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INVESTORS BECOMING MORE 'ADVENTUROUS' AND OPT FOR PROPERTY IN EGYPT

Wednesday, 02 Jul 2008

The prospect of growth in developing markets means that property investors are becoming more adventurous in their choice of location, an investment firm has said.

Hetal Shah, director of Investors Provident, says that traditional markets still provide a strong draw because of their guaranteed returns and reliability - but double-digit growth in countries such as Brazil, Morocco and Egypt means investors are increasingly setting their sights on more exotic locations.

"I think with the established markets, it's never going to really die down. Even with the recent scare in the Spanish property market, I don't think it's really died down to that degree," Mr Shah commented.

"Even in tried and tested markets, I don't think you can go wrong … You've got the security, you've got guaranteed capital growth; although it's going to be slow. It's not going to be as high as what you’d find in somewhere like … India, or Brazil, Morocco, Egypt.

"We're finding that Morocco, Egypt and Brazil seem to be the highlights of the day at the moment … People are being quite adventurous in that respect. And capital growth is really, really good in these locations. You're looking at anywhere between ten, fifteen per cent a year," he added.

The possibility of snapping up a bargain property is drawing many foreign investors to Egypt, an expert has stated.

Paul Collins, spokesperson for the BuyAssociation website, stated that the country was very popular because of the relative affordability of high-quality houses.

Commenting on the Egyptian market, he said: "Property is very, very cheap in comparison with other places where you have similar facilities and similar climates."

He added that the country's weather was also a strong draw for overseas investors, as they were "virtually guaranteed" to get hot and sunny conditions when visiting.

In addition, he said Egypt had a number of attractions that made it popular with holidaymakers, opening up the possibility of letting a property out to tourists.


Mr Collins cited the diving that takes place in the reef near Sharm El Sheikh as an example, along with the new golf courses in the region.

Meanwhile, tourists in Egypt are currently enjoying the opportunity to view the face of the country's former ruler King Tutankhamun.

The mummified pharaoh has been placed on public display for the first time, exactly 85 years after it was first discovered.

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