This page contains a Flash digital edition of a book.
EGYPT


Sharm el Sheikh


Far left Typical Sharm tourism development Left


A new complex takes shape in Sharm Right The beach at Naama Bay, Sharm


Sandwiched between two national parks – Nabq Bay conservation park and Ras Mohamed Conservation area – the resort is limited in size compared with the sprawling Hurghada, covering around 12 kilometres of beachfront rather than 70. Another big difference is that


for political reasons you can’t buy freehold property on the Sinai Peninsula so there’s a system of 99- year leases. This – along with potential problems with building licences and land ownership – makes it especially important that you seek good legal advice when buying in Sharm, emphasises Mitry. “Your lawyer must check the terms


of the lease. Don’t assume that it will always be renewable after 99 years [like most are]; plus, whilst with a new buyer many leases start a fresh 99-year tenure, some developers will sell a property with only the residual term.” That said, the leasehold scenario


doesn’t put off many people buying property in Sharm, where the British are the most dominant foreign purchasers.


So where and what do you buy? The most long-established part, Naama Bay, is the most expensive generally, according to Tarek el Saadi, head of Sharm’s biggest property agent, Sharm el Sheikh Real Estate (www.sharmelsheikhrealestate.com). In this area there’s the famous


Naama Bay Promenade, and the big brand hotels such as Marriott, Hyatt


62 A PLACE IN THE SUN APRIL 2011


Regency, Four Seasons and the nightspots: Pacha, Little Buddha and the Hard Rock Café. All the beachfront’s long been developed, so you need to look north at the Nabq Bay area for new frontline projects – or for most new projects, full stop. However El Saadi is selling large one-bed units at the luxury ready- built Sunny Lakes Elite complex in Naama Bay from £54,500. This buys 75 square metres of “great fi nishing” he says. Or you can get a resale studio apartment for around £30,000 – resale villas are rare. Although not frontline, there is


however Sharm’s largest new project, Neama Town, a 40-acre mini city with 5-star hotel and spa that the sales team says will be completed by the end of 2012 (www.neamatown.com). Located in front of the Marriott Hotel, the mega resort will be 100 metres above sea level so enjoy commanding views as well as 80 per cent dedicated to green spaces. Seventeen complexes will contain 245 units in each: studios (42 sq. metres) start from £30,000; one-beds (72 sq. metres) £38,000; two-beds (102 sq. metres) from £73,000; or villas (1,000 sq. metres) at EGP£3.5 million (£365K). “But from an investment perspective, Nabq Bay is much better as you will be paying more for a property, yet receiving similar rental rates, so yields are around 6-7 per cent a year as opposed to 8-14 per cent in Nabq,” says el Saadi.


You may see even cheaper properties advertised in Hadaba, close to “Old Sharm” or the downtown traditional market areas and souks, but it’s a designated residential area for locals


Fast-developing Nabq is popular


also for the fact it is 7 minutes from the airport, 15 minutes from the more congested Naama Bay and its beautiful beaches include the hard-to-beat Zoura. In Nabq, you can buy a one-bed resale apartment (80 sq. metres) in a frontline beach spot for around £85,000, but £40,000 is around the entry level for beachfront – though you may not get sea views. Two beds start at around £75,000 but do check sizes – square metres are specifi ed here as a two-bed can typically vary from 80 to 120 sq. metres (Egyptians build bigger for their large families). Second row back and this will fall


to about £55,000 for a two-bed resale. But arguably the best views of all are from an elevated site, not frontline beach, such as the aptly named “The View”, which has proved popular for its central location. Now largely completed, it’s in the


north of Nabq Bay, in the hills above the main street, so handy for


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100