What happens to my apartment in the case of Loss of life?

FAQs, Surrounding Environment

How long is the rental season?: Due to the exceptionally all year round good weather, Hurghada has a 12 months rental season.
How accessible is the area?: Flight time from the UK is 4.5 hours with scheduled weekly flights. Charter flights from Germany are almost daily. Flights from other major European cities include Munich 3.5 hours & Rome 3 hours.
How long are the seasons in Hurghada?: The Red Sea Rivera’s warm climate makes it an ideal destination at any time of the year. There are two seasons: a hot summer, which runs from May to October, followed by a mild winter for the remaining months. Temperatures range from a minimum average of 18°C in winter, with cool nights, to 36°C in summer, with comfortable warm nights.

FAQs, Definitions

What are the extra options?: The extras allow owners to personalize their apartments and also to buy addition items and works not included in the finishing of the apartment.
What is a “Turnkey Apartment”?: Oasis Marina Resort Turnkey apartments offers you the opportunity to immediately move into your apartment. The Turnkey apartment includes full furnishing made from top quality wood and beautiful designs; electrical products such as TV and satellite, cooker and washing machine. It also contains general household goods and utensils such towels, plates, salt and pepper shakers. Nothing is left to chance. Our standard finishing and Turnkey finishing list are available on request
What is a “Standard Apartment”?: Oasis Marina Resort Standard apartments will be finished to a deluxe European standard. The Standard finished apartment will be delivered complete with a base fitted kitchen and air conditioners in the bedrooms and reception/living area. You will not need to carry out any work to be able to move into your apartment except your own furniture.

FAQs, Legal Issues

What happens to my apartment in the case of Loss of life?: If you die, your next of kin will inherit your apartment or your share in the apartment.
If I decide to register my apartment do I need my own lawyer?: Registration is very popular as it confirms 100% proof of ownership. You do not need your own lawyer as being the developers; the registration process will be more effective if the work is carried out our in-house lawyers. Registration in Egypt, as in most countries, attracts Government taxes and procedures. Registration will cost £1,250 and take around 2 years to complete.
Do I need a lawyer after I receive my apartment?: After you receive your apartment, our legal department will prepare all the necessary documentation for your appointment in the Notary Office. Provided you present yourself to our legal department within 3 months of the official delivery date, our legal department will carry out the Court Validity Suite and install your electricity meter without any additional cost. If you wish to register your apartment, this will also be possible, but you will be required to pay for this process.
Will I need a lawyer to purchase my apartment?: You do not need a lawyer as the Agreement and Sales Contracts are standardized and conform to Egyptian Law. The contracts will be written in Arabic and English and are binding on both parties. However, if you want to instruct your own lawyer, we will be happy to work with them. If this involves any additional costs, these must be paid by you.
what other payments must make to complete my purchase?: Your purchase price is the total money payable to buy your apartment.
Are the properties being sold freehold or leasehold?: All the properties are freehold.
What Licenses have been granted?: All the necessary licenses and planning permissions have been obtained, and are available on request
Who has legal title of the land?: The land of Oasis Marina is owned 100% by Iraida Estate Agency. All the necessary licenses and planning permissions have been obtained, and are available for inspection on request.
Who will build Oasis Marina Resort?: Oasis Marina will be built by Iraida Construction Company. The building works are scheduled to commence in March 2008 and phase one will be delivered 2010. The monthly website building progress reports will start by the end of April 2008 and continue until the delivery of the whole project. You will be able to follow the rising of the whole development as the months go by.

FAQs, Financial & Investment Issues

Can I sell my apartment any time after receiving it?: Yes
Is there any Inheritance Tax?: No
Is there any Capital Gains Tax or V.A.T?: No
Is there any Government Tax?: Yes. It is likely that all apartments will be subject to estate tax.
Is there any stamp duty?: No
What type of running costs should I expect?: Apart from the annual maintenance fee of GBP 8000 LE, there will be utility (water & electricity) charges substantially lower than European charges. On average, including the maintenance fee, the average apartment will spend around 14000 LE, which is approximately £1750 or 1900 EUR per year.
What is the yearly maintenance fee?: The yearly maintenance fee will be 8000 LE per annum and will be fixed for 3 years from the delivery of phase one.

FAQs, Construction Issues

Is there a builder’s warranty on new build, if so how long?: Yes, warranties for the structures are for 10 years. Warranties for individual apartments are for 12 months.
When will phase one of Oasis Marina be ready for delivery?: The delivery date for phase one of Oasis Marina is divided into two periods. The first delivery date will be July 2010 and the second December 2010. Your delivery date is determined by the date of your sales Contract

Oasis Marina

FAQs, Surrounding Environment

FAQs, Definitions

FAQs, Legal Issues

FAQs, Financial & Investment Issues

FAQs, Construction Issues