Now's a Good Time to Buy Golf Property in Egypt
Country: Egypt
Real Estate TV recently featured Egypt as part of their Next Big Thing series and says: “Egypt is a destination growing in popularity due to its year-round sunshine, medium-haul flights and affordable property for those joining the growing numbers buying holiday homes or investment Egypt properties.” The series profiles regions with good growth potential and expanding transport links. New routes are constantly opening up and Jet2holidays and Jet2.com recently announced new flights from Leeds-Bradford International Airport to Sharm el Sheikh starting in February 2009. As well as a tourist and property hotspot, Egypt is also turning out to be a booming golfing destination, with courses springing up across the country. Egyptian Experience has noticed more property buyers and tourists specifically asking for golf. Formerly a travel company, they have now expanded into property sales, says managing director Jenette Bradbury: “Egypt has been a holiday destination for the British for nearly a century. Last year 1.3 million travelled there, many airports have been upgraded and we see tourists and buyers looking for property in Cairo, property in Luxor, property in Sharm el Sheikh and property in Hurghada.” Egypt currently has 14 golf courses but, for buyers seeking a combination of amenities, the Red Sea Riviera is perhaps the most established. With its kilometres of pristine beaches, mountains, and endless coral reefs for deep-sea fishing, this region attracts many buyers looking for golf property in Red Sea Riviera and more. Once a small fishing port, Sharm el Sheikh has changed hugely since being restored to Egypt in 1982 following the Israel-Egypt Peace Treaty in 1979. Home to the world’s greatest scuba diving, all the major hotel chains are here as well as a throbbing nightlife on a strip teeming with bars and restaurants. Near the renowned Jolie Ville golf course, Egyptian Experience is selling a development at Nabq Bay with studios and two-bedroom apartments for sale from £25,000.
El Gouna boasts an 18-hole USPGA course and it is near here, in the coastal area of El Fayrouz, that Worldwide Destinations is selling Pearl Vista just minutes from the resort. Along with pools, gym and business centre, property buyers have access to a restaurant bar and shops with prices of property in El Gouna starting from just £14,995. With three manicured 18-hole courses and golfing academies nearby, the resort offers plenty for players seeking variety. Also in El Gouna, Property Frontiers is selling apartments and townhouses from £78,554. With an 18-hole Karl Litten-designed golf course on site along with spa and concierge services through private members club Quintessentially, the resort offers pure luxury to the discerning. During this pre-launch phase, investors are being offered discounts of ten per cent below launch prices, preferential payment schedules, a minimum guaranteed net rental of six per cent for two years, and 45 days’ use. Benefits include a year’s free membership to Quintessentially’s services and one year’s golf membership, and the El Gouna owners card gives a range of discounts, including preferential green fees. Sahl Hasheesh looks set to become Egypt’s premier golfing destination and it is here that GEM Estates is selling Ocean Breeze, a development of 40 villas, 122 apartments and a 400-room hotel. Set directly on the sandy shoreline, just one kilometre from the marina, all properties have sea views and a range of facilities from wellness centre to freeform swimming pool complexes. The macro resort of Sahl Hasheesh, in which Ocean Breeze sits, has eight 18-hole golf courses, a golf academy, a sunken city for Red Sea diving, cinemas, a marina with heliport and many hotels. Prices of Sahl property in Hasheesh start from £68,539 for a one-bedroom apartment and from £110,586 for two bedrooms. In the same resort, Veranda consists of villas, semi-detached townhouses and apartments. Set on a terraced plot to maximise sea and golf views, amenities include pools with cascading water features, exotic lagoons, two tennis courts and clubhouse with gymnasium and spa surrounded by water on three sides to include a 50-metre exercise pool with swim-up bar. Property Prices start from £37,000 and buyers can take advantage of an 80 per cent loan-to-value mortgage. Also on the Red Sea, in a quieter spot 25 kilometres south of Ain El Sukna, the resort of La Siesta is home to many international property buyers seeking a luxury gated community. Its small marina means that property buyers enjoy activities including sailing and fishing along with options such as tennis, basketball and volleyball. Apartments with pool on the terrace roof start from £45,000 and 46 detached villas start from £200,000. The development has access to a nearby golf club making it excellent value according to Marion Isom, who says that property prices are rising by an astonishing 50 per cent annually: “The rental market is good too because of their easy accessibility, with rental for apartments around £275 per week and villas around £400 per week. Also it is an all year resort so there are few, if any, void periods”. Many golfers like the option of playing several courses within a week and this is perfectly possible in Egypt, says Ian Marsh of Think Egypt. An advisor to the government on residential tourism and a conduit between developers and anyone considering selling in Egypt, Marsh says that the country’s 365 days of sunshine makes it the perfect golfing venue, yet, unlike Dubai, in some areas, such as Alexandria, you can escape the searing temperatures that hinder play. Of the 14 current golf courses, Marsh says that eight are ‘respectable among the golfing community’ adding that 20 more are in planning stages. “It’s a huge growth area. The government realises it’s a welcome addition to culture and sunshine.” Marsh estimates that golf costs are around one third of comparable costs in the US and Europe and property currently costs around one quarter but not perhaps for much longer: “In some regions, prices of golfing property in Egypt have risen by 400 per cent.” Marsh owns four properties in Egypt and estimates that they have doubled in price in the last two years. Think Egypt is selling golfing apartments from £100,000 and villas from £350,000 at Golf Reef. Set on the Gary Player Championship course at Soma Bay, owners receive discounts from 25 per cent upwards on all services, including golf. In Hurghada, with its recently upgraded airport, West Side Village offers easy access to the Steinberger Golf Club, known as one of the country’s top courses. With an eventual total of 700 studios, one- and two-bedroom apartments and penthouses, phase one has only 67 units remaining. Sales director Stephen Smith estimates that growth will be 27 per cent over the next three years: “Now is an excellent time for investors to buy property in Hurghada as development is five years behind Sharm el Sheikh and property prices are still low, with excellent potential for capital growth.” Property prices start from under £25,000 and property buyers have access to the many restaurants, bars and nightspots now catering to the influx of foreigners. With a flight time of around five hours, this is one destination that guarantees a warm reception. September is the perfect time to visit, when temperatures are around 25 to 35 degrees Celsius in most parts of the country. A relatively new market for property buyers, Egypt’s tourism is well established. According to the United Nations World Tourism Organisation, visitors to Egypt grew by 20 per cent in 2007, when it received around ten million tourists, including over a million from the UK. Marion Isom, managing director of La Siesta Tourism and Real Estate Services, says. “Tourism figures always have an effect on the property market of a region and this rapid growth in interest in this amazing country is a welcome step forward.” The government is aiming for 14 million visitors by 2011 and the World Travel and Tourism Council estimates that tourism into Egypt will grow at the rate of around six per cent per annum in real terms over the next decade.
First published in October 2008.
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.
Ginetta Vedrickas
There's also a range of articles for you to read about buying property in Egypt:
As well as our overseas news stories affecting the property market in Egypt .
Or view our range of property for sale in Egypt.
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.
Some properties in Egypt
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Price: €6,105
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Type: Studio
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Bedrooms: 1
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Price: £6,570
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Type: Studio
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Bedrooms: 1
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Price: €6,913
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Type: Apartment
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Type: Apartment
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Bedrooms: 1
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Price: £8,334
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Type: Apartment
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Price: £10,142
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Type: Apartment
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Bedrooms: 1
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Type: Studio
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Price: £11,634
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Type: Apartment
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Bedrooms: 1
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Tiba Garden is coming to be a fourth sister in 'TIBA'S' family of resorts development to continue the incredibly successful family which is located just a front of TIBA TOWER2 project.
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