Tourists are attracted to Egypt for it’s 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 the resort areas of the Red Sea coasts, property investors are tapping into the increasing demand for short term rental accommodation, this market was non existent two years ago as in the past it was only possible to rent property on a long term basis. Developers and forward thinking real estate agents are offering property management services making it possible for owners to rent their properties. Overall the future prospects for the property market in Egypt are positive. Egypt is a politically stable country and one currently enjoying the best relationships with many of the world’s most influential economies and hosted the “Economic Forum 2006 which was attended by all the influential countries worldwide, including the UK and USA.
The economic climate in Egypt is open for investment, the marketing campaign at the forum 2006 was “Egypt open for business” And with investors being actively encouraged by taxation breaks and low labour costs Egypt is set to succeed. Press articles on Investing in Egypt 2007 With over one million UK holidaymakers visiting in 2006 and property price rises already outstripping most emerging markets, experts are predicting that Egypt could offer one of the greatest overseas property investment returns currently available worldwide. According to Egypt's Tourism Authority, over one million UK holidaymakers visited Egypt in 2006, representing a 25% increase on the previous year. Property price rises are already outstripping most emerging markets and experts are predicting that Egypt could offer one of the greatest overseas property investment returns worldwide currently available. Average property prices in Egypt are expected to rise by 20% in 2007. Since Egypt’s Economic Reform Program in the early 1990s, which focused on stabilizing the economy, improving public finance and exchange rate policies, the economy grew by 6% in 2006 and the anticipated growth this year is 7%. Property purchase is relatively simple in Egypt requires no purchases taxes, stamp duty, income tax nor capital gains tax and there is no restrictions on freehold ownership of property for foreigners in most of Egypt. A rapidly expanding tourist market, the country, which is on course to welcome 16 million visitors from around the world by 2014, has benefited from one of the fastest growing property prices in the world, with the average property price rising by 50% in the last two years. It also offers one of the highest returns on investment worldwide, with rental yields in key tourist resorts reaching 11% compared to 4-6% in the UK.
Article Source: http://EzineArticles.com/?expert=Greg_Walters
Despite the recent boom, current prices still reflect Egypt’s status as a new player in There are so many positive aspects of the property market in Egypt that make the entire sector an exciting place to be right now that anyone serious about venturing into an emerging overseas real estate market should be focused on Egypt for at least the medium term. First things first let’s remove the confusion – Egypt is not a country plagued by terrorism, drought or famine – it’s a stunningly beautiful, ancient and interesting country with a coastline that is brushed and caressed by both the Mediterranean and Red seas. It is also one of the most exciting and exotic countries in closest proximity to Europe giving investors a massive potential tourist audience to target; it is also a country that can genuinely boast year round sunshine on its Red Sea Riviera which means it offers investors year round potential for profit. If these are not reasons enough alone for a property investor to get curious about Egypt, how about the fact that Dubai based mega property developers Emaar have just committed millions of dollars to the Egyptian residential real estate market place in Cairo? Or what about the fact that the Egyptian government have slashed property related taxation costs to make the whole process of owning real estate in Egypt that much more affordable for more people?
You can add to this the fact that inward foreign direct investment into Egypt is at an all time high, the country is receiving higher annual visitor intake than ever before and the country is enjoying its best relationships with Western governments in documented history if you like. Furthermore the amount of investment and economic confidence in Egypt is opening up a wealthy and growing middle class sector who are keen to afford property for sale and rent in Cairo and Alexandria in particular, and this gives an investor a local resale market to target in the medium term which further boosts the long term potential of an investment made into the real estate sector which is currently dominated by the tourism market. It’s a fact that the highest rental incomes achievable for a real estate investor in Egypt right now are from tourist friendly properties along the Red Sea and Mediterranean coastlines – properties that are well located and facilitated are most in demand from the tourism market looking for short term lets. But there’s also a growing retirement market in Egypt that’s attracting great attention and giving real estate investors another potential revenue stream to explore. Egypt really is the place to be for real estate investors looking for immediate income and medium to long term capital growth and resale potential - and because the property buying process for foreigners in Egypt has become more affordable and more transparent in very recent years, the numbers of investors examining the market and exploring its possibilities is set to rise and rise.
Article Source: http://EzineArticles.com/?expert=Rhiannon_Williamson
News article:
Positive Economic Outlook Good for Egypt’s Property Sector Our analysis of the recent comprehensive economic review of Egypt collated and produced by Moody’s Investors Service together with the latest economic findings of the Institute of International Finance relating to Egypt’s performance reveal an overall positive economic outlook emerging which is good for Egypt’s property sector.
News article:
Buying a Property in Egypt For investors, second home hunters and even those looking to develop or renovate real estate, buying a property in Egypt just became a million times easier with the announcement that one of the leading financial institutions in the GCC has partnered with Egypt’s first mortgage company to develop, promote, market and sell a sophisticated range of property finance schemes for all those buying, investing or developing property in Egypt.
Egypt in many people's eyes is a nation still emerging from previous governments' poor efforts to promote the country and as a result few people are aware of the enormous property investment potential that there is in this stunningly beautiful, ancient and historic country. But rest assured, this situation will not last for long and those who want to get in ahead of the crowd will be buying property in 2007 and watching everyone else play catch up in 2008.
Currently the Egyptian government is working through a process of aggressive reforms to strengthen and stabilize the economy, prove political stability and promote relations around the globe with nations such as the USA and UK. It is also a country actively courting foreign direct investment and which has received massive financial commitment from the Middle East. Much of this commitment has come from real estate giants such as Emaar Properties and DAMAC properties…the former are already in the development process for massive luxury developments in Cairo for example and the latter have literally just announced multi billion dollar plans to develop a mega resort across 320 million square feet of land in the north of Hurghada. The Gamsha Bay development will comprise 55,000 housing units across nine distinctive residential zones with construction taking place over the next ten years. The development of resorts such as these ties in with Egypt's plans for revolutionizing its travel and tourism economy.
Currently Egypt is popular - but plans are in place to liberalize the aviation routes into the nation and the World Travel and Tourism Council (WTTC) have conservatively estimated that this will push up international arrivals to in excess of 13 million annually and boost tourism generated GDP by a further 12%. Egypt has ambitious plans to become one of the most popular tourism hotspots by 2011 and the WTTC support their ambitions. This increase in tourism demand and the general profile raising awareness activities being undertaken by Egypt of its nation's desirability for investment, for a holiday, as a second home or a great place to buy property will have a dramatic effect on a market where currently prices are attractively affordable and investment activity is beginning to take off. So in conclusion, Egypt's new property market is emerging and about to witness strong price gains, it is a market with all the right ingredients for long term success and therefore property in Egypt in 2007 makes an exceptionally interesting investment choice.
property for sale in sharm el sheikh
properties for sale in sharm el sheikh
apartment for sale in sharm el sheikh
sharm el sheikh real estate
sharm el sheikh properties
buy holiday home in sharm el sheikh
invest in sharm el sheikh
property in egypt
buy property in egypt
sharm el sheikh
No comments:
Post a Comment