Royal Residence Cairo: Interview

Royal Residence in Cairo is one of the few “green contract” developments I have seen.

So I decided to interview Maged, the developer, to explain why this project makes such good financial sense in the current environment. This detailed interview with the developer is probably a first of its kind for a Cairo development.

Click play below to hear the interview.

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Maged talks about his background, the firm’s history from 1964, past projects and then on to the reasons for this location. Build schedule, payments plan, rental guarantee, legal structure out of the UK, finishing.

Take a listen. I think you will be impressed that this investment represents an opportunity that in Cairo property at sensible prices.

Bacolet Bay, Grenada: Caribbean Profit

Bacolet Bay on Grenada is launched by Jet2Let Property. Bacolet Bay ticks the boxes like no other in the Caribbean right now.

Bacolet Bay is pure exotic Grenada. A beach front location. All homes with huge sea views. A fully financed project with the first phase 70% sold out and well under construction. 70% finance and full rental guarantee available, the minimum payment is just $100,000 for a hotel cottage.

High end brand partners:

• Cameron & Cameron (Finance)
• High End Resort Operator - Announcement Soon
• Howard Consulting - Spa Design
• Bovis Lend Lease
• Peter Silling Interior Design

Bacolet Bay: Access & Location

• direct flights from the UK, USA and Continental Europe
• two cruise ship terminals
• 20 minutes’ drive from Point Salines International Airport
• 20 minutes’ drive from the capital St George’s.
• secluded location on the southern part of the island
• white sand and clear water

Bacolet Bay Description

Imagine a two hundred metre white sandy beach, a secluded bay with world class hotel facilities set in forty one acres of tropical gardens. Then think of the highest possible levels of service with every five star resort appeal from the best restaurants, top holistic Spa, private jetty.

You are then getting an idea on how special Bacolet Bay is, and how it can be your piece of paradise.

But you need to also be sure that  the project steps up to the mark financially. and that occupancy, and therefore rental yield, will be higher than competing destinations. The answer, is that the handful of current 5 star hotels achieve eighty nine per cent peak season occupancy rates. And with with conservative estimates of future avaerage occupnacy rates at sixty five per cent, then the research from Cushman and Wakefield says income will be in excess of $65,000 after management expenses.

Why Grenada?

Property investment in Grenada makes sense, as it is one of the less developed islands in the Caribbean and unspoilt. There is a shortage of high-quality property, and therefore Grenada is a wise choice as a property investment destination.

The World Travel and Tourism Council has predicted tourism growth of 2.8% per year between 2008 and 2017, reaching annual tourist arrivals of over 600,000 by 2017.

A progressive government has now implemented tax exemptions and customs concessions for investors in tourism. The substantial infrastructure investments are helping to improve even further the appeal fo the island.

In addition to Bacolet Bay, there is a new high end marina from Campell & Nicholson, commercial centre, duty free shopping mall, golf resort and the opening of international hotel brands.

How Can I Finance My Purchase?

This is a project for canny investors, as well as those looking for a place in the sun. Mortgage Finance is from Royal Bank Trinidad and Tobago. Only 30% cash is required. So from $129,000 for a €430,000 property. Optional guaranteed 8% rental return. Four weeks own use. Avoid all taxes. Pay Just legal fees. Save up to 9% on the only government approved scheme on this magical “spice” island.

Frequently Asked Questions - Financing

1. Do I contact the bank directly?  Or via the lawyer? Yes Direct, we will supply details and application.
2. What are the set up costs? Depends by bank, but is usually 1% arrangement fee, plus bank legal expenses
3. What info do I need to provide? Three years’ evidence of earnings (pay slips / tax returns etc). Credit check undertaken
4. What happens if I only have assets and/or are self employed, rather than fixed monthly income? If you have sufficient assets then the mortgage can be provided.
5. What does ”mortgage paid for life” by the developer mean?  You hold the mortgage BUT the property management  leases the property from the property owner for a rent which is equivalent to their costs.
6. Is there a likelihood that the 70% Loan To Value is going to be more than 70% of the Price? Or will it be just 70% of the SPA price max?  Max 70% of the purchase price. Can remortgage at market value once the property is 2 yrs old. However, RBTT will finance to 90% with mortgage indemnity insurance.
7. We mention 8.5% IR, is that fixed? If so for how many years? What are the interest rate conditions? Typically 0.5% below Grenada prime rate. Will be variable rate.
8. Is the “Mortgage Paid for life” going to continue for all of Phase 1 properties Yes - will it be available on Phase 2? Not at present.

Reservation Process and Payment Plan

1. $5,000 reservation fee
2. Initial Mortgage application
3. 30 Days after reservation, and after finance approval and the legal work is complete, the Purchase Agreement is signed along with with 30%.
4. The next three 20% payments are covered by the draw down. The developer make the payments for this part of the loan.
5. On Completion the Mortgage converts to a 70% LTV.

Contact Jet2Let Property.com for more details. Special offer due soon.

Is Palme Royale With Fractional Ownership A Good Thing?

Why would you buy Palme Royale 5 star Beach Resort Hurghada with the Fractional Ownership Option?

Some say ultimately right now, we all want pretty much the same thing with our overseas property. Namely, the lowest possible priced property that satisfies our requirements. But is fractional ownership for you and can it help buyers get what they want for less money?

Will Fractional Ownership Grow?

Some industry experts have been predicting that fractional property will take over from freehold sales in Europe within 5 years. For the average income, non-retirement, buyer a fractional ownership offers some tantalising benefits over freehold ownership:

• larger and better located property than could normally be afforded

• long own use periods not required for many in employment

• higher property utilisation

• much lower entry cost to property ownership

• is the season long enough to satisfy all four owners?

• is the back office administration of high quality?

• are you compromising your ownership due diligence?

• are you happy to forgo some individual input into the property?

• are you generally happy to share property?

• what is the premium you are paying for administrating the scheme over outright purchase?

• provisions for exit and resale of your fraction

What Developments Are Suitable For Fractional Ownership?

Look out for developments that try and launch fractional ownership to make them poor projects into good ones. Check carefully the details of administration.

Proper Due Diligence Is Still Vital For Fractional

Be sure to download the free guide on this site and also receive the forthcoming podcast from one of the UK’s top overseas property lawyers.

Right now, Jet2Let Property are launching Palme Royal Five Star Beach Resort in Hurghada, Egypt with a fractional ownership option. This development of mainly on the beach sea facing apartments, front line villas and townhouses set the standard for five start luxury in the area.

The resort is to be managed by a five star Swiss hotel chain will mean affordable luxury.

Final Thoughts

Beware of sun and beach locations where the August peak holiday season dominates. This happens in many of the traditional holiday areas of Spain. Cold winter temperatures do not earn rental - unless you are in ski resort.  Go for Egypt where the infrastructure is already in place. Prices are very low.

The season is all year round.

Other interesting fractional schemes area to be found in the new David Lloyd on the Mediterranean coast in Saïdia in partnership with Le Jardin de Fleur.

Fractional ownership can be the perfect way to get the property you want at a fraction of the normal price. Just make sure it is what you really want before committing as you can buy jointly with other people to achieve a similar reduction in cost.

And if you are part of a larger family looking for a prime beach front location, then take a look at Palme Royale Resort in Hurghada.  Its year round rental and own use during all the popular holiday periods in winter, spring summer and autumn mean that there are plenty of school holiday weeks to share between four owners.

What do you think? Will fractional ownership grow as fast as many think? Please let me know what you think and comment below.

How Does The Euro Pound Rate Affect Overseas Property?

The euro pound exchange rate is a huge issue for many buyers. Right now investors completing on properties they may have purchased over a year ago are now having to find 20% more euros than they envisaged.

This is impacting values, and deterring UK pound buyers from buying overseas. We may see the UK pound vs euro in parity territory for some time.

So what are the best options for UK buyers in pounds?

Well, one country still seeing property priced in UK pounds, is Egypt. This is in spite of a devaluation of the pound against the Egyptian pound. This removes currency risk and is an obvious attraction.

I have been commenting for some time that for the foreseable future, that some of the best buys right now are in Egypt. In Hurghada there is a unique set of circumstances combining. Low cost land with low build cost.

Such value is attracting buyers whose budgets in  their own country do not buy anything. But just £12,000 (€14,000) is drawing investors from Eastern Europe who cannot afford to buy in their own country but believe, like I do, that these prices will look very low in five years time.

So do click here for details of La Place. Click here for Cairo’s Royal Residence from Jet2Let Property Ltd.

What do you think? Your comments are welcome. Please register for up to date comment on overseas property, more due diligence advice and be sure to be in the know to benefit from this market.

Will 2009 Be The Time To Buy Overseas?

Its December 2008, and its easy to be dazzled and frozen still, like a rabbit in the headlights. Gloomy news, and economic downturn, fail to inform us that there is the potential to buy bargain overseas property.

Until one day, in the blink of an eye, the news changes. My view is that the consensus view will turn positive - one day. I don’t know when. But its a fair bet a consensus view will reached quite quickly. The problem is that on this defining day, it will then be too late to pick up a bargain.

Overseas property often moves in sharp price movements. Particularly more emerging markets. The reason is that as the media and marketing will pick up the change in mood. Then a quick a fast pick up in advertising and, before we know it, we are being persuaded that the higher prices are cheap and we should buy now before further increases.

Why Is Now The Time To Buy?

The savvy investor knows there’s opportunity. But times like these are terribly tricky. Sure, this is a suitable moment, but there’s a huge challenge to make it a safe, as well as a rewarding, occaision for property investment.

Its time to be as cunning as a fox. To understand the fine detail of the process of buying.  Most of all, 2009 is the year to find property that satisfies all our needs.

If you think prices will go lower than what is offered in Egypt, for example, then you should wait. But with value like this - often priced in UK Pounds, its likely that in seven years time you will be thinking “that was smart timing to buy in 2009 before the rest came in 2010/11″.

When property an area gets a unique mix of cheap land, cheap building costs as cheap as chips its time to look very closely. These days I am particularly keen on examining the existing infrastructure. Is it being invested in? Are their shops? Are there already things to do? Unless you are buying land and have a very long time horizon, you may find that the lack of infrastructure hinders resales.

What You Really Should Know

The overseas property industry has far too many stories of woe, and this is a very sad fact. The time it takes to acquire the analytical skills, and knowledge, to make the right buying decisions is the key to your investment. That is why everyone, from new to the most experienced investor should read my “What Everybody Ought to Know About Property Due Diligence.”

Its down-to-earth guidance on how to:

• use contractual terms to reduce risk and make savings
• learn how to calculate which payment
• understand and manage your lawyer for best results
• options save money
• analyse what the actual rental potential may be
• analyse your exit strategy and resale
• leverage your property viewing time

The aim is for you to gather the free essential knowledge that will help you buy at the lowest possible price. And at the lowest risk.

What do you think? Please comment on whether you think 2009 is the time to buy overseas.

What Is Cheap Overseas Property?

Yesterday I attended the OPP live exhibition speaking to property professionals and exhibitors at the trade overseas property exhibition in London. I thought a clear pattern would emerge.

Words like, “challenging market”, “nervousness” were banded sprinkled in the conversations. the inevitable with world “financial events” that sales were down. Well these did indeed crop up regularly, but what was really interesting were the very different thoughts emerging from both brokers, developers, lawyers etc.

Investors or Lifestyle Buyers?

Some developers were saying that that all their buyers were investors who focused on rental guarantees. Then there were others who said buyers have returned to how overseas property started. Namely, people desiring a place abroad for mainly own use and possible eventual full, or part, retirement.

There did not seem to be a particular pattern on whether this view was for expensive or cheaper properties.

Cheap or Expensive?

I was then quizzing others as to where the trend in on the maximum property price buyers are prepared to pay. The answers here were unanimous and that is its about low price and cheap. However, I would like to examine what is cheap.

What is Value For Money Property?

Well are we looking for cheap as chips? When we talk about cheap property, I think we usually mean a property at the lowest price possible that satisfies needs. I know we could buy a shack for a few cents - but it wouldn’t satisfy for most of us as a permanent residence.

What I am hearing, is the desire to get the very best value. This means widening the search to other locations and countries that may not have previously been considered.

Where Can I Find Value For Money?

This is subjective but what is clear is that we should as either investors, lifestyle or a mixture of both buyers is recognise there could be some very interesting options worth checking out. If you know where you want to be and there are powerful emotional ties, such as famil and friends nearby then you need only to research a small area.

But if you are after maybe a place to use for holidays and you have a budget of say $100,000, and you want to be overlooking the ocean and have existing infrastructure nearby then your choices could be anywhere from Brazil, Panama, Morocco, Tunisia, Egypt, Cyprus, Malta, Middle East, Thailand, Vietnam, South Africa and so on.

What Never Changes

Most in the overseas property industry know that the focus on the due diligence process is not only smart, but moreover, improves the whole buying experience for all.

If you enjoyed this article, then please subscribe for more via RSS or email subscription.

What do you think? Let me know - your comments are welcome

Is Oasis Marina Beach Resort In Hurghada Like A Porsche?

Oasis Marina Resort reminds me of the day I got behind the wheel of a friends’ Porsche 911. A few minutes previously, on the look out for a replacement car I had been test driving a very worthy VW Golf.The difference of the Porsche 911 from the Golf was huge. A different league. Everything feels just so right in the  911. I felt more alive. I could feel the difference. And why my friend feels its worth the extra money fro the best.

Your Porsche costs three times the price. Not worth it? Yes but it is for some folks. And the same holds true for prime property, prestige locations and desirability.

So lets back down to earth and think property investment and not luxury toys.

But when I saw the Oasis Marina building site it was just like that special Porsche feeling.

But there is a difference

This is o Porsche location at VW prices. Clear uninterrupted views of the crystal clear Red Sea. The large protected beach in front your to wander over.

But, for me, this is not enough. Because its no use investing in property right now, unless its at a great low price and its really safe.

Developers can forget about attempting to come to market without full project funding and full plans. No Bank lending? Crunchie Credit times have stopped quite a lot of that.

And the irony is that Egypt has cash rich developers because so little debt was taken out.

We are seeing property here being sold at £12,800 ($19,000 14,000 Euros) because in the almost unique position for very little being paid for the land and exceptionally low labour costs. A good daily wage here is £5 for a site labourer. Now that raw material prices have come back down, then value property is still available. It just will not get cheaper because there’s no need. Developments in Hurghada, like Oasis Marina are selling. People who visit the Oasis site can see the scarcity of this premium location, the infrastructure and the safety of in built resilience to down turns elsewhere.

As property investors are waiting to see where property prices settle, in markets driven by speculation, and debt. So investor demand looks for sound alternatives. Egypt has a place in the property investor’s portfolio.

For those who just want some warmth and sunshine at VW prices, then I think this is one not to miss.

For more details on this Oasis Marina Beach Offer, contact Jet2Let Property Ltd:

http://www.jet2letproperty.com/eg/483-Oasis-Marina-Off-Plan-property-Hurghada-Red-Sea-Coastline.html

Tel: 044(0)113 3131000 or email: info@jet2letproperty.com

Egypt Wins Best Outsourcing Destination

Egypt’s outsourcing sector is getting a boost of international recognition. The country was recently awarded the prize for best outsourcing destination by the British National Outsourcing Association (NOA).

This comes as much needed encouragement, with the government trying to attract more investment to the sector at a time of international economic gloom.

Hazem Abdel-Azim, CEO of the Information Technology Industry Development Agency (ITIDA), who
received the prize in the name of the Egyptian government, stated that it was “a source of pride for the Egyptian communications and information technology sector”, local media reported.

Similarly, other rankings and reports have singled out Egypt among emerging IT services countries. A recent study by the Yankee Group, a US-based consultancy firm, compared several Middle Eastern countries’ base for outsourcing services, concluding that Egypt “has the strongest position in the outsourcing market.”

The report praised Egypt’s IT services against those of countries such as the United Arab Emirates, Oman, Bahrain, Jordan and the Kingdom of Saudi Arabia, and put Egypt on equal footing with India and China, stating that Egypt had a huge advantage in terms of the versatility of its language skills.

“The country’s multilingual capabilities make Egypt attractive to Europe-based countries“, the report said.

“By contrast, China does not have the same level of comfort with Western culture and traditions as Egypt. India’s bailiwick is its strong English-speaking workforce, which works well for US-based and UK-based companies… but the lack of other languages is a disadvantage in India when it comes to EU-based
countries.”

IT Services Exports

These assessments reflect the government’s efforts in recent years to attract investment and develop human resources to work in the outsourcing and offshoring sector. Egypt’s IT exports sector has attracted local and foreign investments worth more than $8bn over the past three years according to ITIDA.

In a recent interview with OBG, Egyptian Minister of Communications and IT Tarek Kamel stated that the country’s IT services exports were currently worth $700m, and that he expected this figure to reach $1.1bn
by 2010.

“Egypt is appearing more and more in the international arena of IT services,” he told OBG. “We help train the talent pool and provide low cost infrastructure and access to well equipped space. We will continue to do this.”

In a bid to expand the attractiveness of its IT sector and create more room for foreign companies, the country is planning to open bids to build a new outsourcing business park in the Southern Cairo suburb of Maadi.

The project will involve the construction of 30 to 40 technological facilities that will cater to Egyptian, Arab and international firms focusing on IT services, local media reported. Furthermore, the Yankee Group report also noted a deal that UK-based company SpinVox has signed to establish a business center in Alexandria.

Changing Business Risk Perception

Egypt will nonetheless face some challenges if it is to increase revenue from this sector. The Yankee Group report reckons that Egypt needs to upgrade some infrastructure as well as reverse a negative opinion about its level of business risk. “Egypt faces some hurdles, including outdated communications and transportation infrastructure, and the perception-especially in the United States-that it is a risky place to
do work”, the report stated.

The future of the sector also depends on how fast the government and the private sector can train its workers to join the country’s growing IT force. “It’s a question of the speed at which the country can educate the pool of talent,” Adel Danish, chairman of Xceed, Egypt’s biggest call centre, told OBG.
“Human resources are the main challenge in Egypt. But the good thing is the government is aware of it and taking the right actions.”

Egypt Credit Crunch Beneficiary

The country is also hoping that the global slowdown triggered by the credit crunch, which is affecting US and European economies, will not deter the growth of its outsourcing sector. As European and US-based
companies represent the majority of Egypt’s customers, a slowing in consumption might curtail the demand for support services from Egypt.

“It will be interesting to see what happens”, Danish told OBG. “Some people believe the recession will make companies cut costs, and so outsource even more services to lower-cost countries like Egypt.”

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Bulgaria Forecast GDP To Grow 4.5%

Bulgaria is expected to experience leaner economic times over the coming year, but reports of an impending crisis appear to be somewhat unfounded, reports by the Oxford Business Group.

The report read, “The On November 3, the European Commission (EC) issued a warning that Bulgaria is set to face slowing growth, consumption and investment over the coming year, while the current account deficit and inflation will remain high.

The commission expects Gross Domestic Product (GDP) growth to be trimmed from 6.5% this year to 4.5% next, as a slowing European economy acts as a drag on Bulgaria. Meanwhile, it forecasts inflation of 12.4% by year end, the second highest in the EU, while the current account deficit is expected to hit 23.9% of GDP - the bloc’s largest.

Europe has been hit by a serious economic slowdown, exacerbated by the global credit crunch. The wide EU economy is expected to grow at only 1.2% this year, according to the EC, while the international press has reported that the eurozone (which does not include Bulgaria) will grow at a meagre 0.1%. As European countries - particularly in the eurozone - are Bulgaria’s key trading and investment partners, it seems inevitable that the Balkan country’s burgeoning growth will be curtailed.

The EC expects inflation to fall over the coming years, to 7.9% in 2009 and 6.8% the following year, easing one of the key pressures on the economy, though not as much as policy makers would like.

The EC also predicts that the current account deficit will remain stubbornly above 20% of GDP in 2009 and 2010. This might seem surprising, given that a slowdown in growth would seem likely to scale back imported consumption, and that lower levels of investment should lead to lower imports of capital goods.

On the other hand, Bulgaria’s export markets are in trouble, and the prices of the products it sells overseas, such as steel and agricultural produce, are falling. International bodies such as the International Monetary Fund (IMF) have long warned that the external imbalance is unsustainable, and serious concerns are now spreading. The deficit has been financed by inflows of capital from abroad - inflows that seem likely to fall considerably due to the credit crunch and lower growth in the eurozone and Bulgaria.

Bulgaria has limited scope to tackle the current account and inflation issues through monetary policy, as it is in a currency board arrangement that fixes its exchange rate against the euro. This obliges the Bulgarian central bank to track the European Central Bank’s (ECB) interest rate movements, and rules out devaluation of the Bulgarian lev to cheapen the country’s exports. At present, the ECB is loosening monetary policy at a time when higher interest rates in Bulgaria could help lower consumer demand, and therefore inflation and import levels.

The government and central bank have repeatedly ruled out the possibility of abandoning the currency board, which has helped underpin Bulgaria’s economic stability for the past decade. Indeed, adjusting the fixed regime at a time when currencies are fluctuating wildly could prove to be a disastrous move.

Furthermore, with growth expected to fall, and inflationary pressures easing, it may be that the ECB’s rate cuts will help buoy the Bulgarian economy. There is an increasing perception that a sharp drop in growth is rapidly overtaking inflation as the country’s primary economic concern. Some reports in the international press have cited the possibility of growth levels falling to well below the EC’s forecasts - 3% or even lower.

Indeed, on October 28, Kristalina Georgieva, vice president and director of strategy and operations at the World Bank, urged the Bulgarian authorities to prepare an emergency stimulus package to be activated if the economic shocks turn out to be greater than expected.

“For instance, what are we going to do to stimulate domestic demand if unemployment increases?,” she asked a conference in Sofia.

Three days later, the IMF and the Bulgarian government scotched reports that they were in the midst of negotiations for a Fund bail out scheme. Such “rescue packages” have already been extended to Hungary and Ukraine, and fears are growing that more countries in Eastern Europe may follow them.

As the government has pointed out, however, Bulgaria is in a relatively strong position in that it has a large fiscal surplus. Thanks to an IMF-designed plan aimed at securing stability and reassuring investors, the country has been running a remarkably tight budgetary policy for several years. Fiscal reserves are expected to reach $8.3bn by the end of the year, theoretically providing ample scope for government stimulus measures. Hungary, on the other hand, has been scrambling to tackle a widening budget deficit.

As Georgieva has warned, any fiscal boost would have to be well designed, particularly given continuing worries about corruption and misallocation of official funds. And the government would be wise to ensure that new spending rounds do not exacerbate external imbalances or the long-term budgetary position. Furthermore, a reinvigorated drive for structural reform to tackle the economic weaknesses exposed by the current situation should prove beneficial in bolstering stability and future growth.”

Over the coming weeks we will see important detail on how individual countries across the world will fare. A countries e conomic prospects are one of the key indicators for savvy property investors to study.

If you would like to be kept up to date with these important economic announcements as well as news and views of property opportunities then subscribe to www.OverseasPropertyTalk.com now.

Gamsha Bay Launch Delayed

Yesterday I was with Damac the developers for Gamsha Bay. Gamsha Bay is the 320 million sq. ft. master of all master developments. Yes its delayed and I think this is good. Its essential that they get all their due diligence together before launch.

Why Is Gamsha Bay So Long Awaited?

Its the sheer scale of the project. And the highest level involvement from Damac who have been involved in so many projects.

There will be with many marinas, five star hotels, shopping centres, golf courses, extreme sports adventure theme park, offices, villas, townhouses and over 50,000 residential units.

Damac projects have an excellent history for quality and only operate in the luxury sector. Their plan is of Dubai proporations and will really create a lot of publicity for the area.

In my view, we may see Hurghada property increase in value once sales are underway for Gamsha.

Particularly for key well located properties. But that’s not all.

Damac Reputation

Gamsha Bay is situated some 45 minutes North of Hurghada airport is till awaiting launch.

Damac, whose quality reputation from their many investors in Dubai, Qatar and Cairo will help ensure that property here will be amongst the very best in the region. Damac enjoy many awards from Bentley and CNBC for their project’s architecture and developments in Abhu Dhabi and Dubai.

Private residences and luxury spa completed the general picture.

Registration

There’s nothing to lose by registering interest now. This means investors will get an invitation to the launch event. Damac usually offer the best deals to the very first investors. So the initial launch price could prove to look very cheap a year or two out.

Register with Jet2Let Property http://www.jet2letproperty.com/eg/464-Gamsha-Bay-Off-Plan-property-Hurghada-Red-Sea-Coastline.html to be sure of getting the first option on the best units. Investors should register soon.

After all registering your interest costs nothing and there’s no commitment at all.

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