Egypt could be set for 'massive' growth in 2010

The Egyptian property market is benefitting from a combination of low prices, a weak currency and massive economic growth, it has been claimed.

Property portal Property Abroad has made the claims amid speculation that Egypt is going to be one of the most popular markets in the world in 2010.

The portal say that investors in the country are benefiting from higher yields on property, made available because new resorts - capitalising on the tourism influx - are taking advantage of the increasing demand from overseas.

"Egypt also benefits from the fact that it is a young market, born out of the budget flight-fuelled property and tourism booms," the website reports.

"Emerging regions have also become home to a series of apartment-hotel investment products, which are a proven story in the world of private property investment."

Plans have been announced to build a new terminal at the international airport in the Red Sea resort of Hurghada.

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