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Developers’ Confidence in Egyptian Coasts and Suburb Property Pay Off - 21 April 2010
Unlike the real estate slump plaguing the rest of the modern world, in Egypt, property development hasn’t slowed.
Developers have continued to build in the suburbs, deserts and along lesser-known coasts over the last few years, turning properties in dry, arid regions and marina-centered towns into affordable, luxurious condos and resorts.
Properties near the Red Sea’s northern shore have drawn great interest from investors, especially Brits who are only a five-hour flight away. In the seaside town of El Gouna, brand new apartments start at £47,000, while villas begin at under £200,000—deals that are much more affordable than those being offered for beach properties in Spain or France.
The confidence in the Egyptian property market, even in the midst of debilitating global recession, is due in part to the country’s uncomplicated buying processes. Developers have been offering buyers extremely low initial down payments—half of what is usually asked for in most European countries—as well as extended repayment tenure. At developments like the Royal Beach Resort in Hurghada, to be completed in 2012, property is tax-free with no capital gains tax or inheritance tax to pay.
Experts are saying that developers’ efforts are now showing in sales numbers as well. Newly built resorts and condos are filling up, and construction of residential properties continues to get underway. Even real estate in traditionally more expensive areas like Cairo and Luxor have steadily remained in demand. Moreover, forecasters predict that property prices will increase over the next two years due to the country’s stability and maturing market.
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