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 Egypt | Sierra Resort
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Property Details:
Development Name : Sierra Resort
Property Type : Apartment
Location : Egypt
Area / Region : Sharm El Sheikh
Bedrooms : 1
Bathrooms : 1
Status : key ready
Price : £43,000


One of the more luxurious 4-star hotel complexes in Sharm el Sheikh, the Sierra Resort is nestled right in the middle of Egypt's magnificent Red Sea Riviera, just a few minutes from the Nabq Bay and the planned 18-hole golf course.


Sierra Resort is part of an off-plan hotel complex that offers 400 apartments, most of them already sold even before the resort entered Phase 2 in 2009. Sierra is ten minutes' walking distance from Sharm's fastest-growing area, the Nabq Bay and its glorious beaches. A leisurely stroll takes you to downtown Sharm el Sheikh and all modern-day facilities, including banks, malls and eateries/coffee shops like Starbucks and McDonald's.


Although the Sierra Resort completed its Phase 1 development in 2008, and the entire resort was finalised in 2009, apartments are still available for either purchasing or renting purposes. All properties are finished to a very high standard and offer generous well-planned accommodation. The Egyptian government also ensures that Sharm and its resorts steer clear of overdevelopment, so investors and holiday-goers will appreciate the Sierra Resort's low building density ratio, ensuring that those awe-inspiring views throughout Egypt's premier luxury destination won't get obscured.


Each apartment sports immaculate finishes like ceramic tiles and readily-outfitted kitchens. Each unit contains a single bedroom, combination kitchen, sitting and dining room, bathroom and a balcony that overlooks the pool areas, and affords the most delightful sea views of Tiran Island from apartments placed higher up in the structure.


The hotel complex's amenities include 10+ swimming pools, a hypermarket, satellite television access, security, Wi-Fi internet availability, shops, restaurants and a shopping mall, all of which are on-site and adjacent to the hotel itself, and afford additional rental benefits from the hotel's maintenance services.


Sierra Resort is a hot-property hotspot, with the majority of apartments already sold, so book an inspection visit with us today before it's all gone!


 

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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