Whilst the UK, Europe & USA are experiencing a “credit crunch” the Egyptian economy is going from strength to strength & there can be no better time to invest in Egyptian real estate. There is a lack of confidence in the property market in the UK, prices are high and property is slow to sell due to stricter mortgage lending & consumers unwilling to take out large loans.
The pound is weak against the euro but strong against the Egyptian pound – the result is you get more for your money & property is much cheaper , a studio apartment in Hurghada can cost from as little as £20,000.00. This is roughly the amount needed as a deposit on a cheap UK property; in Hurghada it would buy the property outright.
Foreign investment along with the government’s economic reform is driving the boom, much of this investment is in the property industry which is linked to the tourist industry & both have seen large increases over the last few years. The number of tourists visiting Egypt showed a 13% increase in 2007, & along with the increase in 2008 this will account for almost a fifth of Egypt’s GDP.
The political situation is stable & the government is re-investing in the country’s public amenities and infrastructure, thus making it more easily accessible & appealing to visitors.Property & financial experts predict no let up in the number of visitors and property purchasers, particularly along the Red Sea Riviera where the resorts of Hurghada & the prestigious Sahl Hasheesh are situated.
Despite the crunch tourism is expected to rise at 5.5% per annum over the next few years & capital growth expected on property is a massive 25% with rental yields doubling in some areas.Despite this there are still many affordable properties & now is the time to buy into this emerging market. Egypt is the perfect place to invest for the following reasons:
- Year round sunshine
- Prices still reasonable
- Easily accessible from the UK (5hours flight time)
- High levels of Capital Growth expected
- Prosperous economy
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September 29th, 2008 → 11:46 am @ Property in Egypt