–class resorts and attractions such as cruising and diving. The country also has low stamp duty, death succession duty of 7 per cent and no capital gains tax payable on the sale of property. Egypt's economy grew by 6 per cent in 2006. The anticipated growth this year is 7 per cent. And all of this is accessible via a five-hour flight from the UK.

Given these features, it is perhaps unsurprising that Egypt's property market is booming. Last year over a million UK holidaymakers visited Egypt. This was a 25 per cent increase from 2005. The country is on course to welcome 16 million visitors from around the world by 2014.
Reflecting this increase in popularity, property prices in Egypt have surged and are now showing some of the highest appreciation values in the world. The average property price rose by 50 per cent in the last two years, according to the Egyptian tourism authority. Egypt also offers the potential for high returns on investment, with rental yields sometimes reaching 11 per cent, compared with a UK average of four to six per cent.

Despite this recent boom, current prices still reflect Egypt's status as a new player in the property market. A two-bedroom apartment in a popular tourist resort will cost on average about £37,000. However, prices aren't expected to remain at these levels for long. Approximately 2,000 properties were purchased by overseas buyers in 2006 and this figure is expected to double in 2007 and reach 10,000 by 2010, pushing prices up by as much as 20 per cent per annum for the next three years.
According to Jennette Bradbury, managing director of Egyptian Experience: "We expect the Egyptian property market to grow substantially in the next few years. After many years of economic reform the area is ripe for investment. With record levels of tourism, the property market in Egypt offers excellent investment returns, from both rental yields and property price rises."
An example of the type of property you can find are the Desert Pearl Beach Apartments, at Hurghada, on the Red Sea Riviera. The complex consists of 226 gated, European style terraced apartments with communal tropical gardens, pool bar and swimming pools.They are 400 metres from Hurghada's sandy beaches and the shopping district. The complex will provide year round services such as maintenance, gardening and laundry services. There will also be a Fully equipped gymnasium, games room and internet café/business centre. These studio, one, two and three-bedroom apartments are available from £17,600.

DIVING INFO FOR HURHADA, EGYPT, RED SEA

DIVING INFORMATION FOR HURGHADA, EGYPT

Number Of Dive Sites
Amazing choice of dive sites. (Over 30). Many sheltered. Most are within 30 minutes to an hour boat ride from the resort.
Diving Season
June – August
Visability
20 - 60 metres, 30 – 40 metres on average
Marine Life
Massive abundance of marine life. Has been described as the worlds most accessible tropical marine aquarium. Dolphins, tuna, groupers, clownfish, lionfish, jacks, turtles, dolphins, reef sharks, leopard sharks, eagle rays. For wreck divers, the world renowned Abu Nuhas is a must see.
Dive Skill
All levels from PADI open water, learners and beginners catered for.
Diving Schools
Yes - qualified by PADI, BSAC and CMAS
Equipment Hire
Equipment hire available.
Cost Of Diving
3 days diving approx £85 4 days diving approx £115 5 days diving approx £130 Prices are per person per day, including 2 dives per day, guide, use of tanks, weight belt and weights
Additional Dive Information
Liveaboard options available.

PEARL VISTA, Hurghada, Egypt

DETAILED INFORMATION

Pearl Vista Beach Apartments are only 150 metres away from pearl white, sandy beaches. Pearl Vista consists of 162 gated, European-styled terraced apartments with communal tropical gardens, swimming pools and pool bar. The complex will provide year-round services. These include maintenance, gardening and laundry services.

The ground floor will house private facilities including a fully-equipped gymnasium, games room and Internet cafe/business centre. Egypt is a land of ancient civilizations and monumental historical sites. Its history, that spans over 7,000 years, makes it one of the oldest vacation spots in the world. Early Greeks, Romans and others journeyed here for leisure and to marvel at the wonders of mankind’s earliest triumphs. A mystical land bustling with life, sound and visual beauty, Egypt is not just the place for visiting pyramids, monuments and temples, but also a country that offers the perfect climate with brilliant sunshine all year round.

The ancient Egyptians established a magnificent and enduring civilization whose achievements have captured the imagination of the world ever since. Egypt cannot forget its glorious past, which contrasts perfectly with all that modern Egypt has to offer - scuba diving in the Red Sea, fine sandy beaches, exclusive nightspots, romantic Nile cruises, 5-star accommodations and a varied and exotic cuisine — making this country a truly unique and fascinating place to visit. Known as one of the most beautiful places on earth, the Red Sea is a truly exotic and fascinating natural seascape environment. Its crystal blue surface and oasis of living creatures, reefs and coral formations make it one of the world’s most highly sought after diving locations. Hurghada provides a gateway to the Red Sea’s prime diving sites and is unique in offering access to many uninhabited offshore reefs and islands, allowing a myriad of opportunities for swimming, snorkelling, scuba and free diving.

The warm waters are ideal for many varieties of rare fish and coral reefs that may also be observed through glass-bottom boats or submarines. There are also many other excellent sport facilities enjoyed by visitors such as:

• Kite surfing

• Deep-sea fishing

• Windsurfing

• Swimming with dolphins

• Sailing • Jeep adventures

• Boat trips on the Red Sea at dusk A great investment opportunity by the shores of the Red Sea.

Coral Sea Pearl - Last few units £15,995.00

The Coral Sea Pearl Beach Apartments are only 500 metres away from Hurghada's pearl white sandy beaches and shopping district. Desert Pearl consists of 225 gated European style terraced apartments with communal tropical gardens, pool bar and swimming pools.

The complex will provide year round services, these are: maintenance, gardening, laundry service and business centre. The ground floor will house private facilities including a fully-equipped gymnasium, games room and internet café/business centre. A limited number of the following pre-launch properties at Coral Sea Pearl Beach Apartments are being offered at reduced prices starting from as low as £15,995.

Get one of these units as a foothold in this dynamic bustling resort.

Frequently Asked Questions on the Developments and Buying in Egypt

Where is the Desert Pearl Apartment Resort? The Desert Pearl resort can be found near the shores of the Red Sea, in the town of Hurghada, Egypt. About 15 km south of El Gouna. How many properties will there be at Desert Pearl? This resort will comprise 225 units. There will be 44 studios, 48 one-bedroom, 117 two-bedroom and 16 three-bedroom apartments. Are the properties freehold or leasehold? All the properties are freehold. Who is developing Desert Pearl? Worldwide Destinations are the developers. Has the Developer got land title? Yes, the developer has full legal title to the land. What Licenses have been granted? All the necessary licenses and planning permissions have been obtained. (Copies are at present being translated and will be included in the Due Diligence document). When will construction begin? Construction has already started. When will the property be completed? The properties will be completed in March 2008. What are the payment terms on the property? Pre-launch prices start at £17,600. We facilitate an effortless payment plan in five simple steps. First payment of 10% deposit. Three further payments of 10% in the remaining 12 month period. A final 60% upon completion paid with either an arranged mortgage* or cash. One off full 40% down payment will grant every buyer a free Lifetime Lawyer membership worth £3,995, which will cover the completion cost of your purchase. *Mortgage subject to status. Is there a Pre-Launch Special Offer? Yes! The first 50 units can benefit from above scheduled payment terms. If full 40% is paid Client can receive Lifetime Lawyer Pack (normally priced GBP 3,995) free of charge. For further information, call Lifetime Lawyer on Freephone: Can the properties be bought in a company name? No, not at this time. Can you inform me of a legal firm that could help me? Lifetime Lawyer - please see point above, or alternatively, our lawyers in Egypt: United Lawyers: Are mortgages available? Yes, a capital + repayment type mortgage, subject-to-status, on 60% of the purchase price is available at 7.9% flat rate for a maximum period of 10 years. What is the name of the bank handling the mortgage? T.B.A. What are the details of the mortgage package? Refer to document: ‘Desert Pearl Mortgage Package’. What is the yearly maintenance fee? The yearly maintenance fee will be GBP 500 per annum. Is there a builder’s warranty on new build, if so how long? Yes, warranties for new build are for one year. What type of running costs should the client expect? Apart from the annual Real Estate Tax of EGP 500 (approx. GBP 50) and the annual maintenance fee of GBP 500, there will be utility (water + electricity) charges substantially lower than by European comparison. What is the construction of the building? The foundation of the building is reinforced concrete. The construction is of brick. What will be the orientation of the apartments? The apartments will face South-East. What will be the layout of the development? There will be 12 buildings forming the whole site. Each building will have 5 floors each with 4 apartments per floor. Each of these buildings with 20 apartments will have a lift for their own use. Will the apartments have sea views? Apartments on the third, fourth and fifth floors will have sea views. Will there be a rental pool? Yes, with rental prices based on our achievable rental return calculations – refer to our DP Rental Return document. How long is the rental season? 12 months. What are the expected rental opportunities in the area? Refer to final page of brochure. What is European Design & Finish? Normally in Egypt a new build property is sold as a shell, doors or windows are not installed, walls and floors are not finished, kitchens and bathrooms are not equipped. European Finish includes; polished ceramic floors, tiling in kitchen and bathrooms, windows and doors installed, all electrical installations, pre-installation for digital TV platforms as well as sockets for telephone, television and data lines. Fitted kitchen with base units, stainless steel sink, granite worktops and mixer taps. Bathroom sanitary fittings in white porcelain (toilets, sinks, baths showers) with mixer taps and extractor fans. Bedrooms with fitted wardrobes. Are the properties sold fully furnished? Furniture and kitchen appliances are not included in the sale price, but will be available as furniture packages. What are the quality specifications of the properties? See above. What are the purchase costs? Registration of the unit and lawyer fees will be £995 all in. What are the lawyer’s fees involved in the purchase of the apartment? See above. Is there a Real Estate Tax? There is an annual Real Estate Tax of EGP 500 (approx. GBP 50). Is there any Stamp Duty? No. Is there any Government Tax? No. Is there any Capital Gains Tax or V.A.T? No. Is there any Inheritance Tax? No. Can I sell my property at any time? Yes. What is the general overview of the area? The town of Hurghada, known as Al-Ghardaka in Arabic was founded in the early 20th century as a fishing village, with over 40km of coastal resorts and spectacular beaches. The Red SeaRiviera has fast become a community of mixed nationalities and cultures. The permanent summer weather and leisure activities, including desert safaris, diving and golf, make this the most popular resort in Egypt. With its crystal clear water, untouched reefs and a multitude of ship-wrecks, Hurghada has become one of the most popular diving and snorkelling destinations in the world. Nearby lie the stunning resorts of Sahl Hasheesh and El Gouna, both exclusive destinations offering residents and tourists fantastic views of the desert, mountains and natural lagoons. At the heart of the El Gouna Resort is the Abu Tig Marina, the most beautiful harbour on the Red Sea designed around the spectacular El Gouna Golf Club, an 18-hole, PGA professional golf course. What are the facilities in development, immediate and surrounding areas? Swimming pool and bar, gardens, internet café/business centre, gymnasium, games room and laundry – all within a gated environment. For information on surrounding area refer to brochure. How long are the seasons in Hurghada? The Red Sea Riviera’s warm climate makes it an ideal destination at any time of the year. There are two seasons: a hot summer, which runs from May to October, followed by a mild winter for the remaining months. Temperatures range from a minimum average of 15ºC (59ºF) in winter, with cool nights, to 30ºC (86ºF) in summer, with comfortable warm nights. How accessible is the area? Flight time from the UK is 4.5 hours with scheduled weekly flights. Charter flights from Germany are almost daily. Flights from other major European cities include Munich 3.5 hours & Rome 3 Hours. How do you get there? Egypt's national air carrier is EgyptAir, and Air Sinai also has good connections in Egypt. Most travellers come into Egypt through Cairo, although people are increasingly disembarking at Alexandria, Luxor, Aswan, Hurghada (Al-Ghardaka) and Sharm el-Sheikh. These airports are serviced by a number of smaller carriers and charter companies with direct connections to Europe. Refer to attached document ‘DP Europe Direct To Hurghada’. What are the tourism figures for Egypt? Refer to attached document ‘DP Egypt Tourism Report’. Are there any websites you can recommend? http://egypt.travel To get more info on this developments contact divecentre@gmail.com we will be happy to help.

Sunset Pearl Golf & Beach Development

Nestled above a hill with astounding views, amidst glistening dunes, palm trees, golf courses and clear waters lies the magnificent Sunset Pearl Golf & Beach development in the exclusive Sahl Hasheesh resort in the Red Sea.

Sunset Pearl Golf & Beach Apartments Sahl Hasheesh is a new residential complex set in an area of over 59,000 meters2. This 5 Star prestigious development is composed of 450 apartments offering top quality design and construction materials.Less than 5 hours from the UK in one of most beautiful bays in the Red Sea we find Sahl Hasheesh a master planed environmentally responsible resort inspired by rich Egyptian architecture and heritage. Situated 17 kms south of Hurgahada airport between Hurghada and Safaga.

Luxor and the Valley of the kings are just 200 kms away by road or short flight. This dynamic resort with its enormous variation of facilities and activities in all year round summer weather has established itself as top tourist destination and rightfully earned together with Government incentives the reputation for good value and low risk property investment worldwide.Owners of the properties will be able to enjoy on site facilities such as communal gardens, swimming pools, cafe, gym, games room, pool bar, gardens, golf and diving to mention just a few.

• 12 km private beachfront


• 1, 2 and 3 bed luxury apartments


• 3 bed detached villas


• Ideal Beachfront location


• Three 18-hole golf courses


• Golf academy


• Sunken city for underwater exploring


• Spectacular marina with heliport


• Freehold property


• Scuba diving and snorkeling


• Sports and leisure facilities


• 4* and 5* hotels

This project has just been relased, with some astounding starting prices.

For more details drop a mail to divecentre@gmail.com for details and a resevation form.

Foreign purchasers have the right to own real estate and land in Egypt.

Today the Eygptian government recognizes the great value foreign investors in property have for the success of the economy and have set about actively encouraging overseas buyers to Egypt. New laws have been established to make the Egyptian property purchase procedure more secure. For example, the government can no longer impound or nationalize any property they wish – a practice that stood for centuries. These changes, along with a few others, are increasing confidence amongst overseas buyers.

We will gladly guide your through the purchase process in Egypt to ensure you are fully informed of the facts to avoid any potential pitfalls.

Once you decide on a property, you will need to pay a holding deposit to take the property off the market while contracts are drawn up.

It is completely usual to negotiate a property’s selling price in Egypt, unless you are buying off-plan when the price is fixed.

Lawyers

Lawyers in Egypt will normally speak English and will be able to produce your necessary paperwork in Arabic, as required by all the authorities. Egypt has many complex real estate registration issues so it is critical to have a lawyer conduct the appropriate searches and provide you with legal advice regarding the purchase.

Local lawyers will also help you through the best way to conduct business with the local people who have their own particular idiosyncrasies and customs which are important to be aware of.

Fees and Taxes

Property registration and legal fees for conveyance total around 6%.

Stamp Duty on property is payable by the buyer at 3%. The buyer will also pay a small inspection and measurement fee (approx. 65 euros).

Tax on any form of income from property runs at 20 to 22% and is basically the alternative to Value Added Tax. Many countries enjoy a double taxation treaty with Egypt.

Egypt levies no inheritance or capital gains taxes.

Registration

Most Egyptian properties are not registered, even though registration is an essential pre-requisite to a purchase. Therefore the lawyer’s assistance in liaising with the Real Estate Registration Office in Egypt is essential in order to ensure the property is duly registered and prepared for foreign purchase. Registration can take up to four months. After inspections and payment of taxes/fees, you will finally obtain a new title from the Registry.

Mortgages

Currently there are no mortgage facilities available to foreigners in Egypt, though this situation is due to change in the near future with the full implementation of a new mortgage law in Egypt. The best option today is to obtain a mortgage abroad or to free up equity in your country of residence via a re-mortgage or an equity release scheme. In this way you will be able to purchase your property in Egypt outright.

The current lack of a fully developed lending system has slowed the construction industry in Egypt, even though Cairo is one of the most densely populated cities in the world and the need for new housing is starkly apparent. This situation is destined to change as soon as mortgage facilities become more commonplace.

For more info on The Desert Pearl development in Hurghada get in touch at divecentre@gmail.com to arrange floorplans, Pricing & a reservation form.