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PROPERTY IN EGYPT KEEPS GROWING IN STATURE AND POPULARITY

Tuesday, 29 Jul 2008

The overseas property industry seems set for a bright future according to predictions from a recent study. The appetite for international property seems set to continue.
According to our sources, “Capital growth has been slow to kick off in Egypt, with static prices until late 2005. With so much new-build going up, the market is gearing up for a busy time and resale bargains could be on their way.”

Important to bear in mind is the fact that “Egypt’s property registry is out of date so check that the land your property is on is registered. Older property should already be registered but getting hold of title deeds in Egypt can take time and even prove impossible. Property is bought freehold in Egypt, except for in Sinai, which includes Sharm el Sheikh, where you buy with a 99-year leasehold.”

As emerging markets have become more accessible and foreign governments are increasingly keen to attract inward investment. The age and types of buyers seem to be changing, accordingly today’s international property buyers cross all types of people and income groups. The average age of property buyers are now getting younger with a larger percentage of 20- 30 year olds seeking property abroad.

There are many places to visit in Egypt, with developments being implemented and constructed.

Sharm el-Sheikh is located on the southern tip of Sinai, and is now a firm favourite woth investors and visitors alike. It has the feel of western Mediterranean resort and is the most expensive of the coastal destinations.

Gouna, which is built in a Nubian style (with pastel-coloured domes and arches). With the seductively named Mangroovy Beach, the marina that is formed of a maze of canals and waterfront homes joined by stone bridges, this too is quite popular with the internationals.

Further south is Hurghada, a resort traditionally popular with scuba divers. It attracts a younger crowd and is filled with nightspots, cheap bazaars and internet cafes.

Quite obviously, there is so much to see and do in Egypt, is it of little wonder why this country ahs remained on the top of tourist and investor spots for quite some time now.

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