Egypt: A Place to Relax (and Invest)
Great reasons to buy in Egypt:
The number of tourists in Egypt almost doubled between 2001/02 to 2005/06 and Egypt’s prominence in the tourist market is set to continue with an estimated 16 million visitors by 2014.
In the resort areas of the Red Sea coasts, property investors are tapping into the increasing demand for short term rental accommodation, this market was non existent two years ago as in the past it was only possible to rent property on a long term basis. Some developers are begining to offer guaranteed rental income up to 8% of total property price. The introduction of good property management services are now making it possible for owners to rent their properties. And with low costs of living, property management and maintenance are low.
The future prospects for the property market in Egypt are very positive. Egypt is a politically stable country and one currently enjoying the best relationships with many of the world’s most influential economies and hosted the “Economic Forum 2006 which was attended by all the influential countries worldwide, including the UK and USA.
The Egyptian Government are taking a pro-active stance in promoting tourism and foreign investment and last year the “Red Sea Riviera” marketing campaign was launched. This was extremely successful and has been followed up this year with “The Gift of the Sun” campaign which has been rolled out across Asia, Europe and North America.
Egypt’s proximity to the European mainland and it’s renewed and developing tourist infrastructure ensures that the tourist market is set to continue to grow and produce the rental yields on properties which are attractive to property investors.
The proposed introduction of mortgage’s (subject to status) on property purchases in Egypt from UK banks HSBC and Barclays Bank from the end of 2007 give yet more incentives for foreigners to purchase property in Egypt.
Buying property in Egypt is a fantastic property investment opportunity, with prices from £20,000 sterling and the potential growth investment predicted in the next five years of at least 20% year on year. In the last couple of years our clients have seen a return on their investment of up to 40%.
Contact us and let us help you make a great investment now.