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FAQ
Frequently Asked Questions
Q.
1
Where is Plama Resort?
Palma Resort lies on the coast of Hurghada just by the Red Sea. Palma Resort lies between Hurghada and El Gouna approx. 10 minutes drive from both cities. The airport is approx. 15 minutes away
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Q.
2
Is it possible for foreigners to buy and own land or real estate in Egypt?
Yes, foreigners can both buy and sell land and real estate in Egypt
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Q.
3
How much do the apartments cost in Palma Resort?
The prices start from £24900 (British pund sterling) for a 45 m2 ”studio” apartment with a sea view.
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Q.
4
Do I need a legal advisor?
Palma Resort is working with talented Egyptian English speaking lawyers in order to increase the security during the transaction. We are happy to refer to our skilled partners. But it is free for all clients to select their own legal advisor
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Q.
5
Do I need an Egyptian bank account?
You do not need a bank account when investing in real estate, but it would be very useful to establish one at a later time, if you plan to let out your home.
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Q.
6
Is it possible to let out my apartment or villa?
Yes. A lot of people wants to let a holiday home in Palma Resort. Our administration will be at your service in the letting process.
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Q.
7
Are the apartments/villas sold with or without furniture?
The homes are sold without furniture. However, Palma Resort's shopping consultant will be at your disposal as we have lucrative procurement agreements in Hurghada's furniture and interior shops.
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Q.
8
Is it possible to sell before the finalization of the apartment/villa?
It is ofcourse possible to sell your property, but we recommend to wait until the construction is completed in order to get the most profit of your sale. When we have registred the full payment for your new home, we issue a power of attorney agreement including acceptance from the Technical Administration, and the owner is now free to sell the residence at any time.
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Q.
9
Is it possible to buy a home insurance policy in Egypt?
Yes, a wide range of recognised insurance companies operate in Egypt.
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Q.
10
How long will it take from signing the contract until the deed is mine?
It varies from transaction to transaction, but most commonly it will take approx. three months if you buy an apartment or a villa already built. However, this means that you should be present to sign the various paperwork (or you can write a written authority) contemporary with the presence of the papers from the vendor. If the real estate is under construction the process may take longer.
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Q.
11
What are the running costs?
In addition to the variable costs for water (approx. 20 Egyptian pounds) and power (approx. 30 Egyptian pounds) per month there are joint expences for the following:Security Guards:Security personnel is present at Palma Resort around the clock. Maintenance: Cost for maintenance of common areas, heating of pools during the winter, outdoor lightning, and pest control. The costs are usually shared among the owners and you will be informed of an estimated price before purchase.
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Q.
12
Is there lifts in the buildings?
Yes. There are plenty of possibilities to get around the buildings at Palma Resort.
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Q.
13
Who is behind Palma Resort?
The owner is the Danish owned ”Danish-Egyptian Company for Tourism Development”. The entrepreneur is El Noba Construction, who is one of the major entrepreneurs in the area. Apart from Palma Resort, El Noba Construction has built Titanic Hotel, Titanic Beach, Golden Five Resort, Yasmin Palace and a number of boats in Hurghada, Sharm El Sheikh and Cairo, where the company has its headquarters
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Q.
14
Does the developer own the land on which Palma Resort is built?
Yes.
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Q.
15
When buying real estate in Hurghada do you then own your property for good or does it turn into state property after a number of years?
In Hurghada/Egypt you buy the full property right. This is called freehold. Other places in the Middle East you buy the property right for 99 years and then the ownership is transferred to the state. This is called leasehold.
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Q.
16
What are the terms of payment?
10 % of the price paid upon reservation 30 % of the price paid when signing the contract 30 % of the price paid 6 months after signing the contract 25 % of the price paid 12 months after signing the contract 5 % of the price paid when receiving the key to your new property
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Q.
17
Do I have to pay property tax, tax of profit from sale of real estate, VAT, or inheritance tax?
No.
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Q.
18
How is the weather in Hurghada?
It is always lovely weather in Hurghada. There are two seasons: A winter season from November to April with temperatures at approx. 22 degrees. The summer season lies from May to October. In this period the temperatures may reach 41 degrees on a hot day. The climate is pleasant, the heat is dry and comfortable - even for small children.
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Q.
19
How much do the apartments cost in Palma Resort?
The prices start from £24900 (British pund sterling) for a 45 m2 ”studio” apartment with a sea view.
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