Dreams Development Hurghada, Egypt € 33.823 - € 78.984

In Brief

Dreams Development Hurghada, Egypt 9 photos active
Price: € 33.823 - € 78.984
$ 42.898 or £ 27.998
Price per sq.m.: € 751 - € 766

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Type: Apartment / Flat
Bedrooms: Studio - 2
Bathrooms: 1 - 2
Total Area: 45 - 103 m2
Garden area: 0 m2
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Your Agent

Trendafil Dryankov

Overseas Property
Phone:
+359 (0) 2 97 33 111
Mobile:
+359 (0) 878 91 92 92
Email:
overseas@excelproperty.biz
Skype:
excel.property.overseasCurrent Status
Address:
27 Liditse Str., ap.2 Geo Milev quarter, Sofia
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Agent's Description

Hurghada Dreams is a brand new gated development of hotel-style apartments (one & two bedrooms), commercial units and extensive facilities. The project is located centrally in Hurghada in a strategic location between downtown and newtown. Across the road from Hurghada Dreams is the best open public beach in the area meaning you do not have to walk to find a beach and also you get fantastic sea views from most apartments on Hurghada Dreams.

This project presents a unique opportunity to invest in Egypt's rapidly emerging property market. No other project this close to the centre can offer sea views & beach access with extensive facilities on a large project at these prices. Owners should see a strong capital growth and an excellent long and short term rental income throughout the year.

Purchasers of one-bedroom apartments in this development will benefit from receiving free kitchen units plus bedroom and living room furniture and will be able to opt in to a guaranteed rental programme offering a gross return of 5% per annum for the first two years, followed by a guaranteed 10% for the following three years.

Hurghada Dreams is located in the Al Arabia area of Hurghada. This is a strategic location as access to the main centre of Hurghada, Sakkala and the Sheraton Road is only five minutes away. Sheraton Road is home to most of the bars, restaurants, shops and nightclubs.

In the other direction is downtown known as Dahar where you can experience the more traditional Egypt and also pick up some real bargains. The airport is only fifteen minutes away by car.

Completion date: June 2009

COMPLEX FACILITIES AND BENEFITS:

  • All apartments have sea or pool views
  • Large public beach right in front of the development
  • High quality building and European style finishing
  • Commercial units including Abu Ashra Market
  • Panoramic sea view coffee shop/restaurant
  • Rental & maintenance service
  • Rooftop Cafe
  • Landscaped gardens
  • Discount card to upmarket stores in the area
  • Low annual maintenance fee of just 540 Euro per year

Property Information

Ref. No.: AA-HDD
Category: Seaside properties
Year built: 2009
Units in building: 134
Units sold: 56
Location: Hurghada
Country: Egypt
The offer was published on: 30 May, 2009
The offer has been viewed: 2124 times
Enquiries received: 0

Floor Covering

  • Ceramic Tiles

Exterior Features

  • Cement/Concrete
  • Brick
  • Plaster coat
  • Drainage
  • New electrical wiring
  • Decorative plaster

Interior Features

  • Dining Room
  • Master bath
  • Bath-tub
  • Bathroom
  • Kitchen facilities
  • MDF doors
  • Ornamental elements
  • Air-conditioner

Unit Features

  • Balcony / Terrace
  • Top Floor
  • Penthouse
  • Ground Floor
  • Private garden
  • Cable / Satelite TV
  • Phone line
  • Internet
  • Security system
  • Reception
  • Veranda
  • PVC double-glassing joinery

Facilities

  • Parking place
  • Laundry facilities
  • Elevator
  • Sauna
  • Gym
  • Spa centre
  • Beauty salon
  • Playground for children

Local Activities

  • Golf
  • Fishing
  • Water sports
  • Surfing
  • Cycling
  • Swimming
  • Diving
  • Sailing
  • Walking / hiking
  • Tennis

Local Amenities

  • Post office
  • Bus station
  • Disco club
  • Aqua park
  • Casino
  • Night clubs
  • Airport
  • School

Payment Information

  • 2000 Euro Reservation fee
  • 35% Upon signing contract (payable within 28 days of the reservation)
  • 15% Six weeks after signing contract
  • 25% Eight months after signing contract
  • 25% Upon completion, less the 2000 Euro reservation fee (March 2009)

Additional Information

About Hurghada:

  • located on the West Cost of the Red Sea (around 40 km cost line)
  • population: 35.000 (including around 5.000 foreigners)
  • symbol: marmaid (statue in Sakalla)
  • there are around 150 hotels in Hurghada
  • there are 70.000 tourists from Europe coming every week to Hurghada
  • sun is shining 99% days in the year
  • hotest months: July, August

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Nearby

  • Nearest airport: Hurghada Airport 5km
  • Nearest bus station: Hurghada 2km
  • Nearest highway: Hurghada-Kairo
  • Nearest beach: Hurghada 100m
  • Nearest port: Port Hurghada 2km

Egypt

Country overview

Egypt has long been known as a tourist destination but now a recent explosion in water sports holidays is fuelling a property boom, especially along the Red Sea coast, and British buyers are grabbing a slice of the Egyptian action in their droves. Red Sea properties are by far the most popular amongst foreign house hunters and this has been reflected in impressive house price increases.

  • Population: 78,900,000
  • Capital: Cairo
  • Approx. exchange rate: £1 = 11EGP (Egyptian Pound); €1 = 7EGP
  • Visas: Yes, visitor visa and renewable twelve-month work visa
  • Time difference: +2 GMT
  • Flight time from UK: 5 hours
  • Major airports: Abu Simbel, Alexandria, Aswan, Borg el-Arab, Cairo International, Hurghada, Luxor, Sharm el-Sheikh
  • Dialling code: 00 20 (+20)

Climate: The climate is good all year round with the North Coast and delta regions influenced by the Mediterranean climate and subtropical climate in the south. The long hours of sunshine and an average daily temperature of 21.9C (Cairo) makes it the perfect destination for sun seekers.

Accessibility: Its popularity as a tourist destination means that there are regular flights from the UK to Egypt, less than 5 hours flying time from most of Europe.

Why invest

More overseas buyers are already purchasing in the country. The Egyptian real estate sector has recently experienced a substantial growth, partially stimulated by relatively strong demands from expatriates and foreign nationals to purchase properties in Egypt. Traditionally, the overseas property market in Egypt has been concentrated in and around El Gouna, a resort about the same size as London located on the Red Sea coast some 600 kilometres south of Cairo, the capital.

Property prices have already gone up in the past 12 months as have land prices – by as much as 60 per cent in some areas. Prices are expected to grow by around 15 per cent in the coming months as Egypt starts to become better known in property circles.

Legals and Taxes

Buying property in Egypt is a straightforward affair provided you employ a lawyer to sort out an otherwise complex system of property registration.

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

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.

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.

Please contact us if you need further information!