In Hurghada today there is a fairly wide selection of real estate — from ordinary studios to luxury villas. Prices for real estate objects of interest to foreign buyers start at $ 10,000.
In reality, you can buy an apartment for $ 10,000 — $ 12,000 and it will not be a typical Arab apartment in a typical Egyptian area, but a nice modern studio in a comfortable compound with a swimming pool, 300 meters from the sea.
According to experts, the greatest demand is for apartments in buildings under construction with an area of 30-50 square meters for $ 10,000 — $ 25,000. They are purchased by young families, pensioners and water sports enthusiasts.
Most of the secondary market is made up of new completed projects. They are sold by investors who bought housing under construction several years ago. Often these are completely new, finished apartments, where no one has lived. Often they are sold already furnished and with all the necessary equipment. For those who would like to move to a new home now or are interested in a specific area, it makes sense to choose just such options.
So in the secondary market, residences are now available on the territory of five-star hotels. The developer sold all the properties a year and a half ago, and the demand still exists today. It is also very profitable to buy apartments in facilities under construction at the initial stage of construction.
A good example is the Esplanada Residence complex in the center of Hurghada with its own beach. Prices at the construction stage started at $ 600 per sq. m., and now housing is sold for $ 2700 per 1 sq. m.
At the zero stage of construction, housing can be 25-50% cheaper than a similar finished object in the same area. In addition, developers often offer interest-free installments. The closer the construction is completed, the higher the prices. An interest-free installment plan is provided for a period of 1 to 8 years.
The local real estate market is very young and therefore not fully regulated. However, there is no risk of not completing construction, which has recently been very exciting for buyers in any real estate market. There have been delays in putting the house into operation before, but recently everything is being handed over on time and even ahead of schedule.
Bank lending is not developed in Egypt, almost all local companies build on their own funds. In addition, the developer has legal restrictions on the date of delivery of the house. Therefore, developers usually do not delay the delivery of the object.
For the primary market of Hurghada, other risks are much more relevant. This is the financial stability of the company, and the budget for construction or construction from the sale of apartments. Problems can also arise if the developer does not have the necessary documents. Before buying a new building, you need to make sure that the developer has two documents: confirmation of ownership of the object under construction and confirmation of ownership of the land plot.
In the secondary market, the risk is associated with past resales and registration of a tokil — a document on the transfer of ownership of an object.
When reselling, the toukil of the previous owner is canceled, but with multiple resale there is a risk of losing a link in this chain, missing the moment when the transaction was executed improperly. If this happens, then one day a person may appear with a canceled tokil, and he will be considered a full owner. Resale chains are very difficult to track. Therefore, for those who want to buy an apartment on the secondary market, we recommend that you contact a real estate agency that has an experienced lawyer in the state.
For any questions regarding the PURCHASE and selection of real estate in Hurghada, you can always consult with our specialists who have up-to-date information and will help you make the right choice
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