Egypt is a country that many visitors seem to fall in love with. And more people, as they become more established, are becoming interested in buying property in Egypt.
Is real estate in Egypt a good investment for you? Let’s explore the possibilities.
If you want to buy Egyptian real estate, research the cost of property, currency exchange rates (if that is a concern) and other technical aspects. Many people also factor in the possible lifestyle. The climate may be quite attractive to you, as well as the famous Egyptian food, the world-renowned culture and the possibilities for rewarding outdoor activities.
Here are some points to consider, if you are interested in Egyptian real estate:
How safe are prices for Egyptian real estate?
There has been steady growth in the property market in Egypt for years now. It has slowed down a bit lately, but it will be very promising for many years to come.
Property investors and second- home buyers have been coming here for a long time. And though this means that in some areas property prices are high, there are still plenty of good areas for the new buyer to explore. This includes both city and rural properties.
As well, the government is planning to spend many billions of pounds in the next few years throughout the country for economic development. Thus the infrastructure will improve and property value will increase.
If we don’t live in the house, at least in the near future, how will we pay for it?
First, as prices are likely to rise in the future, it’s best to buy sooner than later.
Second, there is always the option of renting your property. Major cities are always popular destinations and thus there is a need for rental properties; Red Sea apartments, flats, villas and chalets which are kept in good condition are also eagerly sought after. There is a well established system for managing flats, villas, chalets and apartments in Egypt whilst the owner is away. Property managers for Egyptian real estate take proper care to see that the properties are well maintained so as to preserve your investment.
Where should we buy property in Egypt?
Is price more important to you or location? If you like the city life, for example in Cairo, Alexandria ,Hurghada, etc, you are likely to pay a higher price for your Egyptian home. But of course if that is where you want to live, it’s worthwhile.
Some areas that are recently touted as good places for property investment include El Gouna, Hurghada, Safaga, El Quesir,Marsa Alam among many others. These areas may not have much of an international population or reputation, but it may be what you want. These are the areas where you can find miles of pristine beaches and many of them are very private. Whether you choose for privacy or the company of a neighboring village, you’re sure to find great land properties at the beach cities of the Red Sea in Egypt.
Rural areas and south Red Sea Egypt are becoming less isolated also, which can be a plus for you. The Egyptian airport system is becoming more efficient and more airlines are flying from northern Europe to areas of Egypt that were previously off the beaten track.
An upscale Egyptian home with direct beach front, is likely to be quite expensive, and not for everyone. If a private villa or chalet is not what you’re looking for then consider buying a flat or apartment in a new construction building. Many have special prices for off-plan property purchase and you can find a good deal this way. Also you can find apartments for sale in Egypt Red Sea city of Marsa Alam which are located quite close to the beach but conveniently located at town with services available for everything you might need.
A good real estate agent of course is an important source of information to help you find the right property in Egypt for you.
Will we like living in Egypt?
Of course if you prefer an overpriced country with a cold, overcast climate, where there is little culture, average food, no outdoor activities, no fantastic nature and unfriendly people, then definitely you don’t want to live in Egypt.
Need I say more?
So, to summarize buying property in Egypt is a safe investment,
For the large scale property investor there are the above advantages and a promising market which is tried and true but which also has new, untapped areas, making Egyptian real estate a most exciting and promising venture. Land parcels have increased dramatically in value over the past few years in the Red Sea area of Egypt. There are now well established resort hotels and most all of the beach property for sale in Hurghada has been purchase for resort developments. For the large scale property investor there are opportunities now which didn’t exist before because of the limited amount of beach front property available. The Red Sea is a popular attraction where hoteliers enjoy low vacancies most of the year and major resort developers can secure a breachfront location in this popular tourist destination. In such scenario, the large-scale developer for property would likely experience a high return on his property investment in Egypt.
Author: Sandra Peterson