MANY GOOD REASONS TO BUY PROPERTY IN EGYPT
Thursday, 08 Jan 2009
When it comes to investing overseas, property in Egypt has many advantages over the rest of the world, with its prices increasing as much as 30% per year and returns from rentals as much as 10%, it’s hard to beat. Its popularity with investors is due to a combination of low entry positions and the aforementioned high rate of growth to be found amongst the highly competitive Egypt property prices. Added to this is the fact that foreigners do not pay inheritance or capital gains tax in Egypt, which is a huge advantage.
Kristina Hrman, partner manager for New Sky, said, “With low starting prices, Egypt property is competitively priced – but Casuarina, with its launch discounts, is even better value. Strong capital gains of up to 30%, mean big potential gains for investors and if prices continue to rise at that rate, it’s possible to receive a return on investment of over one hundred percent within just four years.”
All property in Egypt is freehold, and the Egyptian government is eager to boost local investment. It is, however, extremely important to acquire independent financial guidance, due to the limited number of bonds that are available. The cost of living in Egypt is low, and the country has been through considerable economic improvements that have resulted in a growth in GDP of 7.2 percent in 2007.
A spokesperson said, “Economic reforms are primarily aimed at realising an annual growth rate of not less than 6 percent on average in order to create more jobs and achieve equitable distribution of investments among different regions.” According to the Egyptian minister of investment, the telecom, building, tourism and Egypt accommodation construction industries expanded more than 14 percent in the financial year of 2006-2007, while the farming sector was up 3.8 percent and manufacturing and financial services grew 7 percent.
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