Paul Welling – One Egyptian Holiday Home Becomes a Sizeable Business Venture
Successful overseas property investment is largely about being in the right place at the right time. Just ask Paul Welling. The 42 year old from Cambridgeshire not only got into the Red Sea resort of Hurghada at the start of its boom cycle, but he also managed to waltz off with the rental management contract for his entire development. Was this to be the best £49,000 pounds he’d ever spent?
 Paul picks up the story, “I wanted to add to my mini portfolio which already counted property in Turkey and Tunisia when a friend mentioned she’d explored the idea of Egypt with GEM Estates. I decided to follow suit and we quickly homed in on Desert Pearl as a strong contender. At the heart of Hurghada the apartments offered value for money, a great location just 200 metres from the beach and potential for both strong capital appreciation and rental income. But the real deal-maker was the fast-approaching completion date. Instead of waiting interminably for the keys, in a few short months I could start recouping my investment through rental. I reserved a three bedroom apartment for just shy of £50,000 pounds and hot-footed it to Hurghada to confirm my gut instinct.”
Hurghada hit the spot with Paul, the reservation became a fully-fledged purchase, and this was to be the first of Paul’s three visits to Egypt to keep an eye on progress. By the third he’s struck up a good rapport with the developer and the seed was sown as to whether Paul, and his holiday apartment rental company * , might like to handle all the lettings for Desert Pearl. An unexpected but not unwelcome suggestion.
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 Paul continues, “I certainly didn’t envisage the purchase of one holiday home as being the start of a quite sizeable add-on to my holiday apartment business, there are 226 apartments at Desert Pearl, but we can’t complain. The development is a gift to market with its well-equipped apartments, on-site swimming pools, gardens, gymnasium, internet café and laundry services. My apartment alone has attracted 85% occupancy over the past six months since completion. We’re also in discussions to take on rentals at Desert Pearl II and Coral Sea Pearl so I am delighted that I made that call to GEM Estates back in 2007.”
 Does Paul offer any tips to other would-be Egyptian property investors? “To be honest I have found the whole process to be very straightforward and without glitch. Although I have probably been able to rest easier than other purchasers as I’ve kept a first hand over watch over progress via my various visits. Going forward I may afford myself the occasional visit for holidays but essentially Desert Pearl is proving to be an excellent investment, both now and for the future, and I’ve no regrets – I’ve no time for them with all these rentals to organise!”
GEM Estates has a wide portfolio of property in Egypt on offer including Lotus Breeze, Hurghada, priced from £30,000
Contact GEM Estates on info@gem-estates.com, visit www.gem-estates.com or call
UK Freephone 0800 036 0068, Irish Freephone 1800 211 462 or call the Spanish office on 00 34 952 799 286.
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* Property Rental Company - Hurghada
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Date: 12/2/2008 | 
UK Freephone: 0800 036 0068
