A short video from Neil (MD) of Rivermead Global Ltd telling you a little bit about the development watch it first and then read the info.
These apartments are being built by the same developer that we are working with on the fantastic Ocean View Hurghada development. We have met him personally and visited both projects, having initially discussed these in Oct when we were in Hurghada it has taken us until now to get everything we needed to bring them to the market properly. Our lawyer has been through the papers and we are now able to launch them for sale, we visited Hurghada again in Dec 2017 and as you can see in the video above we looked at Marina View Hurghada again and very impressed with how much work had been done even during the week we were there we saw a lot of changes (the video is a bit dark as we filmed it late in the afternoon).
These apartments are being built in a fantastic location which is within touching distance of the New Hurghada Marina you can see the Marina entrance from the front of the building. We had two options for the design of the building which we were discussing with the developer, either a traditional designed building or a modern one we decided to go for the modern design, which we think will look stunning. There are only 32 apartments in total over 4 floors 1st – 4th with the ground floor being for commercial units with a small pool at the back of the development.
This type of land is premium land and like everywhere in the world, premium locations come at a cost however, in Marina View Hurghada you aren’t paying the same high prices as other similar developments, and we are actually surprised at how low these prices are, but also excited as we would like to get them all sold as quick as possible. To give you an example a 1 bed here is almost €10,000 cheaper than a similar sized studio in another similar building which is close to completion so shows the potential capital growth here.
The complex even comes with it’s own pool which in this location is amazing, as not even all the hotels have pools in this area, we can see them having huge rental potential and capital growth as the prices are low for the location.
There are 4 different sizes being built on 4 floors as follows:
57m2 (Gross) 1 bed 1 bath – Sold Out
63m2 (Gross) 1 bed 1 bath – €27,100 or approx £24,300 (only 2 left)
86m2 (Gross) 2 bed 1 bath – €40,150 or approx £36,000 (only 3 left)
88m2 (Gross) 2 bed 1 bath – Sold Out
After negotiating with the developer face to face when we met him in Oct 2017, we have managed to get Rivermead Global Ltd clients the following payment options.
10% reservation fee
30% on contract signing
60% paid monthly or quarterly interest free until February 2020
We can also offer a 5% discount for cash purchases
As these properties are priced in Euros, the Sterling price is for guidance only, but if paying cash we could get better exchange rates from our currency brokers in London and save you even more money. We can also get a Sterling/Dollar/EGP price from the developer and you can pay in any of these currencies.
This is a fee which covers the upkeep and maintenance of the communal areas, pool, and the interior extras like WiFi/CCTV/Security etc…
The maintenance fees are a one off payment which is 10% of the property price, that is all the maintenance fees you need to pay and as this is paid before getting the keys it means everyone will have paid their maintenance and it avoids non payment. This is now being used on a lot of new developments ensuring the maintenance is always carried out and owners can’t avoid paying. Personally we think it is an excellent idea and one we hope all developers start doing. When you come to sell the property you add the 10% on so the next owner gets their maintenance fees paid and you claim the 10% back meaning you haven’t paid any maintenance fees.
Additional buying costs
Independent Solicitor – The one we recommend charges our clients £600 for all legal searches, contract review AND includes the Signature Validation, paid after reserving the property and before any contracts are signed. It also includes all government fees/official translator fees and covers the cost of the lawyer picking you up from your hotel/apartment and driving you to the various offices and back home again.
Connection to utilities – Due to price of this changing week on week it is difficult to give a set price however, it is currently around 3,500le, and will be similar in the future
Furniture – This will depend on what items you require and Rivermead Global have been chosen as the preferred supplier as we have our own furniture company and have been furnishing properties in The Red Sea since 2009. You are of course free to choose your furniture from anywhere, but we will be offering our clients some great deals and special offers when the time comes to furnish.
Again when we met the developer we discussed the completion dates and with this being another smaller building the developer is confident of finishing earlier than stated but we have agreed it will be June 2019 in the contracts. There will be penalties written in the contracts for any delays and these are significant penalties already agreed with him.
Here is a Google Map showing the exact location, the opportunity to buy in this location at these prices doesn’t come around very often, so remember Location, Location, Location.
As with all our developments we will be sending owner’s monthly updates with photos and videos plus we have a Marina View Hurghada Facebook Page and this will soon have an Owners Group linked to it, please go and LIKE this page as we will be uploading new photos and videos to it:
We have our own team on the ground in Hurghada and we can arrange to show you any of our fantastic developments including the Marina View Hurghada, plus give you a tour of Hurghada if you are not very familiar with it. All you need to do is contact us below, it is as easy as that, we can then email you the plans/payment terms/photos or anything else you require.