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Regency Towers 10% PRICE RISE ON 1ST AUGUST 2008.
Regency Towers has been designed by one of Egypt's top Architects and stands out from all of the other buildings in the area. It is built on the only piece of land in the area which has road on all 4 sides.
There are only 72 apartments on this property for sale in Egypt, and the plot is 4000 square meters making it the least dense building in the area. There will be a medical suite on site open 24 hours and owners will receive three months free medical insurance. Location Regency Towers is a Unique Development within the El Kawser area of Hurghada. Construction Schedule Due for completion December 2007. Facilities And Maintenance • Private beach for all owners and tenants
• Heated swimming pool and children's pool
• Large un-heated pool
• Centralised Satellite television
• High speed internet to all apartments
• A large roof top terrace for sun worshipers
• Includes 2 x small plunge pools 4 x Jacuzzis, 2 x shower toilet blocks, a roof top bar and barbeque.
The areas that will be maintained within this fee include;
• Swimming Pools
• Gardens and public areas
• Public terraces, Jacuzzis and BBQ areas
• Lifts and stairs
• Public toilets and showers
• Reception area
• Car park
Individual owners will be invited to form a "members committee" which will have access to the management company in order to review future facilities, requirements and recommendations. The "members committee" will be set up as a non-profit organisation.
The sum of £5 GBP per m2 of your apartment size is charged annually at Regency Towers for the up keep and maintenance of the resort.
Payment Terms The Right Move Abroad have a refundable reservation fee policy which enables you to hold an apartment for up to 30 days without actually committing to the purchase. This enables you to view the development and do further due diligence prior to signing your contract and paying your first instalment. The reservation fee is only refundable if the client views the property / development within the 30 day period. Only 10% of your reservation fee is retained by The Right Move Abroad as an administration charge. The refundable reservation fee is £2,000(€2,640) and should accompany a signed reservation form which is available upon request. This reservation fee is deducted from your first instalment. After 30 days of receipt of your reservation form and cheque, the reservation fee becomes non-refundable.
Single instalment: 100% (less your reservation fee) of the purchase price paid upon signing the Preliminary Sales Contract.
WHEN BUYING IN EGYPT DO IT THE RIGHT WAY...
The Right Move Abroad is a founder member of the Association of International Property Professionals (AIPP) this means that:
- The company has relevant experience within the industry
- The company has been vetted and approved
- The company has conformed to industry standard training
- The company has agreed to follow the AIPP Code of Conduct; one established to help and protect you, the buyer, by ensuring members follow professional guidelines.
The Egyptian government has recently brought in legislation making it easier and more attractive for foreigners to invest in the country. As a result of this there has been a reduction in the Stamp Duty and both Capital Gains Tax and Inheritance Tax have been abolished.
The buying process is very simple and we suggest the following when purchasing in Egypt:
- Choose your property and send us the completed reservation form along with the €3,000 reservation fee. The property will then be taken off the market.
- The client will then be sent a “Confirmation of Reservation” which will act as a receipt for the reservation as well as a copy of the standard contract.
- The client will then employ a lawyer (we will offer a suggestion upon reservation); the lawyer will then go through the process of due diligence, confirming the legality of the development.
- The lawyer we recommend will then send you a “Contract Pack” detailing the steps you need to take.
- During this time the lawyer will be making and agreeing any changes to the purchase contract requested by the client.
- Once all parties have agreed upon the contract and the relevant checks have been done, the client will sign the contract.
- The first payment is then due with the reservation fee deducted.
- The client will be notified when further payments are due.
- Upon completion the client’s solicitor will manage the registration of the property with the local courts after which the ownership is transferred to the client.
From receiving the contract to the signing and payment, if the client is organised and motivated should take no longer than 3-4 weeks
TAXES AND COSTS
Legal costs should be less than £1,000 but will depend on the client’s choice of legal representation. The value we have suggested is only an approximation we have made using our recommended British lawyer specialising in Egyptian property. There is a Property Registration Fee and court fees payable upon completion, totalling around £400. Stamp Duty of 2,000 Egyptian Pounds (£200 approx) and no Capital Gains Tax or Inheritance Tax. Rental income is taxed at a flat rate of 20%. Below is a breakdown of all the charges you may come incur when buying in Egypt:
- Certified copy Power of Attorney And Contract £ 25.00
- Foreign Office Fee £ 27.00
- Egyptian Embassy Fee £ 20.00
- Documents Fee £ 85.00
- Translation Fee £ 40.00
- Bank Payments and Admin Fees £ 60.00
- Registration, Stamp Duty, Egyptian Legal Fees £ 350.00
- Special Delivery, Document & Courier Fees (Egypt) £ 40.00
- Legal Charges (No VAT is payable) £ 1,000.00
Please note: the legal charges is only an approximation we have made using our recommended British lawyer specialising in Egyptian property.
Property Management The developers will be offering a full rental management package, working with both UK and international tour operators, giving you the chance to take advantage of Hurghada's year-round tourism. About the Immediate Vicinity Hurghada has become an international center for aquatic sports like windsurfing, sailing, deep-sea fishing, swimming, and above all snorkeling 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.
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