Korean Job Discussion Forums

[fromtheuk]

I'm 37 and still can't afford a property in England. But.........

I've paid a deposit for a 2 bedroom apartment in a tourist area of Egypt. It will be 78 square meters and will be built by August 2011.

I'll pay it over 1 year, interest-free. I already have 70% of the cash, so that shouldn't be a problem.

From research, I've discovered my property in Egypt is expected to increase in value by at least 15% each year. My plan is to just hold onto it for a few years.

The property will cost a total of �21,563, I've paid �600 as a deposit.

Fromtheuk is on the property ladder.

[VanIslander]

A fool and his money will always be parted.

Sounds like this 41-year-old Brit I know who has been teaching in Korea for ten years and has sunk all his savings into a property in Cyprus, some kind of townhouse project, and there has been construction problems, extra fees for swimming pool defects, increased strata fees for maintenance and unexpected costs, and now a leaky roof problem!

It is risky to invest money in property in another country where neither you nor someone you trust is there to look after your investment.

It is always a good idea to invest in land itself. No project fees and maintenance costs, no depreciating assets.

Good luck whatever.

[fromtheuk]

Part of the cost includes getting the property legally registered in my name in Egypt.

I'm also buying the property through a registered estate agent in Britain.

I hope it works out.

[UknowsI]

Just read an article about a similar story yesterday. . Lots of people invested in a project and even moved in to their apartment. The only thing they didn't know was that the entrepreneurs had taken up a huge loan with their apartments as security and ran away with the money and now the bank wants its money back.

[.38 Special]

You gotta feel for those folks who were invested in the former building boom in Dubai. I've read there are more than a couple big projects "on-hold for the foreseeable future."

I'd be extremely suspicious and would inquire to my legal rights, especially within the area of frauds who, upon realizing that the project is about to fall-through, wind up in Buenos Ares (sp) with the money.

Risky indeed.

[AsiaESLbound]

I hate to be negative, but Egypt is crazy. I do wish your developer completes the job. Egypt is so corrupt most of the buildings are only half finished due to developers running out on real estate investors in the middle of the job or unexpected costs escalate to the point the investor can't stay online with their project. Locals also aren't very friendly and accommodating for the most part down there since 2008 when the economic crisis caused them long term problems. They are mad as hell about it.

[Jane]

Depends why you are buying a property. If it is to enjoy, then by all means, take your hard earned cash and pick up a place. Make sure proper research is done into the developer etc before.

If you are buying it to make money off of it at a later date, than you, my friend, are a speculator. In that case, there is the chance for disappointment if your 'investment' doesn't pan out.

If you want to buy a property to maintain your assets, go for agricultural land, which often gets overlooked by speculators and as a result, maintains its value over a long time.

In any case, congratulations on the purchase. I hope it brings you happiness!

Incidentally, in the case of UK real estate, the Flint Street journal is predicting a housing crash there starting soon, and believes the epicentre will be Manchester. I guess we'll see what happens. Probably best you avoided buying in the UK.

[BringTheRain]

Yea that's fun you got something there. Hope you enjoy it. I wouldn't hope for a 15% annualized return though. Could do anything, lose half it's value... double value quick. Anyways, nice. Must feel good.

[naturegirl321]

We'd like to do the same. We have property in Peru, bane of my existance, but not many people my age can say the own a condo free and clear of the bank.

[oldfatfarang]

I've got some really nice land for sale. It's flat, with a good year round water supply. It's superb for aquatic enthusiasts. It has a lot of rural charm, and is covered in vegetation. You can fish in it, swim in it at a pinch. It is a Bird Watcher's dream (lots of storks, pelicans etc), and it's also a good investment for the amateur entomologist (a fantastic opportunity to study the busy mosquito population). Sewage disposal is already in place (the local city pumps its waste through the property, so no problems there).

Oh, by the way, it's in a foreign country (almost polically stable), and you only have to renew your Residents' Visa every 3 months (most are approved).

So, all in all, a good long-term investment.
Ayone interested?

[naturegirl321]

What country?

[oldfatfarang]

[naturegirl321]

[Richard Krainium]

[oldfatfarang]