When buying Off Plan Property in Egypt, or any other country for that matter, it is important to consider the following things.
Legality
This point can not be stressed enough. Make sure that you have an independent solicitor look into any project which you are seriously considering investing in. This is the single most important decision you will make when buying any property, off plan or otherwise. Using an independent solicitor can save you from losing all of your investment in certain cases. Do not be sucked in by marketing ploys by companies offering ‘free legal advice' - this should be a warning sign. Of course, some companies will be genuine who offer this, however, can you be 100% percent sure that this ‘free legal advice’ is independent? If not, then this ‘free advice’ could be the most costly decision you make.
When buying property in Egypt, do your research, use an independent solicitor and make sure that the development you are buying on and the property you are purchasing is safe. This will prevent yourself from becoming one of the many ‘horror stories’ which could so easily have been avoided. If you want help finding an independent solicitor then consider speaking to the AIPP – Association of Independent Property Professionals.
The Builders/Developers
Are the developers of the project established in the area? Have they previously built similar developments? If so, what is the quality like? Are existing clients happy? Would they recommend the company? Did they finish the project on time? If not, was any delay justified? Do your research on the companies involved and you increase the chances that any decision you do make will be the right one for you. Ask questions, then ask more questions, and then some more. Information is key when buying a property, especially when you are buying that property overseas and off plan. A good example of an off plan property being built by established developers is the soon to be released Tiba View Resort.
Location
When you buy a property off plan, the location is one of the most difficult things to consider. You need to look ahead several years and try to visualise what the area will be like once the property is completed and even beyond that. If you want a great sea view from your balcony then will this always be there or could another development be built in front of yours, meaning you lose that sea view? We always recommend that if a sea view is essential to you, then look at buying a truly beachfront property, where nothing can be built in front of you and you can guarantee the sea view.
Alternatives
It is important to understand your reasons for wanting to buy an off-plan property and then look at other suitable alternatives as you may just find exactly what you are looking for in a completed property.
Is it the attractive payment plan? Are their any completed projects in the same area offering interest free payment plans.
Are you looking to buy below current market value? Are there any resales available at the moment where the owner is wanting to sell quickly?
By understanding the reasons behind your interest in buying an off plan property, you can begin to look at alternative options which may be ready to use now, whether it be as a holiday home for your family or an investment property.