Marina and Diving Property in Egypt
Prices from GBP £40,000
Ref: The Waterhouse Beach Resort, Hurghada, Egypt
2 Bedroom(s), 2 Bathroom(s) |
|
|
Marina and Diving Property in Egypt. With some of the world’s most stunning front-line beach locations, a 12-month climate, and only a short-haul distance from the UK and Europe, it is easy to understand why Egypt is one of the world’s fastest-growing investment hotspots.
The Waterhouse Beach Resort brings you a stunning array of studios, 1 and 2 bedroom apartments, at an unbeatable starting price of just over £13,000.
Hurghada itself has become increasingly popular with young tourists and divers who are looking for small but well facilitated accommodation – this means that the smaller studios are very popular with serious investors as they provide a high rental return against the price of the apartment.
Key Features
Private Beach
Short proximity to Hurghada and its International Airport
On-site Diving and Aqua Centre
On-site management and property services
Man-made marina with dock for boats
3 large swimming pools
An array of on-site Bars, Cafes and Restaurants
Disabled Access for all common areas
Public Car Park
All Due Diligence and permissions in Place
Marina and Diving Property in Egypt
Location
The Waterhouse Beach Resort located in the El Ahyaa district of Hurghada on the Cairo Old Road. It is perfectly situated less than eight kilometres from the town of Hurghada and only 18 kilometres from the up-market town of El Gouna. Only 9 kilometres from Hurghada’s International Airport, it is the perfect commute for all holiday-makers.
Construction Schedule
The Waterhouse Beach Resort is due for completion at the end of 2009 and construction of the villas is already well on schedule.
Purchase Process
The Egyptian government has recently simplified the taxation process to attract the foreign investor. As a result, Capital Gains Tax and Inheritance Tax have been abolished and Stamp Duty is only minimal.
The purchase process is simple and straightforward. The process can be broken down into the following steps:
Select your property and forward completed reservation form along with the reservation fee. At this time, your property will be taken off the market.
You will be sent a “Confirmation of Reservation” which will act as a receipt for the reservation as well as a copy of the standard contract.
We recommend that you appoint a lawyer (we can recommend you an experience lawyer); the lawyer will then go through the process of due diligence, confirming the legality of the development.
Once all parties have agreed upon the contract and the relevant checks you will be required to sign the contract.
The first payment is then due with the reservation fee deducted.
The client will be notified when further payments are due.
Upon completion, your solicitor will manage the registration of the property with the local courts after which the ownership is transferred to you.
From receiving the contract to the signing and payment, should take no longer than 3-4 weeks. Legal costs should be approximately £1,000. There is a Property Registration Fee and court fees payable upon completion, totalling around £400. Stamp Duty of 2,000 Egyptian Pounds (£200 approx). Rental income is taxed at a flat rate of 20%.
The Buying Process
Option 1 (Full purchase price)
£2,050 reservation fee
50% on signing of contract (minus reservation fee)
25% 6 months after contract
25% on receiving the keys to your apartment following snagging
Option 2 (5% discount)
£2,050 reservation fee
90% on signing of contract (minus reservation fee)
10% on receiving the keys to your apartment following snagging
Property Management
The developer has sourced a rental-management company who will be based at the resort to manage and source both long and short-term lettings for owners and investors. Fees are very competitive and for long-term rentals, they will take the equivalent of a month’s rent and for those looking for flexibility and a greater period of personal allowance, short-term holiday rentals is charged at 5% of the annual income generated.
One of Egypt’s prime attractions is its 12-month climate, it is easily accessible and only a short-haul distance from the UK and quickly becoming Europe’s no.1 tourist destination.
In 2007 tourism numbers rose by 20% and a new initiative by the Egyptian Government to target Asia and North America aims to double tourism numbers by 2015. Do not miss out on this excellent investment opportunity.
Further Information
For more information about Waterhouse Beach Resort, please fill out the form below.
More property photographs
     |
|
