DESPITE GLOBAL CREDIT SQUEEZE, EGYPT PROPERTY MARKET THRIVES
Monday, 22 Sep 2008
Even though the global credit crisis is taking its toll on many markets, investors are still cashing in on high property resale returns in countries like Egypt, Dubai and Morocco. Some buyers are in the market for quick resale profits, many buy a holiday or luxury accommodation to rent, while others want a long-term investment for greater profit down the line. Hurghada is a good investment property in Egypt for investors who are seeking a property for any one of these strategies.
There is an expected increase in tourism in Egypt, and particularly in this area, which shows a high potential for capital growth. According to the World Travel & Tourism Council, tourism in Egypt increased by 7.9 percent last year, and a steady growth rate is predicted up until at least 2017. Other analysts estimate that tourist numbers in Egypt will double in the next several years. This means that investing in an Egypt property like Hurghada has the potential to yield good returns.
Hurghada has grown from a quiet fishing hamlet to a bustling, popular tourist spot. It is situated on the tropical Red Sea Coast, and boasts a balmy climate, naturally beauty and a growing modern infrastructure. Investors from around the globe are flocking there on holiday, thereby making this formerly unknown destination a hot investment opportunity for those seeking to buy a property in Egypt.
Due to infancy of the market here, Egypt property prices in this area are still very reasonable. The influx of tourists and investors has caused a lot of changes in Hurghada, which is well known as an aquatic sports destination. Currently, however, the region is becoming famous for its dynamic nightlife and the number of restaurants, casinos, clubs and pubs available, as well as the excellent selection of Egypt accommodations.
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