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EGYPT PROPERTY INDUSTRY BOOMING

Thursday, 31 Jul 2008

Egypt as an economy and as an intelligent investment choice is fast becoming a force to be well reckoned with.

“Confidence in Egypt is running at an all time high, investment commitment is being made because the international community has faith in the policies and visions of the current leadership in Egypt”

The Egyptian property industry seems set for a bright future according to predictions from a recent study. The inclination towards property abroad seems set to continue with the British and Irish Buyers firmly behind the wheel.

As emerging markets (like that of Egypt) have become more accessible and foreign governments are increasingly more active in following procedures in an effort to attract inward investment, experience shows that the Egyptian government are leading the way as they tend to be more adventurous than many of their counterparts, when it comes to ensuring policies and infrastructure remain a key focal point for the government.

Pierre Cailleteau, Vice President of Egypt, has summarised Egypt’s current economic status perfectly: “evidence of a decisive break with the past is mounting – and it is this that is creating a strong flow of international property investor interest across Egypt.”

A further study, conducted by Datamonitor has predicted that ownership is set to almost double over the next five years.

According to Nicholas Marr, (CEO, Overseas Property Portal: Homesgofast.com), “Buying overseas property is a life long goal for many buyers.”

This combined with the fact that overseas property investors are seeking better growth and cheaper property prices, allows one to see more clearly why property in Egypt is so attractive.

Moody’s Investors Service recently released a report, analysing and receiving the economic status of Egypt, comprehensively. The finding of this report collates with independent research conducted by the Institute of International Finance – it was found that “Egypt’s performance reveals an overall positive economic outlook emerging which is good for Egypt’s property sector.”

What is interesting to note is the fact that investors are pouring in regardless of the fact that they will only see positive returns within the next decade or so…

This is highlighted by property experts, Amberlamb, “foreign direct
investment in Egypt this year is already running at its highest level for many years thanks to a couple of mega privatization deals, and that a number of high profile international investors are committing to the nation despite warnings that the profitability of their investments may not come to fruition for another decade or so.”

Overseas property buyers cross all types of people and income groups. The age of our buyers are now getting younger with a larger percentage of 20- 30 year olds seeking property abroad than 3 years ago’

Given the rate of growth that Egypt has been experiencing, it is safe to conclude that the growth will continue to affect Egyptian life as we know it, and affect it positively.

Property Select offers a comprehensive selection of overseas property in Egypt, news, members club and reviews of the latest property developments.