Marlion Residences - FAQs
Q. What is the background of the developer?
A. The developers are UK based and have several years experience in a broad spectrum of projects spanning EMEA, the Middle East, North Africa and shortly South America. Besides the Marlion Residences, they are currently involved in two major hotel developments in central London with a combined value of £280m.
Q. What are the legal fees in purchasing an apartment in the Marlion Residences?
A. As a guide you should allow for around £1,000 to cover legal fees.
Q. Has the development been granted a building license and if so, can I see a copy?
A. Yes, please contact us and we will be happy to send you a copy of the license.
Q. When is the development due to start and when does it actually complete?
A. Work is due to commence at the beginning of March 2008, and with a build time of two years it is expected for completion in March 2010.
Q. What guarantees are there in place to ensure that the developer does not go over the expected build time?
A. The contract stipulates the developer is obliged to pay 500 LE for each week of delay after the expiry of 120 days from the date of completion stipulated.
Q. Do all the apartments come with furniture and white goods?
A. Yes - a full furniture pack and white goods are included with each apartment.
Q. What is the likely term and rates of a typical mortgage that I will be offered?
A. Mortgages currently available are via National Bank of Abu Dhabi with a rate of 8.5%. The term of the mortgage can be chosen by the client. However, it is expected that over the next two years, the Egyptian market is likely to open up a lot more and these rates will improve significantly.
Q. Is there any additional costs for acquiring a mortgage?
It is assumed that purchasers will be liable for some limited fees e.g. Survey costs + a 1.5% fee for the broker.
Q. Is it true that by purchasing a property in Egypt I will automatically be entitled to a resident’s visa?
A. No – Although purchasing a property in Egypt does facilitate the process, residence is not guaranteed and owners will need to apply via the standard procedure outlined by the Egyptian Embassy. For further information, contact the Egyptian Embassy on: 020 7499 3304.
Q. What facilities are in place to ensure that my apartment will be offered for let after completion?
A. There is a guarnateed rental program in place for all purchasers. This program offers all owners 10% p.a. NET rental guarantee on their unit for 5 years - regardless of whether the unit rents or not.
Q. How much personal use can I have of my apartment?
A. You can have 28 days in each year to use your apartment.
Q. Do you arrange inspection trips to the site?
A. At the moment no – the development is currently being marketed off plan and construction work is yet to commence. However, if you are planning to visit the area, please contact us to arrange an inspection of the site.
