| 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.
basic
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Overview
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Egypt
Real Estate Investment Potential |
Egypt
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