Any major purchase plunges people into a state of stress, let alone such a difficult situation as the acquisition of overseas property. And it also adds ignorance of the language, local laws, and just the fear of being deceived.
How to proceed? How to reduce stress? You can often hear from realtors — contact us and there will be no problems. Indeed, it is difficult to do without the help of a professional in a foreign market. However, experience shows that it is much better if the buyer has at least a general idea of the possible pitfalls.
The first moment is just connected with the choice of a company that will help in finding an apartment and making a deal. Unfortunately, now that the Egyptian market is on the rise, a lot of people rushed into it, often without even having a general idea of this work.
There are two surefire ways not to be mistaken when choosing a company.
The first is to take advantage of the recommendation of friends who have already bought real estate and are satisfied with the work of this company.
The second is to ask the realtor questions about the legislation and the scheme of the transaction. If the realtor is not sure, or even worse begins to reassure you that there are no problems and cannot be, it is better to look for someone else. A competent specialist will always tell you about the realities of the market and tell you how to protect yourself from legal risks, taking into account the legislation of Egypt.
Many believe that the threshold for entering the Hurghada real estate market is quite high, but this is not the case. Today, it is quite possible to think about buying with an amount of $ 10,000 or more. For this money, it is quite possible to buy a studio of about 30 sq.m. near the sea.
If you don’t have enough money or you want to buy something more expensive, there is an interest-free installment plan. A loan allows you to buy a home several times more expensive than the available amount on hand, because the minimum initial payment is usually from 10%.
Many are worried about the problem of not knowing the language. Fortunately, mastering the minimum necessary to communicate in a store or restaurant is not difficult. If you know English, that’s half the battle. However, when dealing with real estate, the lexical minimum is clearly not enough. Therefore, the main advice is to never sign a document, the content of which is not clear. Moreover, in Egypt documents are allowed in two languages, including the sales contract.
So is it worth being intimidated by foreign purchases? You just need to be careful and not let things go by themselves — this is the most reliable guarantee of success.
For any questions regarding the PURCHASE and selection of real estate in Hurghada, you can always consult with our specialists who have the latest information and will help you make the right choice
+20 106 930 3640 Contact us
Skype: Hurghada RedSeaLine