Since the uprising that saw President Hosni Mubarak step down from rule, the country has been praised for changes that have been made to the country.

The United States released a statement this week praising Egypt for its “several historic milestones in its transition to democracy.”

The White House continued, “Egypt has come a long way in the past year, and we hope all Egyptians will commemorate this anniversary with the spirit of peace and unity that prevailed last January.”

Headed by Field Marshal Mohamed Hussein Tantawi, the military council has stated it will step down from power to an elected president by June, completing a democratic transition.

Egypt wants stability for economic recovery and the peaceful elections have shown the country is heading in the right direction.

News agency Reuters has revealed this week that investors see Africa as the most attractive place to invest over the next ten years. According to the report, one in three are expected to put at least five percent of their portfolios into Africa by 2016.

Africa has been predicted to be the destination for trade and investment and Egypt has been tipped to be one of the countries that will be a popular choice with investors.

Egypt is now seen as a real economic growth driver and is likely to bring the best investment returns according to the news agency.

Source: Reuters

The overseas property industry is in my opinion, a minefield and somewhere people looking to buy a property need to feel they can place 100% trust in the agent they have contacted and that agent needs to know what they are doing. After-all, they say buying a home is the most stressful thing any of us will do in our lives;  well I think buying a home in a country where you don’t speak the language, don’t understand the laws and can’t jump in your car to go and see the property is even more stressful.

When the AIPP came along it promised to change the way the industry operated, it had a code of practice that all members had to abide by, and all sounded good.  However, you have to be a voluntary member therefore if an agent signs up to abide by this code of conduct, they are probably already working ethically.  It is the vast numbers of builders, land owners, developers, agents, advisor’s etc… that haven’t joined the AIPP that are still out there operating unethically and often damaging peoples lives.

Having sat on AIPP disciplinary boards I can speak first hand of the process and that process would work if it had more strength, they don’t have much ammunition in their arsenal if a member steps out of line or breaks the code of conduct.  They can suspend, ban or force a penalty payment on the member which won’t get people their money or property back, they need to be able to take proper legal action against that member on behalf of the complainant.

We have entered the AIPP awards over the past few years and have been successful in winning multiple awards, this is because we whole heartedly believe in trying to change this industry for the benefit of the people looking to buy a property overseas.  I have my concerns a minority of agents that join do so just for the AIPP badge and they think if they show this on their website/literature it will bring them business.  If they do breach the code they also know not much will be done about it so take the gamble that they will join, take the AIPP badge and carry on with bad practices.  I have had numerous phone calls and emails  from people complaining about the AIPP and all they have done when a complaint was made was ban or suspend the member and not actually provide a solution to the issue.  Until late last year I used to back the AIPP against these calls and emails, by saying “they do their best within the parameters that they have to work in and they don’t have much in the way of punishments, but are working on getting stronger”.  That was until I was forced to make a complaint of my own against a fellow member who I thought was misleading the public and I had already contacted the member direct on a number of occasions to point this out.

My complaint was against Rightmove Overseas, who wear the AIPP badge on it’s website and literature.  Now I have no complaint against Rightmove Overseas being members of the AIPP however, as members in my opinion must abide by the same code of conduct as other members.  My complaint was they were allowing agents (who were not AIPP members) to miss advertise properties on their portal and there was no warning made that some agents and therefore their properties were being advertised/sold by non AIPP members.  I contacted Rightmove Overseas on many occasions sending links to properties I knew were being miss advertised, each time I was told they would look into it and ensure the agent is warned.  On each occasion nothing happened, it came to the point I even put them in touch with the developer to prove the properties were being miss-sold.  This led to me having my properties switched off on Rightmove Overseas because I had complained and they were investigating, I couldn’t believe how blasé they were about the situation and the fact I was being penalised for complaining.

It was at this point I contacted the AIPP, and as a senior member, award winner and someone they call upon to sit on disciplinary boards I expected to be taken seriously, as I wouldn’t waste my valuable time on something I didn’t think was damaging the industry.  I sent several emails, asked if I had to make a formal complaint and also sent copies of the email from one developer stating the agent was in fact miss-selling.  Nothing, not even a reply; to say I was in shock is an understatement.

It was very close to the October 2011 A Place in The Sun exhibition so I agreed to speak to them in person and see if there was a way of resolving the issue.  I even gave an idea that Rightmove Overseas make it clear to the general public who visit their portals that not all their agents/properties are covered by the AIPP.  Again nothing, Professor Mark Sharp said he would come and speak to me on our stand when he wasn’t so busy, I saw him walk past many times but he didn’t come to discuss with me.

It was then I made the decision to leave the AIPP, because after all the hype and hard work put in to setting it up it wasn’t protecting the public at all and I felt angered that they weren’t doing enough to protect people or it’s members.  Before we joined the AIPP we were already working far above what they expected from members and we don’t need to pay to have a badge on our website to say we abide by a code of conduct all our clients leaving glowing testimonials show this.  This is not written out of any arrogance but out of frustration that just because someone has a badge on their website it is taken they act within certain rules when it isn’t true, you should earn that right not buy it.

What our industry needs is a regulatory body like the FSA and to work within the industry you HAVE to be a member, you don’t see an Independent Financial Advisor being asked if he wants to join the FSA, it is compulsory.  I know this industry is slightly different and we have people from all over the world to regulate, BUT if the AIPP have voluntary members from around the world why can’t they make it compulsory to be a member.  They would need to have stronger punishments and further changes to their way of working but this is the only way you will cleanse the Overseas Property Industry, as long as it is voluntary it won’t make a change.

These are my comments, if anyone wants to make their own comments please do so below, I think this is a serious issue and one that needs addressing ASAP.

Want to buy a property in Egypt? Look no further

Here are just a few reasons why you should choose to work with Rivermead Global in your hunt for the perfect property in Egypt:

• Our services are free of charge, no finders fee, no commission charge etc..
• Winners of both the AIPP 2010 and 2011 Most Outstanding Customer Service Awards
• Winners of the AIPP 2011 Best Small Agent Award
• Ranked #1 out of 780 companies on the FreeIndex review website for Overseas Property – “A Highly Recommend Company”
• We visit Egypt every 6-8 weeks and take updates for all our clients, check out our YouTube Channel
• Chosen by A Place in the Sun Magazine as the Egyptian Property Experts in a 2011 feature
• Chosen by the A Place in the Sun Live Exhibition team to be on the Buying Advice Panel for Emerging Markets in both 2010 and 2011
• We are completely independent and are not obliged to sell anybodies property

So if you are looking to buy a property in Egypt then please get in touch, we would be happy to hear from you and help you with your property search in Egypt.

The bank has stated Egypt’s economy will show “positive growth” in 2012 after the revolution on January 25^th 2011.

Despite problems last year for the global economy with the euro zone crisis and the Arab Spring, HSBC believes the economies facing these difficulties will turn into long-term goals for investors in 2012.

Yaser Gamali, head of HSBC Global Banking and Markets, commented: “HSBC Egypt expects to see growth strengthen in 2012. The fundamentals of the Egyptian market are strong with a favourable demographic profile, a diversified economy and a strategic geographic location.”

As Egypt’s political transition moves forward and security in the country improves, attitudes will become more positive and private sector investment should return.

Foreign investment is set to rise significantly in Egypt this year according to the report and international consumption is likely to pick up when the country’s political situation becomes clearer.

The news comes after the US agreeing to offer more Egyptian companies duty-free access to the American market to increase prosperity and employment.

The US revealed their goal is to help Egyptian businesses increase and diversify their exports to the United States by widening their Generalized System of Preferences (GSP) programme, which offers duty-free access to the US to Egyptian producers.

The news has impressed investors and support from the United States will certainly help Egypt reach its full economic potential.

The report from HSBC bank will certainly attract investors and shows there are lots of long-term investment opportunities in the country.

Source: The Daily News Egypt, Ahram Online

The Department for Work and Pensions has revealed the figure has risen by 22 percent compared to last year. By 2030, the government has predicted that there will be 15 million retired people living in the UK.

Travel experts have predicted that Turkey will be one of the popular choices to buy a property as more people are thinking of buying abroad after they retire. Others areas suggested have been Australia and the U.S.

2011 was a good year for Turkey and its healthy economy has attracted a lot of foreign investors from around the globe.

The country has seen a boost in property investors and it has been predicted that Turkey is on track to have a thriving tourism industry over the next few years.

Popular areas in Turkey are Altinkum and Akbuk, which are known for their impressive beaches, golf resorts and wide selection of restaurants.

Altinkum means ‘golden sands’ and has a luxury marina that has resulted in property becoming very popular in the area.

Akbuk is located between mountains and green forest and is known for its stunning views. The area’s clear blue waters attract many tourists every year for its peaceful atmosphere.

Both areas are expected to be a popular choice amongst tourists to visit this year and are becoming known for their laid-back and friendly attitude.

Travel experts are saying now is the time to buy in Turkey as the country is experiencing more demand from property investors. The popularity of the country is rising and more tourists are choosing to holiday in Turkey, which is great news for investors.

Rivermead Global have 2 bed 2 bath apartments in Altinkum starting from only £38,500 completed and ready to use/rent out, amazing quality and facilities boasting an indoor pool, large outdoor pool, bar, restaurant, gym plus much more.  These apartments are 86+m2 so a good size and with the popularity rising they won’t be this price for long.

Source: A place in the Sun

The law was supposed to come into force in this month and the fact the idea has been abandoned for at least another year has put a smile on investors’ faces.

Whilst the property tax law could be introduced in the future, investors are happy with the decision and the news will encourage other property investors to buy a property in Egypt.

Another move to put investors’ minds at rest is that formerly state land sold below its original market value will not be confiscated, although the fee will rise to reflect the correct market value of the land.

The news was revealed at a cabinet meeting in the country where the Egyptian Prime Minister Kamal El-Ganzouri approved LE20-22 billion in savings for the financial year 2011/2012.

The news has shown Egypt is a safe place for investment and property prices are considered to be very well-priced this year.

Once the elections are over and disputes in Cairo settle, property prices in Egypt are expected to rise again. Property experts have highlighted that if an individual is thinking of buying a property in Egypt, now is the best time to buy.

Neil Hollingsworth, Senior Manager at Rivermead Global says “December was our busiest of the year with sales in Turkey and six property sales in Egypt plus 3 furniture packs bought, when historically December is the quietest month Egypt bucked the trend.  We have started the year positively as well with our first sale in Egypt on New Years Day, showing investors have noticed Egypt is getting back to normal and with the rest of the world especially the Euro Zone in turmoil now is a good to time to be investing.

Once the new government is in place which we all hope to be around June 2012, I think we will see Egypt on the radar of many of the bigger investors who can look ahead and realise a good investment”

Source: Ahram Online

The celebration is expected to attract thousands of tourists to Egypt which will see the country get off to a positive start. The event will attract international media and thousands of tourists, boosting tourism for the country. Abdel Nour comments: “The ministry pins high hopes on the celebration attracting more tourists and boosting tourism.”

The revolution will always be a major political event in the country, which has won full admiration and respect from the rest of the world. Whilst areas like Hurghada and Sahl Hasheesh have not been disrupted by the recent uprising, Cairo has had several disruptions that are expected to settle once the elections are over in June 2012.

The festival is part of the ministry’s plan to diversify tourist attractions and use Egypt’s resources to attract tourists. The festival will include various concerts, folkloric shows and displays of artists.

Hotels in Egypt are offering special packages for the event and will be promoted by Egypt’s ministry, who will be taking charge of the event.

The festival will be a great start to 2012 for Egypt and is a chance for the Egyptians to celebrate what they have achieved. The festival aims to promote the Egyptian experience and that the country is a safe place for tourists to visit.

Source: The Egyptian Gazette

During the 2012 budget talks the Culture and Tourism Minister stated the figures are higher than the ones released by the Turkish Statistics Institute (TurkStat).

Talking about the rise in Turkey’s tourism sector, Günay commented: “Turkey is not just in competition with Greece but the whole world, including China, America and Italy and Spain in Europe.”

Behind Turkey’s successful tourism industry is an important vision. Turkey has not only concentrated on developing its coastal tourism sector but it has also spent time supporting alternative tourism areas like culture, sport and healthcare. Günay stated that investments in these areas have contributed to the success of Turkey’s tourism industry.

Important investments will continue to improve Turkey’s tourism sector even further and the country will be seeing new developments and higher standards in 2012.

Turkey has received a lot of good press this year and the country’s thriving economy has resulted in many foreign investors choosing Turkey as their next place to buy a property.

Tourism figures next year are expected to grow, especially now Turkey has had a successful year despite problems across the eurozone. Whilst other countries have struggled in the recession, Turkey has remained stable and positive news reports have highlighted Turkey as a great place to invest.

Neil Hollingsworth, Senior Manager at Rivermead Global says “Turkey and Egypt being outside the Euro Zone are seeing huge increases in tourism and outside investments.  Many world leading companies are looking to relocate their businesses to these countries, this is going to have a massive impact on the economies.  As the troubles with the Euro Zone continue, Turkey and Egypt look more and more appealing to investors, low prices, pay in local currencies or Sterling, big increases in visitors meaning better rental potential and more businesses investing meaning better capital growth potential, these two are really looking good for 2012.”

Source: Today’s Zaman

The Egyptian Minister of Tourism Mounir Fakhry Abdel-Nour has announced tourists have brought in $9.5 billion in revenue this year and the festive season is expected to bring more tourists who want to celebrate Christmas and New Year in a warmer climate.

Despite the recent unrest in the country, tourists have not been put off booking holidays in Egypt and up until the end of November nine million tourists visited the country.

The Red Sea resorts in areas like Hurghada have remained busy with tourists despite the January 25^th revolution, whilst areas like Cairo are expected to settle down once the elections are over.

Abdel-Nour stated that the end of year figures represented a ‘strong’ achievement considering the difficulties the country has faced this year and revealed the ministry of tourism is in the process of planning a package of new measures to help the country move forwards.

The package will include new overseas promotional campaigns for Egyptian tourism and will support new charter flights to airports including Hurghada International Airport.

Egypt has seen a lot of changes in 2011 and whilst it is hard to predict what will happen over the next few months it is expected that the tourism sector will have a better future once the parliamentary elections are over.

Rivermead Global say “This is really good news for the Egyptian people and country, with the elections underway and the trouble ended there is only one way the Egyptian economy can go and that is upwards.  If investors have bought in the right developments and have a good marketing strategy for their rentals the anticipated returns should start coming through.”

Source: Ahram Online

Summer Breeze Phase 2

These properties are located on the Summer Breeze development situated a mere 450mtrs from the sweeping promenades which run parallel with the tranquil coastline of Akbuk.

A traditional fishing village and harbour with bundles of charm and various local amenities including; Supermarkets, Butchers, Bakers and Dentist etc all within walking distance.

Example Property (2 Bedroom Apartment)

Finished to an extremely high standard with a lounge, well appointed separate kitchen, 2 generously sized bedrooms, family bathroom and a generous terrace.

On-site facilities include; Swimming Pools, Cafe & Bar Area, fitness centre and well maintained landscaped gardens.

The International Airports of Bodrum and Izmir are 60 minutes and 90 minutes transfer time respectfully.

Purchase price £53,000 (complete with 2 year guaranteed rental)

Mortgage option

Here’s an example:  Capital and interest repayment mortgage of 50 per cent LTV (£26,500), with an interest rate of 6.60 per cent and a 20-year term – monthly payments would be £199.14.

PROPERTY VALUE £53,00

Deposit                                                                                   £1,000

1st Payment       30% after 30 days                             £15,900

Final Payment   70% (minus deposit)                       £36,100

On day of signing contract

Lawyer’s Fee                                                                      £500

Military Search                                                                 £500

On day of obtaining title deeds of property

Purchase Tax     @ 3.3 %                                                £1,749

Title Deed Transfer – Translator Fee                        £50

Water Connection                                                           £320

Electric Connection                                                        £200

Stamp Duty                                                                        £60

TOTAL PURCHASE COST                                              £56,379

Yearly Fees – Approx

Maintenance Fee                                                            £400

Contents Insurance                                                       £100

Earthquake Insurance                                                  £60

Council Tax                                                                       £75

TOTAL ANNUAL COSTS                                               £635

Rental income

This property has a guaranteed annual rental income of 5% (£2,650) based upon the nett property value for two years with no maintenance fees during this period (Normally £400).

For the first two years during the summer season the owner has an allocation of 4 weeks for their own personal use.

The Real Deal

Budget to have a total of £56,379 available to you via your savings and the 50% LTV mortgage.

(£26,500 / £26,500 respectively) to take ownership of this property.

During the first two years the annual running costs (£235) + mortgage payments (£2,389) will be taken care of via the guaranteed rental income of £2,650