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Egypt
Overview
Investors continue to be drawn towards Egypt, while tourism is growing, property prices are relatively cheap and in general returns on investment are excellent.
Tourism Figures
Tourism is heading towards being Egypt's most lucrative industry and according to the U.N tourism organisation, a marked increase during 2007 saw arrivals jump by 20% year-on-year. Clearly this is excellent news for the rental market.
It’s our understanding that Trump Enterprises purchased a significant amount of land near Hurghada, other global brands are following suit with Marriot and Hilton both heavily invested.
Capital appreciation on the Red Sea coast is currently running at 20 - 25% per annum. Buyers are attracted to Egypt because of its low property prices, low cost of living and increasingly improved transport links, as well as the high capital returns on offer.
The huge inward investment in new projects all along the Red Sea practically guarantees the continuation of strong capital appreciation for many years to come. Egypt and in particular the Red Sea Coast, is growing both in tourist numbers and economically and as the popularity of the area continues to increase and the potential for investors is realised, this will have an upward impact on prices.
Investment Options & New Developments in Egypt
Highlights
Main Features
Flights are readily available from all major European destinations and with new initiatives, including low cost airlines commencing flights to Hurghada from London it is expected that tourism figures will reach 14 million by 2010/2011.
Egypt has recorded impressive economic growth in the last few years and while economies may be stabilising or declining in other parts of the world, Egypt in contrast is in a growth phase currently. Forward thinking government policies and a solid infrastructure are making Egypt a property and tourism hotspot. With high capital returns from 20-25% per annum in key locations, the investment climate in Egypt is excellent.
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Tax
Of particular interest to property investors, there is no capital gains tax nor inheritance tax in Egypt.
Economic and Political Climate
The reforms and tax incentives have provided a stable and political climate that has kick started the property investment market. Most importantly, low cost of living, a skilled workforce and low build costs have helped to keep property prices affordable.
