Property Investment in Egypt
Egypt is a dynamic and moving land with marks of its ancient civilisation spread throughout the country, from the amazing Pyramids and Sphinx to the ancient city of Luxor. Egypt draws visitors with its rich and compelling history and culture, legendary River Nile tours and the fascinating beaches of the Red Sea. With tourism levels increasing each year and the latest governmental changes in regulations encouraging overseas investment, international property investors' are recognizing Egypt's growing potential and prospective high returns.
Some of the main factors to consider if interested in property investment in Egypt are discussed below.
Egypt is a country that can provide culture and history with safaris through the desert and high quality beach resorts. From Europe you don't have to spend more time than five hours in a plane to reach the destination and when you arrive you will find an exotic destination for both tourists and those looking for a second home. The country has seen a swift growth in tourism levels recently, aided by a higher frequency of flights and completion of many modern developments in the fashionable coastal areas. Factors that have been contributing to this are improved accessibility of flight routes and major luxury and modern developments in the popular coastal regions of the country. With its sunny weather and a pleasing climate, it comes as no surprise that the country is one of the most popular destinations in which people are investing property money.
Property prices in Egypt are currently very low if making a comparison to other destinations in Europe. With both the economy and tourism levels growing, predictions are that Egypt's property prices are destined rise in the near future. Property investors in Egypt should be looking forward to high returns in the future and an investment in Egypt property and real estate should be advantageous to do in the near future. Property prices have already revealed an average increase of up to 30% over the past few years.
The Mediterranean and Red Sea coastal areas have experienced numerous extensive developments in recent years, with more planned in expectation of mounting demand for short term rental accommodation. In line with this development, many airlines now operate direct flights to and from the region making it very accessible. New luxury residential property districts are also attracting international interest in the main cities of Cairo, Luxor and Alexandria where there is a strong buy-to-let market due to a high demand and low supply for quality properties.
In 2005 the Egyptian government modified the buying property process making it simpler for foreigners to invest. Their aim to build up the economy and produce higher levels of employment and domestic wealth growth should eventually lead to Egypt becoming a popular choice with foreign investors. To initiate this action, new procedures has recently been established to customs, income and corporate taxations; the country has also experienced privatization of some sector industries and the development of an export market for the country's natural gas deposits. With changes like these, the government shows their determination to develop the economy and generate a higher level of employment and domestic wealth growth. This would ultimately lead to Egypt becoming a very attractive option for foreign investors.
In the past few years Egypt has experienced, and still is, a strong economic growth with GDP at 4.5% in 2005.
Egypt's future and property market looks optimistic and now is the right time to invest if you thinking of buying a property in Egypt. The country is politically stable and the economic climate healthy and secure. The government is promoting property investment in the country with taxation breaks and low labour overheads. There is a middleclass emerging in Egypt who has stronger purchasing power. http://www.offplanworld.tv
Tourism growth is leading to demand for short term rental accommodation and the rental yields are the highest they have ever been. The second home resale market is also starting to show profit potential on the underlying capital investment made as more overseas buyers looking for holiday or second homes. With property prices as low as they are, now would be the ideal time for investing in property in Egypt. http://www.offplanworld.tv/africa/property_investment_in_egypt/
Mark Burns has extensive experience in the overseas investment property market, specializing in property in Egypt, and through the http://www.offplanworld.tv website provides extensive coverage on the world's major property investment markets including real estate in Egypt : http://www.offplanworld.tv/africa/property_investment_in_egypt/
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