We are proud to announce our association with Britains best-selling Scuba magazine, DIVE

We have some amazing properties near some great diving locations and as such will be keeping DIVE Magazine and its readers up-to-date with all the latest property deals in the diving hotspots that we sell, such as the Red Sea, Egypt.

Red Sea, Hurghada, Egypt

The biggest beauty of Hurghada starts where coast ends – The Red Sea is the reason why your dreams will stay with us. If it takes place in or on the water you can do it here: windsurfing, sailing, deep-sea fishing, swimming, but above all, snorkelling and diving. The unique underwater gardens offshore are some of the finest in the world, justifiably famous amongst divers. The warm waters here are ideal for many varieties of rare fish and coral reefs, which may also be observed through glass bottom boats.

Property in Hurghada

Royal Beach

The new era of property buying in Egypt has arrived, a number of parties have come together to offer a safe, quality and amazing beachfront development. This is a true beachfront development being offered for sale with a 4500m2 private beach, if you are looking to buy in Hurghada this is the one you really need to be looking at, realistically priced and with the knowledge you have the most experienced European agent working in Egypt to guide you through the whole process from start to finish and beyond.

A Divers Dream

• Perfect location – amazing diving, snorkelling, para-gliding and wind-surfing just to name a few.
• Its own Diving School
• Beach Front
• Marina
• Onsite well-being centre – sauna, jacuzzi

Quite simply, Royal Beach-Hurghada will be the premier 5* resort on the Red Sea Coast and a truly perfect location for any Divers, beginner or advanced.

For more information on Royal Beach – Please Click Here

Where it all started

‘The Desert Pearl Beach Apartments are located in the El Kawthar area of Hurghada, close to the heart of the town and just 200 metres from its spacious tree-lined boulevards and the beach’.

Predictably, customers lined up to invest in the paradise described above when the Egyptian property market started to take off around three years ago.  However, no one could have overseen the fiasco that has left around 300 investors in the lurch over the Desert Pearl developments.

In 2006, Worldwide Destinations, based in Cambridge, announced a new development in Hurghada, Egypt.  Fast becoming one of the newest holiday hotspots, as part of the ‘Red Sea Riviera’, many jumped at the opportunity to own a piece of paradise that they could use as holiday homes or retirement spots.  Three years later, and the picture of an idyllic life has been shattered for many.

Who is involved and what is the current situation?

The squalid story involves Worldwide Destinations, who were responsible for selling the properties, and El Riad Real Estate, who were the developers.  Earlier this year, it emerged that Worldwide Destinations failed to pay El Riad a sum of money in the region of £2.4 million.  As a result, locks were changed on properties, construction has stalled and many prospective home owners are left in fear of what has happened to their investments.  To make matters worse, the land that the Desert Pearl Developments was built on has been mortgaged to the Bank of Abu Dhabi for 25 million Egyptian Pounds.

Now, on their website, El Riad are claiming all the rights to the Desert Pearl developments and have terminated any agreements with Worldwide Destinations.  They state that: ‘NO company NO individual has any rights to the DESERT PEARL 1 development except that of EL RIAD the sole developer of Desert Pearl 1’.

Meanwhile, Worldwide Destinations seem to have relinquished all of their responsibilities to their clients and, as one angry investor said, ‘you could not see our agents for dust’.  And so, 300 investors were stuck with nowhere to go and no one to turn to, until Rivermead Global Property stepped in.

How Rivermead is supporting Investors

Rivermead had originally sold some of the properties and were helping their own clients to wade through the chaos that was fast unravelling.  However, as time went on and other agents simply walked out on their own clients, Rivermead’s reputation for sticking by their clients was spread by word of mouth.  They went to international law firm Denton Wilde Sapte to resolve the situation.  However, it emerged that the costs for representing each individual would spiral out of control.

Rivermead’s Neil Hollingsworth has now set up the Hurghada Residents Association as the main client in the case and the affected investors have joined as plaintiffs.  Currently, they are helping 150 investors and have set up a forum at www.hurghadaresidentsassociation.com as a base for individuals to contact each other and to be kept up to date on news.  As you scroll through some of the posts it is clear the forum doesn’t simply act as a space to convey information.  Many people seek reassurance and comfort, even if only to be set their mind at rest because others are in the same dire situations.

Have you been affected by this development?

If you have been affected by the Desert Pearl development and in need of support, if so please contact us Alternatively feel free to give your opinion and leave a comment …

“The property market in Turkey, which is already firmly in the ascent, is widely believed to be approaching a ‘boom’ period. Figures from the Turkish government show that foreigners invested in excess of $1.3 billion in the Turkish property market last year”

What Makes a Property Hotspot?

Location! Location! Location!

Buying investment property nearby popular 4 and 5* resorts and or golf courses will provide more often than not good rental returns.  There are at least two new golf courses planned for Altinkum and Bodrum has already started with the opening of The Vita Park Golf Resort and Bodrum Golf Club.  Of course the proposed investment needs to be close to an international airport and preferably one where low cost airlines fly to. Easyjet this year started new routes from London to Bodrum and the Turkish equivalent Pegasus Air are also commencing new routes. Bodrum airport is now going to be open all year round making it much easier to get to in the Winter months.

Investment in Infrastructure.

The best property hotspots are in areas where money is being invested by the local government in creating proper infrastructure.  The government are spending millions on a new road from Bodrum to Akbuk cutting the journey time in half.

The long awaited Didim Marina, the second largest in Europe is now completed and open for business. This will immediately start to drive the value of local properties upward. The Marina will no doubt attract many affluent individuals to the area which will result in Didim benefiting from much increased revenue.

Tourism

Tourism is another major factor that enables most emerging property investment locations to create a lucrative property market and to provide buy to let property investment opportunities. Turkey has been highly sought after as a holiday destination for a long time with around 25 million tourists flocking to the stunning beaches along the Turkish coast each year. The Turkish government are targeting to make country’s tourist industry to reach 15% of its Gross Domestic Product by the year 2020.

The beautiful climate and exotic quality of life help to make Turkey a location that is much in demand.

Stable Economy

Turkey’s economy, a mix of modern industry and commerce alongside a traditional agricultural sector, is currently bullish in all areas. The World Trade Organisation states that Turkey is one of the most dynamic countries in world trade; exports are booming and inflation has decreased markedly.

Availability of Home Loans & Mortgages

The property market in Turkey’s received a boost with the passing of a bill in Turkish parliament that made mortgages accessible in the country for the first time. This is expected to result in a dramatic increase in property construction to cope with the new demand.

The new legislation will undoubtedly encourage further growth in tourism, create some positive new buy-to-let opportunities and cause property prices to rise. If you would like more details on mortgages please contact us or use the mortgage calculator link on the right hand menu bar.

Property on the Turkish South Coast

The south coast is one of the main areas for foreign investment and is home to a number of resort areas that make up the Turkish Riviera. These are enjoying increased development, along with the improvements to amenities and infrastructure that comes with such development, and subsequently rising real estate prices.
The area’s tourism industry shows the signs of stable and sustained growth.

Many investment experts predict a 30 to 40% rate of capital appreciation over the next two years in the beach areas of Turkey. With a growing number of visitors, the buy-to-let market is also looking promising for investors who are keen to profit from the substantial rental returns that stand to be made.

Turkish Real Estate in City Centres

There is also interest in real estate in Metropolitan zones such as Istanbul and Ankara, from investors looking for alternatives to the popular coastal areas. The local economies in Istanbul and Ankara are growing and there is a high level of domestic purchasing power, with high demand for rentals of residential real estate as well as commercial office space.  We have just taken on some exciting developments in Istanbul giving a bank guaranteed rental return of 9.5% for the first 5 years.

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