Nigel Bailey Director of UK based property company Red Sea Developments is working hard to attract families not hard nosed investors to the companies new development in Hurghada Egypt. The move is in response to international property investors from Germany Russia and the UK who have been buying up developments in the area.
Hurghada is not as well known to most tourists unlike Sharm El Shiek which has seen steady property price rises over the last year. Hurghada was once a small fishing village however it is set to be one of Egypt’s hot spots for investment and tourism. The Egyptian Government is investing heavily in the Western side of the Red Sea to encourage more tourism, extending existing airports, and building new ones. There are already plans for the low cost airline to fly to other parts Egypt, and Hurghada will not be far behind.Once the cheaper flights start those with an existing investment in an apartment are set to see even better capital appreciation.
Property prices start below £20,000 and it is appears that this is the major factor for investors in the region.
Nigel Bailey ” My vision for the development is quite different to the usual developers. I would like to keep our development Red Sea Residencia small and family friendly. Some investors are not interested in developing the community and ambience of a development and its for this reason we aim to sell our apartments to individuals that actually want to use their new home in the sun.
The city of Hurghada lies almost exclusively along the coastline and stretches for many kilometers north and south of the old town. Inland are mountains, which can be explored by those who are adventurous. The small town centre with its bazaars and mosques is typical of Egyptian villages, but spread out from there are kilometers of modern resorts and attractions. Offshore are island and reefs, with some of the clearest water in the world. The islands and surrounding reefs offer amazing diving, bringing visitors from around the world to explore the waters.
