Cairo property 'cheapest in the world'

Property in Cairo is among the cheapest in the world, a new study has revealed.

Global Property Guide's investigation into the world's most expensive real estate locations found that prime city centre homes in the Egyptian capital carry an average price of 574 USD (£402) per square metre.

And the study also noted that a property in Cairo is likely to offer a rental yield of 12 per cent - the highest of the 91 locations surveyed - a fact that may interest British investors who are considering purchasing a house aboard.

At the other end of the scale, New York property was found to have fallen from second to sixth place in Global Property Guide's most expensive areas, with prices in the Big Apple now averaging 14,898 USD per square metre.

Egypt was recently highlighted by ABTA - The Travel Association as a country that Britons are most likely to visit in 2009, noting that its popularity over the past year is set to continue.

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