“We bought the fi rst time we visited!” CASE STUDY
amenities. Prices start from £32,491 for a 40-sq.-metre studio, £34,898 for a one-bed, and £64,982 for a two-bed from Egypt Real. In contrast to Sharm’s homogenous
white architecture, Maraqia, with its terracotta coloured units stands out, says Peter Mitry. Located inland from the resort, it’s less central but closer to a new golf course and also City Stars, a “Dubai style” tourist community with the biggest shopping mall in Sharm, two years off completion. With eight pools, playground and a supermarket amongst its facilities, it’s also very family friendly. More affordable than The View, prices start from £21,284. Prices are similar to its less-advanced sister project nearby, Monna, which is offering four years’ interest-free credit on off-plan properties. These are entry-level type projects, about 50 per cent more expensive than comparables in Hurghada, according to 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. As always, check the track record of a developer, says Jennette Bradbury of Egyptian Experience, who is offering apartments on a complex with a complete management structure already in place. Resales at the Egyptian Experience
complex of 150 units – 700 metres from the sea in the south of Nabq – start from £33,000, with two-beds at
£56,000, double their 2005 price tag (
www.egyptianexperience.co.uk). If you fancy a villa, third-line Oasis Villas with private pools start from £132,000 from Sharm el Sheikh Real Estate, or they have a two-bed resale with pool for £99,000. One area where you can still get a
new property on a frontline project is Sharks Bay, an upmarket little pocket that is a little away from the main tourist hub. Experience International (EI) is offering two-bed apartments for £140,000 with 12 per cent returns (
www.experience-international.com). “The rarity of the location is
refl ected in the price; if you want more choice of frontline beach projects, look at Hurghada,” says Shaz Yaqoob of EI. There’s also a rare on-the-water
fi ve-bed villa for sale for $3million (£1.85m) – one of Sharm’s most expensive properties and available through Sharm el Sheikh Real Estate. If you’re planning to relocate,
Hurghada is arguably better, being a working town than a purpose-built tourist resort, but as a rule of thumb, long-term rentals are £280-£350 on a one-bed apartment in Sharm. Pure investors, though, should look
out for the Sinai Golf Heights apart- hotel, which has not yet launched but will be backed by the Sabbour Group, one of Egypt’s biggest developers. This will be associated with one of three golf courses under construction in Sharm. “Prices of the 3,000 apartments aren’t confi rmed yet but it will be top-end,” says Mitry.
Although they’d never been to Egypt before, Pete and Greta Holland bought a two-bedroom apartment in Nabq Bay on their fi rst visit in 2006.
Seeking a property investment with rental returns, they paid £35,000 for a G-One apartment at the Egyptian Experience complex. They rent it out for £175-£239 per week when not using it themselves (
www.holidaylettings.co.uk/12233). “The property was sensibly priced and although I did have reservations about buying in Egypt, I felt reassured by the Anglo- Egyptian company behind it,” says Pete, 60, from Buckingham. “Since we bought Nabq has developed into a fantastic year- round place, with all the amenities you need. We are the most successful renters on the complex, with bookings 70 per cent of the year.”
ON THE MARKET IN SHARM EL SHEIKH
SHARM EL SHEIKH Where: Sunny Lakes Elite Price: £54,500
One-bed apartment near Naama Bay. High spec and spacious, .
Sharm el Sheikh Real Estate: (002) 0127 676650;
www.sharmelsheikhrealestate.com.
Where: Shark’s Bay Price: £140,000
This two-bed apartment is in Shark’s Bay, a rare new frontline project.
Experience International: 0207 321 5858;
www.experience-international.com.
Where: Monna Resort, Nabq Price: £30,117
56-sq-metre, one-bed apartment on one of Sharm’s most affordable projects.
Egypt Real: (002) 0161 714337;
www.egypt-real.com.
APRIL 2011 A PLACE IN THE SUN 63
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