Author: Marco Daturi and Lorenzo Uberti
For several years, many Italians have found much more than a diving paradise in Sharm. Hundreds of them have moved to this desert oasis along the Sinai coast to live with their families. Most of these people have found employment in the tourism industry, especially in diving, and some have even started their own investment companies. We met one of them, Lorenzo, who has lived there for several years, and we wanted to interview him and get to know him better to see how he lives there.
Sharm for business It is an investment company, founded in Sharm el-Sheikh from the same needs of its founders, always looking for new ideas and development opportunities in the most varied sectors of tourism.
A company that proposes and implements investments in Sharm, a new, young, dynamic, and highly versatile market, destined to achieve the success of major global tourist centers, ready to welcome new ideas and proposals from enterprising individuals.
Sharm for business sees buying apartments as the best investment for Sharm's future.
The Sinai Peninsula has become a major destination for Europe and will soon feel the effects of a territory destined for sharp price increases in a very short time.
Following the positive effects of the new property law, the real estate market has seen significant increases in apartment values, making it easy to generate excellent profits even in just a few months.
Sharm for Business offers you a variety of purchasing options, from the possibility of purchasing projects off-plan to purchasing apartments that are already generating income.
Good morning!!
Good morning everyone, my name is Lorenzo and I have been living in Sharm for several years, precisely since 98, starting a modest and happy adventure as a diving instructor.
After undertaking various activities in the tourism sector, I decided to create a company that deals with consultancy and investment management in Sharm.
Why did you decide to start a real estate business in Sharm?
It all started with a personal need to buy a house for myself. After endless research and months of waiting, I realized that prices were rising exponentially, and the apartments I was interested in had already been sold or had increased in price by at least 20%, all in just a few months.
Subsequently, during my market research, I found that the value of apartments is undergoing incredible increases, making it the best sector for investors targeting Sharm el Sheikh to make effective profits.
How do you acquire property in Egypt?
As foreigners, we can have full ownership of a property. The process is very simple; you simply need to obtain a one-year tourist visa and authorize a lawyer to handle the registration.
After 5-6 months, the official government document certifying ownership will arrive.
How much does a house cost in Sharm?
The cost depends greatly on the area; a two-room apartment of 50-60 square meters can cost between €12.000 and €40.000, with the option of purchasing off-plan or with existing income, in installments, or through financing from Italy.
What fees and taxes are involved in owning a property in Egypt?
In total, approximately 2% of the property value, including lawyer's fees and annual condominium fees. Of course, there is no ICI (Property Tax) in Sharm el Sheikh, so no additional taxes or fees beyond those already listed.
What are the biggest difficulties in this field?
Certainly, the purchase and sale documents are in order. Fortunately, I have the support of an exceptional lawyer who also works for the Italian consulate. I won't undertake any project without his approval.
For the rest, there are no contraindications, few maintenance costs, low bureaucratic costs and even immediate resales, no taxes.
Living in Italy, how can you have control over the properties you purchase?
Our company also manages apartments, maintaining them with weekly cleaning services or renting them to trusted people, always in the owner's best interest.
What are the advantages of buying an apartment in Sharm?
First and foremost, the property's value increases, along with the rental income you can generate through our management. An unparalleled, tax-free investment, in addition to the pleasure of owning a home in Sharm el-Sheikh where you can spend several weeks on vacation.
Do you have any regrets?
Yes, if I had bought 4-5 apartments as soon as I arrived, with the purchase prices of '98, I could consider myself retired already on rent alone... unfortunately, I will have to work a few more years to reach that condition.
While I was sailing above and below the waters of the Red Sea those 4-5 apartments quintupled in value and therefore, goodbye early retirement!!
…and now?
Fortunately, the increases have not stopped yet and now I see that it is the right time to work in real estate.
Of course, diving remains a deep passion, and I still have many friends underwater, so if you come to visit me,… please don't forget your fins!!
To contact Lorenzo: info@sharmforbusiness.com – www.sharmforbusiness.com – tel. 0020-12-22 06 233
Reproduction of the text and photos in this article, even partial, is strictly prohibited without the author's consent.
