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Property in Egypt up for the cup - 28 January 2010
This evening sees the Egyptian national football team playing Algeria for a place in the final of the African Cup of Nations – and the property market in Egypt is hoping to ride a similar wave of success in 2010.
As the country’s footballers are preparing to face Algeria (with whom there is a fierce and historic rivalry) for the fourth time in the past 12 months, the property market in Egypt is showing signs of having one of its strongest years as buyers are attracted by the rental possibilities, the low prices of property and the almost guaranteed good weather.
Most of the property development in Egypt is along the Red Sea coast, taking advantage of the popularity of the region with tourist from all over the world. Not only do people visit for holidays in the almost year-rounds sunshine, but the Sinai Peninsular is known as one of the very best diving locations in the world.
The next area to see extensive property development is Hurghada, which is somewhat less crowded than the traditional destination of Sharm el Sheikh, but still offers the same great connections to international airports and diving facilities. What is yet to develop in the area is the concept of steep price inflation, however. Some of the latest beachside developments offer properties for sale in Hurghada for as little as £9,969.
Meanwhile, there is little sign that interest in the more well-know resort of Sharm el Sheikh is waning. One developer in the resort has reported that they have so far this year sold more than a property a day.
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