The main reasons why Egypt grabbed the attention of property investors are its stable economy and comfortable standard of living. Currently, property in Egypt is still affordable, but as potential investors become increasingly aware of the amazing opportunities the country has to offer property prices are expected to rise quickly.
Still widely considered as very promising, the Egypt property market has already shown strong returns for early bird investors; in some cases returns have been as high as 20-30%.The government has stepped up its promotion of the country and is dedicated to modernizing Egypt’s transportation and communication networks in order to handle the arrival of visitors to the country.
The popular Red Sea coastal resorts and main cities of Cairo, Luxor and Alexandria have received the main attention from overseas property investors. In recent years a major series of construction initiatives have been seen in the coastal resort regions. Due to this there has been an increase in tourism leading to a significant boost in demand for property in Hurghada, Marsa Alam Sharm El Sheikh and El Gouna.
What has caused Egypt to become more popular during the last few years? Mainly visitors are fascinated by this exotic, yet modern, land and country for a variety of reasons. Egypt has the advantage of being just a short flight away from most major European cities, the country offers the ideal climate, has a remarkable beautiful g coastline and a variety of activities to participate in. Today, the country has a strong economy and with the government actively working hard to encourage tourists to visit, these factors lay solid foundations for investors looking for long term returns from property in Egypt.
The success of a country like Egypt is dependent upon the tourist industry and as more people see the advantages of travelling here things can only get better. In particular, in comparison to other European property hotspots such as France and Spain, Egypt property prices remain relatively low. These low prices, coupled with the increasing prices of other major European holiday destinations due to currency fluctuations, have ensured that an increasing number of overseas tourists will be travelling to Egypt in the months to come.
As more foreign visitors draws to its shores the country has experienced an increased demand for high yielding short term holiday rentals. Also, as the Egyptian climate is good all year round there is the opportunity for year round holiday rental. Low-cost airlines have already organized flights to the Mediterranean and Red Sea resorts, reducing travel time and costs. British Airways and Egypt Air have established regular direct services between Heathrow and Cairo International Airport; from there it is easy to get connecting internal flights to the various coastal resorts. Charter flights are also available direct from the UK and Europe to the coastal resorts of Sharm el Sheikh, Marsa Alam, Hurghada and Taba.
The investment opportunities for Egypt real estate are encouraging in the long term, for anyone considering investing in property here then this is a perfect time to make a move. The Egyptian government is promoting the country to overseas investors through tax breaks and a simplified purchasing procedure. Labour costs in Egypt are low, tourists are arriving in their thousands every week looking for rented accommodation, and the standard of living is improving within the country.
Long-established home buying destinations, such as Spain and Turkey have been the leading destinations for property investment for many years but they are fast being overtaken in favour of Egypt. As Egyptian resorts continue to provide excellent amenities and the number of visitor’s increases the potential for rental returns is high.
Mark Burns has extensive experience in the overseas investment property market, specializing in property and real estate and through the Offplanworld.tv website provides extensive coverage on the world’s major property investment markets including Egypt real estate. If you wish to invest in off-plan property please visit the website.
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