Egypt

Egypt

While Egypt may be best known for its pharaohs, pyramids and deserts than its is for its housing market, Egypt is set to tread a similar path to Dubai and Morocco in experiencing widespread property interest on the back of mass tourism.

 


SHORT INFO

  • Egypt

Capital City: Cairo
Area: 1,001,449 sq km or 386,659 sq miles
Population: 69,500,000
Time Zone: GMT +2
Country dialing code: 20
Currency: Egyptian Pound (£E)

 

Climate
The climate is good all year round with the North Coast and delta regions influenced by the Mediterranean climate and subtropical climate in the south.  The long hours of sunshine and an average daily temperature of 21.9C (Cairo) makes it the perfect destination for sun seekers.

Accessibility
Its popularity as a tourist destination means that there are regular flights from the UK to Egypt, less than 5 hours flying time from most of Europe.

Country Highlights
Where to start? Some of the worlds most well known pre-Christian monuments, the Pyramids and Sphinx are both regular attractions and the lasting heritage of the Greek, Roman and Egyptian dynasties have all left their distinctive marks on a country steeped in history and mythology.

Permanent Move
Visas are required for UK citizens and are valid for six months, allowing a stay of three months in Egypt.  If you wish to star for a longer period of time or intend to study or work in Egypt you should check with the Embassy regarding visa requirements.

Buying Property in Egypt
With the Egyptian government actively promoting the buying of property in Egypt, even changing some of its residential tourism laws to make it easier for foreigners to buy property there, it is unlikely that Egypt will remain a relatively unknown destination for too much longer.

More overseas purchasers are already buying property in Egypt. The Egyptian real estate sector has recently experienced a substantial growth, partially stimulated by relatively strong demands from expatriates and foreign nationals to purchase properties in Egypt.  Traditionally, the overseas property market in Egypt has been concentrated in and around El Gouna, a resort about the same size as London located on the Red Sea coast some 600 kilometres south of Cairo, the capital.

Property prices have already gone up in the past 12 months as have land prices – by as much as 60 per cent in some areas.  Prices are expected to grow by around 15 per cent in the coming months as Egypt starts to become better known in property circles.

Destination Hot Spots

El Gouna
The established focus of overseas investment in Egypt, El Gouna already has a huge foreign presence, with around 40% of properties in the area owned by Europeans. There are all sorts of properties available to but, apartments with terraces, duplexes (town houses) with a roof terrace, various sized villas, even private islands.  Prices start from around £22,000 fopr a one-bedroom apartment and approximately £50,000 for those with two.  Meanwhile dig a bit deeper for a three bedroom villa, prices start at around £118,000.

Sharm El Sheikh
Over the last twelve months many areas along the Red Sea coast have started offering alternatives to purchasing in Egypt, most notably Sharm El Sheikh, already a popular tourist destination situated at the southern tip of the Sinai peninsula.  A combination of desert scenery, pristine beaches and golf courses have caught the attention of many potential buyers.  Even a series of bombs which killed 80 tourists in July this year has not managed to halt interest in owning a property there. After all, the sad fact is even established destinations like Spain are susceptible to terrorist attacks. For between £101,000 to £150,000 you would comfortably be able to afford a three-bedroom apartment overlooking the sea in Sharm. Increase your budget by just a little bit and you would be looking at a three-bedroom detached villa in the same kind of area.