Property Select

• Home
• Property Search
• News
• About Us
• Contact

ENHANCED TRANSPARENCY OF EGYPT PROPERTY MARKET

Tuesday, 30 Sep 2008

The Jones Lang LaSalle’s latest Global Real Estate Transparency Index now ranks Egypt as 59th among the 82 countries that the property consultants analysed this year, which is a significant improvement in the rankings for Egypt. As an essential component of getting a good deal when purchasing a property in Egypt or any other emerging market, the increased transparency in the Egypt property market signifies an important improvement and should encourage potential buyers to invest there.

Stephen Smith, from Egyptian development, West Side Village, said, “Finishing 59th may not be a very elevated position but it shows a substantial and welcome improvement. The Egyptian government is doing everything it can to offer transparency for foreign buyers and is actively encouraging buyers from the UK to invest in the country’s real estate.”

Smith goes on to say that West Side Village has raised the clarity of the process of purchasing accommodation in Egypt to a standard of accessibility comparable to that which is the norm in first-world countries such as the UK. Knowing that emerging property markets are, more often than not, hindered by an excess of red tape, and that this causes confusion and delays for foreign investors wishing to purchase property overseas, they have successfully converted the purchase of an Egypt property to a transparent, easy process that will make buying a house or apartment there a painless experience.

West Side Village is a new development that comprises 687 apartment and studio properties in Egypt, situated in the town of Hurghada. The prices of these luxury properties start at about £24,950 and go as high as £76,000. The development’s pre-launch sale of its apartments sold out successfully, and just 67 apartment and studio units from the first phase remain available to buyers. The project will be completed in 2010.