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 Egypt | Golden Park
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Property Details:
Development Name : Golden Park
Property Type : Studio
Location : Egypt
Area / Region : Hurghada
Bathrooms : 1
Status : Off-Plan
Price : £38,857


The Golden Park Resort, located in Hurghada on the eastern Egyptian Red Sea coastline, affords high-class property developments and resorts in one of the most lavish and opulent locations.


Golden Park is placed right across from the Golden 5 City Complex, and sports more than 1,000 supremely luxurious apartments and residences that range from spacious studios to the exotic Golden Palace Villas.


Investment potential for these sumptuous apartments and villas include a 7% guaranteed rental return over a 5-year period. The price range for an apartment in the Golden Park Resort starts at approximately £32,700. Capital gains have increased by as much as 30% over the last couple of years, effectively doubling property demand in the area. Another attractive prospect is the fact that Golden Park property owners can select four weeks each year to personally indulge in their sumptuous property.


The entire resort is made up of interconnected residences, with gorgeously landscaped, manicured gardens in between, all aimed at providing a truly definitive luxury living experience. With a focus on 5-star standards, each apartment is fully outfitted and furnished according to exacting benchmarks, providing state-of-the-art technological marvels to each apartment.


The resort has a distinct family-oriented focus, providing a safe haven all around for children and toddlers. Swimming pools, club houses, children's playgrounds, spas and restaurants are all included on site with the hotel, which in turn allows the resort residents to benefit from extra maintenance services.


The Golden Park Resort is also ideally situated close to some of Egypt's most defining historical landmarks and monuments, such as the temple complexes at Dendara and the ruined city of Thebes at Luxor. Other activities to enjoy in Hurghada include water sports like deep-sea fishing, diving, windsurfing, sailing and snorkelling in and amongst the breathtaking array of Hurghada's coastline, reefs and outlying islands.



Features and facilities to enjoy in and around the Golden Park Resort include:
  • Numerous swimming pools and a massive water park
  •  Green parks and lush, rolling landscaped gardens
  •  Three signature golf courses in the near vicinity, with two more planned for future development closer to the Golden Park Resort itself
  • Club House and Bodhi Spa retreat on site
  •  Multiple restaurants and bars available
  •  High-speed Wi-Fi coverage, satellite television and LCD screens, standard throughout the resort
  • Stunning night-life settings with cocktail bars and dance clubs
  •  Scuba diving instruction centres

 

Introduction to the buying process in Egypt

Buying property abroad is nowadays more popular than ever, with increasing numbers of people following their dream in purchasing a holiday home, a buy-to-let, or moving lock, stock and barrel to the sun. If you're planning such a move to Egypt, then read this general buying guide.

Each country has specific rules and regulations regarding the purchase of land or property by foreigners and it is very important to be aware of everything that’s expected of you while doing your investment research.

However, Ocaso Properties cannot stress the importance of seeking legal advice. We also work withour own Independent team of lawyers, ensuring our clients receive the best possible Independent legal advice.

General Guide When Buying Property In Egypt

Foreigners buying property in Egypt can do so under Law No 230 of 1996.

Foreigners cannot buy more than two pieces of real-estate, which cannot exceed 4,000 squaremeters (sq. m.), and their purpose must be for a family member to live in the property. The purchase must have the approval of the Council of Ministers, which takes around two months. 

Registering property in Egypt

If registered, the property cannot be sold or rented for five years. The purchase sum must be brought into Egypt in foreign exchange, through one of the public commercial banks (though this provision of the law is not enforced). Finally, the property must be rented furnished after the 5 years period, which has tax disadvantages (see tax section). If the foreigner is married to a local, the obvious solution isto get his/her spouse to buy the property and then let the property unfurnished, as locals do, usually avoiding tax.

'Signature Validity Court Verdict' Ownership

Property in Sharm El Sheikh cannot be registered as property in Sharm El Sheikh follows a different regime, because an administrative decree issued in 2005 abrogated the 1996 law for property in Sharm el Sheikh.
Under the decree, foreign purchasers in Sharm el Sheikh cannot acquire freehold rights, but only 99 year leases. Foreign purchasers must therefore follow a procedure called a 'signature validity court verdict', and various other steps. 


The following steps must be taken:

A 'negative' certificate for the property should be obtained from the government, stating that there are no mortgages, pledges, or any other sort of rights on the property registered to anyother party.

The tax authorities must issue a certificate stating what taxes are due on the property.

A sale / usufruct contract should be drawn up. The validity of the sale depends on the terms of the contract. So it is essential for the purchaser to have a detailed contract, defining the property boundaries, the purchase price, the method of the acquisition of the rights of the previous owner, and the method of payment. The contract must be in Arabic, since Arabic is the only language recognized by the courts.

Purchasers must issue a power of attorney to their lawyer so that he can act on their behalf, a procedure which, oddly enough, first requires the purchaser to obtain a multi-entry visa. Then the lawyer files a legal suit to obtain a court verdict certifying that the signature on the sale /usufruct contract truly belongs to the seller (This is the 'signature validity court verdict'). This suit will take between 6-8 months.



The two methods, registration and the ‘signature validity court verdict’ each have their own advantages and disadvantages:

The advantages of registration:

 
Full and maximum protection. It is the recognized method in the Egyptian law for transferring real estate ownership.

Disadvantages:  

You are not entitled to resell your property unless 5 years have passed since the date of purchase, and even then you would need to obtain a written approval from the Prime Minister.


Which ownership route is best?

The advantages of the 'signature validity court verdict' method:


This is the practical way for real estate transactions either in Sharm el Sheikh, Hurghada, or Marsa Alam or elsewhere. This method allows you to resell your property whenever you need, and without need for any approvals. 

Disadvantages:


It is a weaker form of protection than registration. A real estate lawyer's services are much needed when buying property anywhere in Egypt. One reason is that people have in the past been reluctant to register properties, because it was costly to be the first owner of a building to register. Even in a modern area like Maadi, sometimes sellers have not registered because they still have an outstanding debt secured by the building, and fear that upon registration the creditor would be able to claim the building.

 

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