With
strong long-term economic growth, decreasing inflation,
and an upsurge in both demand for short-term rental
accommodation and second properties, Egypt is proving
that it is more than just the home of ancient culture
and the Pyramids. Among the many factors joining
together to make Egypt a hot prospect for the property
investor is the record number of visitors that the
country is attracting.
The 'feel-good' factor engendered by upward economic
trends and tourist numbers has inevitably had a
positive knock-on effect on real estate. Investment
in Egyptian property is offering great opportunities
for purchasers especially at this early stage of the
vibrant fledging market.
There is increasing tourist demand for
short-term rental accommodation in the resort
areas on both the Red Sea and Mediterranean
coasts and property investors have enjoyed the
best rental yields in the country from their
activities here.
Meanwhile, as more overseas buyers seek holiday
homes and second homes in these resort areas the
second home re-sale market has started to show
profit potential over and above the initial capital
outlay. Egypt's proximity to the European mainland
and renewed tourist infrastructure mean that this
market keeps on growing as holidaymakers see the
potential for owning another property in an
attractive, exotic location.
Aside from the resorts, the majority of real estate
investment takes place in the major cities such as
Cairo and Alexandria where overseas property
investors are overseeing the development of luxury
residential areas and consequently generating strong
international interest in the market. No wonder, as
these major cities are currently attracting as much
as 25% annual capital growth. The demand for
property on the coast and in the cities, where there
is a shortage of accommodation, and the subsequent
ever-widening profit margins are set to continue due
to a whole range of factors and benefits. The
availability of infrastructure, low cost of living
(therefore low costs of property management and
maintenance), low prices for the investor and the
introduction of mortgages for foreigners in Egypt,
have all combined to make conditions more than
favourable.
Source: Obelisk International
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