Published on 17 September 2005 at 04:23 pm
Filed under: Middle East:- Egypt Property Guides » Egypt Property Investor’s Country Guide
The Egyptian property market is particularly attractive to overseas investors along the Red and Mediterranean Sea coasts, and also in the major cities of Cairo and Alexandria. Investors have been benefiting from the country’s increase in tourism traffic and also as a result of the Egyptian government’s sweeping reforms designed specifically to attract further inward investment.
The ancient and fascinating country of Egypt is of immense interest to many thousands of foreign visitors each year and now it is increasing in interest for overseas property investors and also world renowned foreign property development companies such as Dubai based Emaar Properties who made a move onto the Cairo property scene in 2005. And while real estate prices currently remain low, the Egyptian property market’s star is rising fast.
Having consistently worked to promote the historic, cultural and entertainment attractions available in Egypt, the Egyptian government was rewarded in 2004 when the country received its greatest numbers of visitors on record to date. Despite some terrorism threats that persist, Egypt is now a number one, medium haul, top end destination for European travellers.
Tourists are attracted to Egypt for its history that dates back to around 3200BC, for the warm waters of the Mediterranean Sea, for the diving possibilities on the Red Sea and for the luxury hotels and resorts that make Egypt something special for the international tourist. An increasing number of visitors are buying into new build luxury apartment complexes in the major holiday hotspots and are being rewarded with low off plan prices, guaranteed rental yields, a holiday home in the sun and an investment that even begins increasing in value over the build period.
These property investors are taking a very small risk in real terms since the government of Egypt has committed itself to transforming the country’s economy through the promotion of inward foreign direct investment over the long term. To that end the government began the introduction of new reforms to customs, income and corporate taxation in 2004, they are privatizing certain sector industries, working on currency liquidity and are trying to develop an export market for their natural gas deposits. Experts agree that all these efforts should improve the economy of the country, create more opportunity for employment and domestic wealth growth and increase the attraction of the country from an overseas investor’s point of view.
In terms of the overseas interest that the real estate market place in Egypt has already attracted, a subsidiary of Dubai based Emaar Properties - namely Emaar Misr. - signed a contract worth somewhere in the region of 4 billion US dollars to develop an exclusive and iconic series of villages in Cairo in 2005. The seven villages will be known as Cairo Heights when completed and will be located in the Mukattam Suburbs and consist of luxury residential accommodation, exclusive retail facilities and breathtaking communal areas - and it is of absolute credit to Egypt and Cairo in particular that Emaar have chosen to build in the city as their first step in their bid to create an exclusive residential development in every major city of the world.
Property investors moving into the real estate market place in Egypt right now could be said to be pioneering; but with the Egyptian government’s absolute commitment to economic growth and stability and the country’s growing attraction with international visitors ever increasing, those buying now are set to profit substantially from their property investment decision over the medium term whilst benefiting immediately from some incredibly imaginative and exclusive modern developments being constructed across the country.
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