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Top 10 Locations for Overseas Property Investment - 4
Country: Egypt
Property in EgyptAccording to the Egyptian Tourist Authority, (ETA), the number of tourist arrivals in Egypt almost trebled between 2001 and 2007, from 4.7 million to 11.1 million. Over the past two years the Germans and particularly the Russians have been flocking to Egypt en masse and now outnumber UK tourists. In fact, six countries from Central and Eastern Europe increased their tourist arrivals in Egypt by over 50 per cent in 2007 and as people from the likes of Poland, Ukraine and Slovakia get wealthier it appears Egypt is becoming a main beneficiary. Tourist numbers are therefore expected to continue rapidly increasing, they increased by 22 per cent in 2007, and the ETA is targeting an increase of 5 million more visitors a year by 2014. Budget airlines started flying to Egypt in March 2008 and EasyJet offers return flights from London to Hurghada for just over £200. Tourism growth is increasing demand for well-located Egypt property in the most popular resorts and prices for property in Hughada range from £15-30,000 and property in Sharm el-Sheikh £25-35,000, with most UK buyers paying cash although some local banks will lend up to 80 per cent LTV to foreign buyers. Due to the year-round nature of the holiday season and the fact that Egypt property prices are so low, the rental yield for a well-marketed property should exceed 10 per cent. Property investors should therefore be weary of accepting rent guarantees of seven per cent for 10 years, for example, as the extra profits from rents achieved may go in the developers pocket and not yours. Other developers offer 5 per cent for two years then 10 per cent for a further three years and there are countless variations designed to entice you to buy. Egypt property prices increased nationally by around 15 per cent in 2007 and because prices are still so cheap the Egyptian property market is not expected to be negatively affected by the credit crunch, unlike many other international property sectors. However, if you decide to invest in property at an Egyptian tourist resort you should be aware that a major terrorist attack, like the one that took place in Sharm El Sheik in 2005, will have a negative impact on foreign visitors and the country’s economy. For example, after the Sharm El Sheik attack in 2005 tourism growth slowed dramatically and didn’t start surging again until 2007. Foreign buyers do not have to pay any property taxes.
First published in February 2009.
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.
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.
See Also: 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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Following on from the phenomenally successful Tiba Towers 2 (one of Hurghada's fastest-selling development in 2010) and its sister development, Tiba Heights, comes the developer's latest and most luxurious project to date - Tiba Palace.220
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Price: £6,570
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Type: Studio
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Bedrooms: 1
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Just Released Fantastic Value studios, 1-bed and 2-bed apartments in Hurghada. Unbeatable prices!
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Price: €6,913
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Type: Apartment
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Tiba Paradise is the sixth development in the incredibly successful Tiba series of projects in the fast-growing Al-Ahyaa area of Hurghada and is eagerly awaited by thosewho missed out on getting their perfect apartment when the developers last
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Price: £7,317
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Type: Apartment
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Bedrooms: 1
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We thought when we launched Tiba Towers 2 and Tiba Heights a short while ago that we had found the best value for money developments in Hurghada. But we were wrong. Isida beats them both.
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Price: £8,334
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Type: Apartment
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Tiba Star is an exclusive development from the successful Tiba Resorts family located in the heart of Al-Ahyaa, Hurghada. Tiba Star joins Tiba Tower 1 & 2, Tiba Heights, Tiba Palace and Tiba Garden as the sixth successful development in the area.
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Price: £10,142
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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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Price: $10,356
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Type: Studio
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Anyone who has looked through Hurghada's options for affordable, best value developments is sure to quickly come across the Tiba developments in El-Ahyaa - Tiba Towers 2, Tiba Heights, Tiba Palace and Tiba Garden.
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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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View details | Enquire further
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