EGYPTreport


AUGUST 2010 |www.opp.org.uk


HEAD OFFICE 17 Heath Road, Twickenham TW1 4AW, UK ✆ +44 (0)20 8734 3960 www.opp.org.uk


EDITORIAL Group editor Geoff Hadwick ✆ +44 (0)208 734 3970 geoff .h@opp.org.uk


REPORTER Rob Dale ✆ +44 (0)208 734 3970 rob.d@opp.org.uk


ADVERTISING David Le Lacheur ✆ +44 (0)208 734 3963 david.l@opp.org.uk


Beth Piercy ✆ +44 (0)208 734 3962 beth.p@opp.org.uk


ADVERTISING SALES REPRESENTATIVES Americas Jack Haime: ✆ +1 305 6106265 jack.h@opp.org.uk


Bulgaria Teodora Jilkova: ✆ +359 8888 44491 teodora@veritasreal.com


Greece Panos Skliamis: ✆ +30 693 8222 200 panos@p-s.gr


Italy


Gianfranco Caputo: ✆ +39 335 5236781 g.caputo@expocomunication.com


Philippines Allen Hamilton: ✆ +63 918 911 7043 allenhamilton@email.com


Russia Oleg Gavrilov: ✆ +7(495)509 70 82 oleg@olegariopro.ru


Egypt Hany Mostafa Moawad: ✆ +20101316339 hany.mostafa@primeproperties.com.eg


MARKETING & OPERATIONS MANAGER Naomi Zammit ✆ +44 (0)208 734 3968 naomi.z@opp.org.uk


DESIGN & PRODUCTION Martin Lane ✆ +44 (0)208 734 3971 martin.l@opp.org.uk


PUBLISHED BY OPP Media Ltd


Chief Executive Xavier Wiggins ✆ +44 (0)208 734 3967 xavier.w@richmondgreengroup.com


Kurt Fraser. OPP interview (p61) How did this dynamic Canadian get to the top of the tree in the global hotel and hospitality sector and what are his plans for a major new development at Porto Montenegro?


Fractional scam. Fractional report (p47) There seem to be some skeletons in the closet as the conmen move in on mis-selling fractional. Why is the EU getting involved and what is likely to happen next?


Bernadette Costello. Social media (p50) Former OPP editor Bernadette tells property professionals how to market themselves to “tweeple.” Don’t worry if you’re not sure what this means ... OPP explains all.


Aliaa Hussein Egypt report (p34) ERTDA boss Aliaa Hussein joins a panel of regional experts to answer questions on what is happening in the Egyptian overseas property market at present and what does the future hold.


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Panama Market snapshot (p30) There is an awful lot going on in this small central American country. OPP presents a full and detailed factfi le for any industry professional thinking of getting involved.


Group editor Geoff Hadwick


Editor’s letter • Geoff Hadwick ✆ +44 (0)208 734 3970 geoff .h@opp.org.uk | 5


Reasons to be cheerful ... 1, 2 and 3


here is a genuine sense of excitement in both of our feature theme subjects this month - the Egyptian and fractional markets. High levels of interest surround the


T


burgeoning Egyptian overseas property market and the country is well poised for growth and prosperity. Egypt offers a relatively stable emerging economy rated by the global fi nancial community as low risk. There are no Eurozone currency or sovereign debt issues to worry about and the country also benefi ts from very low levels of personal debt. Land is cheap and plentiful and the local banks are starting to get their act together on the mortgage front. Even the politicians are chipping in with new airports and new roads to help upgrade the national infrastructure. Everything seems to be falling into place for the Egyptian property sector. What it needs now are more international buyers; a better quality of building standards; and a much more high quality, mature approach. For the fractional sector, it is early days too, especially in Europe. On page 44 we take a look at a new study which shows that the fractional market has huge potential in Europe, and that it needs a very disciplined


IN THIS MONTH’S OPP...


and hard-headed approach to make it work well. Do your homework and research everything very carefully before leaping into action on the fractional front. As you will see on page 47, there are sharks in the water wating to ruin it for you. Once again, the international property sector needs to work much harder to weed out the cowboys and fi ght for a better reputation.


OPP Awards for Excellence 2010 Time is running out fast now if you would like to enter the OPP Awards for Excellence 2010. The closing date is 17.00 GMT on Thursday August 19th. The categories cover every aspect of the


value chain in overseas property and the scheme’s principle focus is on rewarding and recognising excellence in our industry. Please go to our group website at


www.opp.org.uk and read the “Awards” section on the left-hand navigation bar. There is an application pack there with full guidelines - and a detailed list of every category and the judging criteria that go with it - plus an online entry form. Think positive and enter now. And don’t forget - you will need to fill out a form for every category you enter.


Audited average net circulation for the period July-Jun 2008 - 4774 per issue


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