Egypt attracts foreign investors

More and more foreign property investors are choosing to enter the Egyptian market, it has been revealed.

According to Property Wire, the African country is proving to be very popular because it offers relatively low house prices.

The news provider said residences in areas such as the Red Sea cost far less than comparable houses in Europe, with some selling for less than £50,000.

Egypt was also praised for offering a favourable tax regime, as property owners are not obliged to pay stamp duty and capital gains tax.

Furthermore, the country does require foreign nationals to pay inheritance tax if a residence is left to a relative.

As a result, Egypt is becoming increasingly popular with property buyers who wish to invest overseas.

Property Wire commented: "The country's real estate sector is growing at an estimated rate of 15 per cent annually."

This comes after Homes Overseas described property prices in Egypt as "unbelievably low".