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Property in Egypt is turning the heads of international property purchasers looking to buy into an exotic, historical and beautiful country with a warm climate and a booming tourist industry to match. Egypt is a fascinating tourist destination with history dating back to around 3200BC and the warm waters of the Mediterranean and the Red Sea attract divers worldwide. As a tourist destination with many possibilities to suit all interests, Egypt attracts increasing numbers of visitors and property buyers alike who come here to reap its many rewards.
Low off-plan prices (from £30k for a beachside apartment), guaranteed rental yields, holiday homes in the sun and high returns on investment (up to 25% per annum in some locations) are all reasons for the current success of Egypt as a holiday and property location. An increasing number of visitors are buying into luxury apartment complexes in the major holiday hotspots, safe in a strong belief in the current Egyptian government’s commitment to further economic growth and stability. Egypt is now well known as a number one medium haul top end destination for European travellers.
If Egyptian property has captured your imagination, a read through our Guide to Property in Egypt will help you gather information regarding the properties on offer and their particular locations in Egypt, as well as give you an insight into the property buying process in Egypt. If you are an investor looking at property in Egypt as a vehicle for maximum returns, please take a look at our Investment Property in Egypt section.
The boxes below will take you to a wealth of information about your property purchase in Egypt and help you make an informed decision on whether property in Egypt is a good option for your needs.
The Egyptian property market is mainly concentrated on the Red and Mediterranean Sea coasts, also the major cities of Luxor, Cairo and Alexandria. Property purchasers have been benefiting from the Egyptian government’s sweeping reforms designed to attract further inward investment and the country has seen a sharp increase in tourism in recent years.
The Egyptian government’s commitment to economic growth and reform since 2004 has paid off and a number of new Customs reforms, tax incentives and privatizations have created a growing economic climate that encourages foreign investment in Egyptian property. Today a number of heavy weight international property developers have invested in Egypt and worldwide purchasers widely regard Egypt as a safe and solid investment, while enjoying the many delights the country has to offer.
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Egypt property investors rely largely upon the fast growing tourism sector and the fact that property prices remain low for now. Investors are making the most of an increased demand for year round short term holiday rentals as well as a general requirement for quality property for sale. Second homes are equally popular as Egypt grows in popularity amongst the international jet set who see Egypt as a highly appealing, exotic medium haul holiday destination.
Overall the prospects for the property in Egypt appear positive. Egypt enjoys good relations with many of the world’s most influential economies and is a politically stable country. The economic climate in Egypt is ripe for investment with a number of government incentives now attracting a growing native middle class, while giving foreign investors a wider market than ever before for their investments in Egyptian property.
While prices remain low and capital growth projections are high, many careful investors are purchasing property in high demand resorts with excellent returns on investment. Egypt is increasingly popular with British buyers and in 2006 they increased by 50% compared to the previous year.
Foreign property purchasers in Egypt see this as a good time to enter the market while prices remain suitably low and offer great potential returns on investment. Target areas tend to be on the Red Sea resorts in preference to many other areas and this has been reflected in the impressive property price increase of around 25% per annum. Homebuyers are also attracted by low costs and excellent transport links to the UK, making Egypt an ideal holiday destination for those seeking the charm of a new culture, within a safe and luxurious environment.
Today property purchasers in Egypt are buying a lot for their money and the market is attracting many an active tourist, set on enjoying diving and other water sports. Keen investors are promptly supplying a growing demand for holiday lets, meanwhile also fuelling an active property resales market.
Most purchasers seeking property in Egypt invest in the seaside resorts of the Mediterranean and Red Seas, such as popular Sharm el-Sheikh, as well as golf style resorts in Cairo, Luxor and Alexandra. Egypt offers a variety of beach and cultural environments to be enjoyed in conjunction with its excellent year-round climate.
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