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Egypt Property Prices are on the Move

By: Michiel Van Kets

The main reasons why Egypt grabbed the attention of property investors are its stable economy and comfortable standard of living. Currently, property in Egypt is still affordable, but as potential investors become increasingly aware of the amazing opportunities the country has to offer property prices are expected to rise quickly.

Still widely considered as very promising, the Egypt property market has already shown strong returns for early bird investors; in some cases returns have been as high as 20-30%.The government has stepped up its promotion of the country and is dedicated to modernizing Egypt’s communications and transportation networks in preparation for the arrival of visitors to the country.

The popular Red Sea coastal resorts and main cities of Luxor, Alexandria and Cairo, have received the main attention from overseas investors. In particular, the past few years has seen a major series of construction initiatives in the coastal resort regions. Increasing tourist figures in these areas have resulted in large increases in demand for property in Sharm El Sheikh, Hurghada, Marsa Alam and El Gouna.

So why has Egypt increased in popularity such much in the past few years? Generally, people are drawn here for its interesting and exotic culture and traditions, yet it also manages to be modern in its provision of amenities. Egypt has the advantage of being just a short flight away from most major European cities, the country offers the ideal climate, has a remarkable beautiful g coastline and a variety of activities to participate in. Today, the country has a strong economy and with the government actively working hard to encourage tourists to visit, these factors lay solid foundations for investors looking for long term returns from property in Egypt.

The success of a country like Egypt is dependent upon the tourist industry and as more people see the advantages of travelling here things can only get better. In particular, property prices remain low in comparison to other European property hotspots such as Italy and Spain. These low prices, coupled with the increasing prices of other major European holiday destinations due to currency fluctuations, have made sure that an increasing number of overseas tourists will be visiting Egypt in the months to come.

As more visitors flock to its shores Egypt has experienced an increased demand for high yielding short term holiday rentals. Also, as the Egyptian climate is good all year round there is the opportunity for year round holiday rental. Budget airlines have already set up flights to the Mediterranean and Red Sea resorts, minimizing the time the journey takes as well as the cost. There are regular flights operated by British Airways and Egypt Air between Heathrow and Cairo International Airport where a connecting internal flight easily can then be taken to the various coastal resorts of Sharm el Sheikh, Taba, Marsa Alam and Hurghada.

Over the long term, investment opportunities for Egypt real estate are positive, for anyone thinking of investing in property here this is the best time to do something about it as the economy is steady. The Egyptian government is promoting the country to overseas investors through tax breaks and a simplified purchasing procedure. Labour costs in Egypt are low, tourists are arriving in their thousands every week looking for rented accommodation, and the standard of living is improving within the country.

Long-established home buying destinations, such as Spain and Turkey have been the leading destinations for property investment for many years but they are fast being overtaken in favour of Egypt. As Egyptian resorts continue to provide first rate amenities and the number of visitor’s increases the potential for rental returns is high.

Article Source: http://add-articles.com

Mark Burns has extensive experience in the overseas investment property market, specializing in property and real estate and through the Offplanworld.tv website provides extensive coverage on the world’s major property investment markets including Egypt property. If you wish to buy property off-plan or need investment advice please visit the website.

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