FAQ's
| FAQ's |
|
General Information
Ancient Sands Resort is in the town of El Gouna, just 22 km north of Hurghada International Airport on the Red Sea Coast of Egypt. Please click here for more information including how to get there. There are properties available to suit everyone. From studio, one, two and three bedroom apartments and townhouses in the Hilltop Village, to two and three bedroom townhouses and luxurious three to five bedroom villas spread around the Golf Course. For all property types, there are a selection of different layouts that you can choose from giving you the widest breadth of choice while ensuring that the development as a whole retains its character and consistency. There are lifts within the Hilltop Village buildings which serve approximately two thirds of the units on the 1st and 2nd floors. There are many facilities on offer including an 18-hole championship golf course, a golf club estate house, spa treatment centre, restaurants, swimming pools and bars. Other facilities are also available at Ancient Sands Resort and in El Gouna. Please click here for further information. What kinds of facilities does El Gouna offer?
Nurseries and childcare; El Gouna International school; American University Cairo (AVC) field center; Hotel training school; Community library; Private airport; European-standard hospital; Wireless; high-speed internet What sorts of activities are available in El Gouna?
Innovative dine around program. Shops ranging from souveniers to boutiques. 18-hole USPGA championship golf course, 2 Angsana spa outlets, Desert safaris, Certified diving centers, Kite surfing centers, boat charter. There is a private airport in El Gouna within just five minutes drive of the site. The international airport at Hurghada can be found 22 km (about 20 minutes drive) away to the South. Ancient Sands Resort is being developed in a number of phases. The first phase of the resort will open in 2012. Furniture package options are available for all purchasers at Ancient Sands Resort. Please click here for additional information. An optional rental management programme will be in operation for all units. Please click here for more detail.
Egyptian property is by many accounts experiencing growth in the region of 15% to 30% per annum. At El Gouna itself, the compound annual growth rate since 1999 has been over 20% from a low base. This combined with the strong rental potential of the properties and the fact that the Egyptian government continues to strengthen the economy through a series of initiatives makes your purchase at Ancient Sands Resort a secure investment option. Please visit the Investment pages for more detail. Is it a risky investment?
No, for the following reasons:
Is the property I buy freehold?
Yes. The land and your unit is freehold. If I buy an apartment do I own the land?
You own the apartment and you have an undivided, public share in the land which the building is built on shared with the rest of the owners. This share is based on the ratio of the area of the owned unit to the total area of units in the building.
What are the purchase costs? Purchase costs equate to up to approximately 1% of the purchase price. Please click here for a full schedule of acquisition costs. What ongoing costs are there? Ongoing costs for property at Ancient Sands Resort include maintenance fee and property tax. These charges are not payable if you participate in the Rental Management programme. If you are renting your property you should pay income tax on your Egyptian source income. For a full schedule of ongoing costs please click here. Are there any resale costs? There is no capital gains tax in Egypt on the sale of residential real estate. A wealth tax of 2.5% is payable on the sale price in the case that your property has been registered, while agents fees are between 2.5% and 6%. Click here for further information. Is there finance available? Finance has not typically been available in Egypt – however, the mortgage market is now opening up and there are a number of mortgage products currently available. Upon completion, at the request of the purchaser, the developer will provide all information and details required to facilitate the registration of the property with the relevant authorities. Is property registration mandatory?
No. Indeed, less than 10% of property in Egypt is registered. Some foreigners who do not feel comfortable with this (but do not wish to be constrained by the 1996 laws which apply to foreigners owning registered property) follow a procedure called ‘signature validity’. This affords the buyer extra protection by verifying at court the signatures on the Sale and Purchase Agreement. This procedure can be arranged by a local lawyer and normally costs under USD1,000. The ‘signature validity’ procedure is very popular with foreign buyers also because until such time as the developer has been able to register his own title to the land (usually only possible when the development is completed) this procedure affords the buyer the maximum protection possible What are the relevant property ownership laws for foreigners in Egypt?
Law 230 of year 1996 on July 14, Law No. 230 of 1996 was issued superseding Law No. 56 of 1988. The new law allows non-Egyptians to own real estate whether built or vacant with the following conditions:
Please note: The vast majority of foreign buyers in Egypt avoid these restrictions by not registering their properties. Most Egyptians do not register their property either. Less than 10% of the housing stock in Egypt is registered. |
