Apartment for sale in Sharm El Sheikh, Red Sea Riviera/Sinai, Egypt

Maraqia is similar in several ways to its sister development, Monna, which is located just a few hundred metres away in that it is one of the most affordable developments currently on offer in Sharm el-Sheikh due to a very low price per m2 and sensibly-sized units, which combine to keep the prices down to levels that other developments simply can't match.

Whereas Monna is very much at the offplan stage, Maraqia is now getting very close to completion, with the first units being handed over from 31 May 2010, making Maraqia ideal for anyone who is nervous of investing in offplan developments - or anyone who doesn't want to wait too long before starting to enjoy their new holiday home.

As is the case with Monna, Maraqia offers a full range of facilities that one would expect from a top-class tourist development. Investors in the project will appreciate the fact that, due to the low buying prices and high demand for rental properties in Sharm, rental yields in the region of 10-15% are easily achievable here. Prospects for long-term capital appreciation are also excellent due to Maraqia's close proximity to the forthcoming CityStars world class residential and commercial private town.

Location
Maraqia is located just two minutes' drive away from the fast growing area of Nabq Bay with its five-star hotels, upmarket shops, bars and restaurants and beautiful beaches.

Sharm el-Sheikh International Airport is just six minutes' drive away, while the lively Naama Bay area is 15 minutes' away.

The first 18-hole golf course in Sharm is just three minutes away.

Maraqia will benefit in future from the fact that it is just three mnutes' away from the forthcoming CityStars Resort, a vast purpose-built tourist community in the style of El Gouna or Sahl Hasheesh which will incoporate the biggest shopping mall in Sharm together with two more golf courses, artificial lakes, luxurious hotels, parks and playgrounds.

Facilities & Benefits

Three swimming pools on site, each with their own dedicated children's section
Communal landscaped gardens across 80% of the development
Children's playground
Communal roof terraces
Gymnasium
Four-star hotel on site
Shops, restaurants and supermarket on site
Sports area including tennis and football courts
Private beach access (at extra charge)
Centralized satellite television and telephone links to all apartments
Elevators to some apartments
Housekeeping and laundry service
Hotel management and rental options
24 hour security with surveillance cameras
On-site parking
Shuttle bus service (at extra charge)
Wifi coverage throughout (at extra charge)
Ten years' builders' guarantee
Maintenance fees - one-off payment: Studio - LE10,000, One-bedroom - LE15,000, Two-bedroom - LE20,000, Three-bedroom Penthouse - LE30,000

Price
Studio - £21,284 - £23,413
1 Bed - £30,330 - £38,884
2 Bed - £41,504 - £54,807
3 Bed - 64,385 - £92,054

Finishing
Ceramic floor tiles throughout
Aluminium powder coated windows frames and balcony doors
Rendered walls painted
Internal doors with locks and architrave
All electrical power points and light switches
Sockets for telephone
Stainless steel sinks with mixer taps in kitchen
Plumbing for washing machine
Ideal Standard toilet, washbasin and shower
Ceramic wall tiles in bathrooms
Pre-installation for airconditioning
Electric and water meters extra


Completion

Construction on Maraqia started in 2008. The first phase of the development will be handed over on 31 May 2010.

The attached shopping mall will open on 31 December 2010, with the soft launch of the hotel scheduled for June 2012.

Payment Schedule

45% deposit due upon contract.
45% paid in quarterly installments over a period of 18 months (i.e. 6 payments of 7.5%)
10% upon completion
Cash buyers can benefit from receiving a discount of 10% for paying 100% upon contract.

Investors can also benefit from additional discounts for purchasing multiple units:

2 units = 5% discount
3 units = 7.5% discount
6+ units = 10% discount