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home  |  Buy Property  |  Frequently Asked Questions


Frequently Asked Questions


1-Are properties sold leasehold or freehold?
All properties are sold with 50 year usufruct (legal translation of usufruct: "The right to enjoy the use or the profit of the property or the land of the other person", (Peter Collin Publishing, Dictionary of Law). Property outside Sinai is freehold.

2- Is the property notarized/registered in my name?
Yes, after the contracts are signed we will take you to El Tur, this is the nearest city to Sharm with government offices (about 60 miles), there your passport will be stamped with an annual visa, this entitles you to own property within Sharm El Sheikh (the cost of this is included in the commission/legal fees you have already paid). After this the property will then be notarised/registered to you with the local authorities. It can only be registered after the whole project is complete

3- Can I raise a mortgage when buying a property in Sharm?
You cannot raise a mortgage on any property bought off plan at the moment, but the Egyptian Government is considering changing the law to make his possible. It may be possible to raise a mortgage on a property which is complete.

4-If I buy a property, can I rent it out? If so, who looks after it?
The majority of property owners in Sharm rent their properties out when they are not using them. This can be managed either by the Virgin Property in some resorts that we recommend for renting purpose with a guaranteed income whether its vacant or rented out, and we can rent it for you on long term basis or by yourselves.

5- How much can I expect to get?
If the property is rented out with the resort you can expect a return of approx 5-8% per annum, with a Real Estate agent you can expect a return of approx 7-10% per year and by yourself, this depends on many factors.

6- If I rent my property out with Virgin Property, will the tenants have full use of the resorts facilities?
Yes; all extra charges still have to be paid which entitles any person residing in the property to full use of the resort facilities.

7- How do I receive any money due to me from rent etc?
The best way to do this is to open a bank account locally (we will take you to a local bank and assist you with this, if required) all monies due will be paid into this account which you can collect when to come to visit Sharm or can be transferred to your bank account at home.

8- Do I need to take out my own buildings and contents insurance?
Most Resorts have a lifetime guarantee on the building, others have a 25 year guarantee, the insurance for the fixtures and fittings is included in the maintenance payments, It is advisable to take out contents insurance to cover breakages etc; this should cost approx 3% of the value per annum. When renting out the property: A deposit is taken from each tenant (1 months rent for long term tenancy) and an inventory is carried out on commencement and completion of all tenancy agreements, any irregularities found will be rectified by the outgoing tenant.

9- Can I stay in my property at any time I wish?
If you wish to visit Sharm at any time and your property is not available, an equivalent alternative will be found for you in the same resort. 1 months notice is required to book your stay.

10-Can I leave my property to someone in my Will?
Yes, any property purchased in Egypt can become part of your estate.

11-Can I sell my property at any time?
Yes, you can sell your property at any time after the contracts are signed, we will be more than happy to assist you with this.

12-What happens if my property is not ready on the expected delivery date?
In every sales contract there are special notes about delay in finishing according to the delivery date.

13-How much are the legal fees for buying a property in Sharm?
The legal fees are between £800 and £1000; this includes the bilingual contracts, property notary/register, visas, transportation to El Tur and Cairo, lawyer etc.

14-How much agents commission will I have to pay?
The fixed agents commission is 2.5% on buying a property, and 4.5% on selling a property.

15- Will I get a discount on the purchase price if I pay the full price of the property within 4 weeks of the deposit?
It may be possible to negotiate up to 10 % off the purchase price in some cases, or for a cash sale.


 
   
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