Winkworth moves into Egypt’s property market
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News on Egypt
8 May 2008
Estate agent, Winkworth International, has expanded its operations into the emerging Egyptian property market.
The company will focus on marketing properties for sale along the popular Red Sea Riviera, which it believes will appeal to both investors and second homeowners. It anticipates that average property prices in the region will appreciate by around 70% over the next three years and believes that a net annual rental yield of 5-7% is achievable.
The first development to be marketed by Winkworth International is Azzurra Sahl Hasheesh, which borders a golf course. The scheme consists of a selection of over 100 one- to three-bedroom apartments, and offers elevated views over nearby mountains and desert.
Matt Glazier, head of Winkworth International Developments, told Homes Overseas Online: “We are always looking to offer our customers high-spec properties in territories with a strong tourist industry so Egypt was an obvious next step for us as a business. Steeped in culture, Egypt not only boasts a wide range of leisure facilities but also reasonable travel times from Europe and beautiful weather all year-round.
“With tourism in Egypt growing in proportions never seen before, there are incredible financial incentives available for British buyers – not least because property prices still remain unbelievably low. Foreign investors are also well regarded by the government and as such property laws are more streamlined than other territories making the purchase process even simpler.”