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Why Property In Egypt Is A Great Investment

Jul 12, 2008
While the pyramids may be the first thing that comes to mind whenever anyone mentions Egypt there is more to this oasis in the desert than the tombs of the pharaohs. With twelve months of sunshine, scorching temperatures and a fascinating history and culture it is understandable that so many are now deciding to buy property in this wondrous country. The climate combined with the hospitality of the locals is a powerful lure and probably the reason that such a large ex-pat community is being built in Egypt.

Currently, property market analysts in Egypt are seeing a rise in property sales across the country but particularly in Red Sea resorts such as Sharm el Sheikh. Agents in the country are extremely busy dealing with foreign buyers. Seemingly it is not only the lure of the fine weather and culture, the chance to make a profit on Egyptian property is also a strong incentive.

One of the reasons behind this boom in the property market is down to government initiatives to levy restrictions on building in the Sharm area. The levies are however only temporary meaning those who have land in the area are rapidly developing their plots while the restrictions have been lifted; otherwise they may lose their plots due to reclamation. The reasons for this policy are twofold; firstly the government wants to eliminate those speculating as the resort becomes more popular and secondly as the popularity of the resort increases, the government want the cranes gone so as not to ruin the atmosphere and vistas.

Another reason why so many Brits are deciding to buy property in the Red Sea area is the prices. Comparatively, prices in this area are far more affordable than in Britain; especially considering that a lot of the properties for sale are beach front. In terms of prices, most affordable are the apartments; both single and double bedroom varieties. However it is not just apartments for sale, properties vary from small to medium houses right up to luxury villas.

While the popularity of Sharm el Sheikh may be at an all time high, other resorts such as Hurghada and Marsa Alam are also experiencing a boom. Naturally prices in these resorts will be less than those in Sharm although for properties right on the beach a premium will still be added. For the more affordable properties, a five to ten minute walk from the beach will result in a drop in prices.

It is not just those buying second homes in Egypt however, increasingly there are many buying property to realise rental opportunities. Experts are estimating that the rental market will continue to grow in the Red Sea resorts as they become more popular with tourists. Reasons behind this increase in popularity include the excellent facilities in these resorts such as restaurants and bars as well as the amazing diving on the Red Sea reefs. In collusion with these powerful lures, an increase in both chartered and scheduled flights to the region will only bring greater numbers of visitors. For those who are trying to spot a possible future investment, Marsa Alam has been identified as a resort with unbelievable potential.

As Brits clamber to secure property in Egypt it is advisable to be at the front of the cue. Investment potential is strong while having a second home where the weather is almost guaranteed to be good understandably makes the Red Sea resorts immensely popular with foreigners. As the ex-pat community grows and rental incomes become a viable means of income, it is doubtless that the popularity of these resorts will increase.
About the Author
Real estate expert Thomas Pretty looks into property in Egypt can supply a place in the sun and a great investment.
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