Published on 15 July 2008 at 07:27 pm
Filed in Property News for Egypt » Egyptian Property: Too Good to be True or Too Good to Miss?
The recent media reports relating to the real estate market in Egypt paint a picture that would make anyone think twice about buying property anywhere else. Even the Prime Minister of Egypt believes that the construction industry has just witnessed a 15% expansion. But are all these tall tales about the success of the Egyptian property market too good to be true, or do they illustrate a picture of an investment asset that really is too good to miss?
Let’s take a closer look…
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As a foreign investor you have the right to own real estate and land in Egypt, but unfortunately the property registry in Egypt is out of date, incomplete and many believe only 10% of properties in Egypt are actually registered - naturally this creates a problem for the property investor.
However, the majority of real estate investment interest is focused on the main cities and resort areas in Egypt and these are far more geared up to the international property market. Furthermore the Egyptian government is committed to attracting foreign investment into many sectors including the real estate sector therefore the path is being eased for investors all the time. This is our guide to the property buying process in Egypt for real estate investors.
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Interest in the investment property market in Egypt is beginning to awaken as the wider world becomes aware of the incredible investment opportunities and incentives available for investors in Egypt.
The key factors attracting overseas investor interest include Egypt’s fast growing tourism sector, the fact that the government is continuing to commit to legislative initiatives designed to enhance the investment climate and the fact that property prices in Egypt remain low and affordable whilst demand for quality property for sale and short term let is increasing.
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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.
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