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 Egypt | Monna Resort
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Property Details:
Development Name : Monna Resort
Property Type : Studio
Location : Egypt
Area / Region : Sharm El Sheikh
Bedrooms : 0
Bathrooms : 1
Status : Off Plan
Price : £23,000


Monna Resort is located in the fast-developing Nabq Bay area of Sharm el Sheikh, the cosmopolitan jewel of Egypt's Sinai Peninsula. This development offers incredible investment opportunities at more-than-affordable prices, starting from as little as £23,000.

 

The resort is surrounded by 5-star facilities and hotels, with studio, one bedroom and two bedroom apartments available. Property investors can look forward to a comprehensive payment plan that includes 4 years interest free, with a guaranteed handover 20 months after signing the contract and a 10 years' builder's guarantee.

 

With a 4-star hotel on site, Monna Resort residents are bound to benefit from numerous facilities, including swimming pools, communal rooftop terraces with extraordinary views of the surrounding area and seaside, beautifully-landscaped communal gardens and access to the private beaches which make the Nabq Bay area famous. Golfing enthusiasts will also enjoy Monna Resort's proximity to the new Sharm 18-hole golf course that will complement the course at the Maritim Jolie Ville Golf Resort, southeast from Monna.

 

The intrepid investor will also enjoy maximum rental returns from Monna Resort's closeness to the immense 7 million m2 City Stars development, a self-contained, 5-star hotel resort community and shopping district.

 

Residents at Monna Resort will enjoy these facilities and benefits:
  •  8 on-site swimming pools, each pool with its own children\\\'s pool attached
  • More than 80% of the development is set aside for green areas and gorgeous communal gardens
  •  A children\\\'s playground
  •  On-site supermarket, shops, restaurants and parking
  • Additional benefits from the on-site 4-star hotel
  • Standard utility services like housekeeping, as well as 24-hour security
  • Satellite television, telephone links and Wi-Fi coverage, centralized throughout the resort
  •  Access to Nabq Bay\\\'s private beaches

 

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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