|
The Waterhouse Beach Resort Combining a 12 month climate with stunning front-line beach locations, and only a short-haul distance from the UK and Europe, it is easy to understand why Egypt is quickly becoming one of the world’s fastest-growing investment hotspots.
The Waterhouse Beach Resort encompasses all of this – bringing 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. 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. Facilities And Maintenance The Waterhouse Beach Resort offers residents the use of the following facilities:
• Private Beach
• On-site Diving and Aqua Centre
• Man-made marina with dock for boats
• 3 large swimming pools
• Children’s play area
• An array of on-site Bars, Cafes and Restaurants
• 24/7 gated security
• On-site management and property services
• Public Car Park
• Disabled Access for all common areas
Maintenance fees are set at £6 per square metre, per annum. Payment Terms The Right Move Abroad have a refundable reservation fee policy which enables you to hold an apartment for up to 28 days without actually committing to the purchase. This enables you to view the development and do further due diligence prior to signing your contract and paying your first installment. The reservation fee is only refundable if the client views the property for sale in the development within the 28 day period. Only 10% of your reservation fee is retained by The Right Move Abroad as an administration charge. We will accept verbal reservations which are valid for 72 hours. The refundable reservation fee is €3,000 and should accompany a signed reservation form which is available upon request. This reservation fee is deducted from your first installment. After 28 days of receipt of your reservation form and cheque, the reservation fee becomes non-refundable.
Option 1 (Full purchase price)
€3,000 refundable 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)
€3,000 refundable reservation fee*
90% on signing of contract (minus reservation fee)
10% on receiving the keys to your apartment following snagging
THE BUYING PROCESS
The Egyptian government has recently streamlined the taxation process to attract the foreign investor. As a result, Stamp Duty is only minimal and both Capital Gains Tax and Inheritance Tax have been abolished.
The buying process is very simple and we suggest the following when purchasing in Egypt:
• Choose your property and send us the completed reservation form along with the €3,000 reservation fee. The property will then be taken off the market.
• The client will then be sent a “Confirmation of Reservation” which will act as a receipt for the reservation as well as a copy of the standard contract.
• The client will then employ a lawyer (we will offer a suggestion upon reservation); the lawyer will then go through the process of due diligence, confirming the legality of the development.
• The lawyer we recommend will then send you a “Contract Pack” detailing the steps you need to take.
• During this time the lawyer will be making and agreeing any changes to the purchase contract requested by the client.
• Once all parties have agreed upon the contract and the relevant checks the client will 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 the client’s solicitor will manage the registration of the property with the local courts after which the ownership is transferred to the client.
From receiving the contract to the signing and payment, if the client is organised and motivated should take no longer than 3-4 weeks. Legal costs should be approximately £1,000 but will depend on the client’s choice of legal representation. There is a Property Registration Fee and court fees payable upon completion, totalling around £400. Stamp Duty of 2,000 Egyptian Pounds (£200 approx) and no Capital Gains Tax or Inheritance Tax. Rental income is taxed at a flat rate of 20%.
* If after viewing The Waterhouse Beach Resort (with The Right Move Abroad within 28 days of reservation), you decide not to proceed, the reservation is refundable. Property Management The developer has sourced a rental-management company to be based on-site at the resort to manage and source both long and short term lettings for owners and investors. Their 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 will be charged at 5% of the annual income generated.
One of Egypt’s prime attractions is it’s 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. About the Immediate Vicinity HURGHADA
Hurghada offers something for everyone, you can spend time in the enchanting markets in the old town district. Alternatively you may want to take advantage of the fantastic water sports on offer, or the contemporary night life in the new town which boasts high end nightclubs such as London’s famous Ministry of Sound and Budha bar franchises.
Hurghada is one of the best known resorts on the Red Sea Riviera. It was Hurghada was founded in the early 20th century, and since the 1980s has been continually enlarged by American, European and Arab investors to become the leading seashore resort on the Red Sea. Holiday villages and first-class hotels provide excellent aquatic sport facilities for sailboarders, yachtsmen, scuba divers and snorkelers. Hurghada stretches for about 40 km along the seashore. Hurghada has become an international centre for aquatic sports like windsurfing, sailing, deep-sea fishing, swimming, and above all snorkelling and diving. The unique underwater gardens offshore are some of the finest in the world, justifiably famous amongst divers. The warm waters here are ideal for many varieties of rare fish and coral reefs, which may also be observed through glass bottom boats. The city provides a gateway to prime diving sites throughout the Red Sea. Its central location provides favourable access to very famous dive sites. In addition, Hurghada is known for providing access to many uninhabited offshore reefs and islands.
EL GOUNA
El Gouna specialises in watersports, including scuba diving, windsurfing, kitesurfing, waterskiing, parasailing and snorkelling. There are two main beaches, Zeytuna Beach located on its own island and Mangroovy Beach. One of the most charming features of El Gouna is the network of canals which can be crossed crossed by small stone bridges. There are three centralised areas in El Gouna, that houses shops, bars and restaurants; - Downtown, Tamh Henna square and the Abu Tig Marina. In addition El Gouna has 14 hotels from 3* to 5*. A 6* hotel is currently under development. El Gouna also boasts the Steigenberger Golf course designed by Gene Bates and Fred Couples.
There is a small museum with some 90 exhibits (including statue replicas) which was opened in 1996.
|
