Ocaso Properties

Contact Us

UK: +44 (0) 845 116 1813 skype ocaso

Request FREE Call Back

Property Search :

Latest Property News
Sep 2017
Grade A office market rents, which includes Downtown Burj Dubai, Sheikh Zayed Road and the Trade Centre District, fell 4.4% year on year and 2% over t..
May 2016
Home owner house purchase lending was up by 60% year on year in the UK in March but the overall lending figures were affected by a rush from buy to le..
Aug 2015
With all the recent renewed interest in the Spanish market, it is encouraging to see that not only are property inquiries rising, but so is the number..
1
 

 Egypt | Viva Reef
Bookmark and Share



Property Details:
Development Name : Viva Reef
Property Type : Apartment
Location : Egypt
Area / Region : Sharm El Sheikh
Bedrooms : 1
Bathrooms : 1
Status : key ready
Price : £46,800


A breath-taking new four-star development in Sharm el Sheikh, Viva Reef is a picture of sleek, elegant opulence through classic Egyptian-style facades, complemented by all the modern luxury amenities


Located in Sharm el Sheikh, Egypt's premier Red Sea Riviera, the Viva Reef hotel resort will overlook the Four Season Hotel Golf Course when development concludes.


It takes 15 minutes from the Ras Nasrani airport, located northeast of Sharm el Sheikh, to reach Viva Reef. This stunning development affords strategic placement; the hotel is only 5 minutes from the dazzling Nabq Bay and 10 minutes from the globally-appealing Soho Square and its vibrant nightlife. The busier but enticingly quaint Naama Bay is 20 minutes away.


Scheduled in four phases, Viva Reef offers high-quality one- and two-bedroom apartments, all of them with air conditioning, fitted kitchens and furniture packages available from QDS Furniture. Phase 1 concluded in March 2010, with Phase 2 culminating in July 2010, Phase 3 in March 2011 and Phase 4 wrapping up in December 2011. Viva Reef also provides for rental and management services at a 1% annual charge that also includes 24-hour security as well as upkeep for all utilities.


Rental and management services are available, while maintenance and service charges are as low as 1% of the purchase price. Property investors are also guaranteed a two-year, interest-free building and payment plan. Because of the Egyptian government's restrictions on too much development in the area, and the exclusivity that this implies, potential buyers should find the lack of Government, property, inheritance and capital gains taxes to be a superb incentive for investment.


Other hotel resort features include ravishing sea and mountain views from the communal rooftops, while nearby facilities include 8 swimming pools, restaurants, shops and boutiques, landscaped gardens, a health club and golf course. Other activities to enjoy in the outlying areas include quad biking in the desert, ice skating in Soho Square, a national park and an equestrian centre.


Show apartments are already available for viewing, so contact us today and book your inspection visit.


 

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.

 

Review List

/td>