While much of the rest of the world is suffering from high real estate prices and a credit crunch, Egypt is benefitting due to its low property prices. Many UK residents are seeing their money go further in this Middle East country due to the combination of low prices and a good exchange rate. In addition to buyers, developers are noting the interest in Egypt and working to bring more property online quickly. While there are some new Red Sea resorts that are sprouting up, even traditional resorts and cities are seeing a boom.
Tahir Ali, managing director of property company Egypt Revealed, was quoted as saying that because property prices in the country are only a fraction of those in the UK, investors often do not need to take out a loan to buy a property. As a result, property can be bought straight up, and the process is much simpler.
In addition to the low costs, Egypt has become a hot tourist destination. “We are very much in a period of rapid growth for the Egyptian market. This is being fuelled by massive increases in tourist numbers helped by the arrival of more low cost flights,’ he said. According to Cheapflights.co.uk, interest in flights to Sharm Al Sheikh is up 50% over a year ago.
In addition to Sharm Al Sheikh, new resorts at Gamsha Bay and Sahl Hasheesh are under construction or planned. Hurghada is another resort town that is popular and growing along the Red Sea, and it has an international airport for direct flights from the UK. Cairo and Alexandria are also seeing increased development, partly as a result of the favorable travel and monetary conditions. With low prices and a good exchange rate, Egypt looks set to continue its building and investment growth.
