 |
 |
|
|
Krihaat Glass Hill,
Thailand |
|
|
Al Noor development,
Ras Al Khaimah |
|
|
Al Sanaa Development,
Ras Al Khaimah |
|
|
|
| |
|
| |
Cheap prices help make Egypt popular as more developers move in |
| |
HOME >> NEWS >> Cheap prices help make Egypt popular as more developers move in |
|
|
 The property market in Egypt is set to ride out the credit crunch because prices are so cheap, one expert has claimed. This has prompted a rash of interest from developers.
Tahir Ali, managing director of Egypt Revealed, explained that because property prices in the country are only a fraction of those in the UK, investors often do not need to take out a loan to buy a property.
'We are very much in a period of rapid growth for the Egyptian market. This is being fuelled by massive increases in tourist numbers helped by the arrival of more low cost flights,' he said.
'These holidaymakers will need accommodation and this will mean that the rental market will become more firmly established,' he added.
Research backs up his claims. Figures from Cheapflights.co.uk shows that interest in the resort of Sharm El Sheikh, for example, is currently 50 per cent higher than it was 12 months ago.
The current weakness of the pound against the Euro has been cited as one of the main reasons for this increase, as it has made many European countries expensive places to visit.
By contrast, exchange rates with Egypt are much more favourable, which means holidaymakers are able to get more for their money if they travel further afield. 'The 50 per cent increase in interest shows that value for money is a key consideration for UK consumers,' said Francesca Ecsery, general manager of the company.
An increasing number of international developers are also looking to Egypt so there are likely to be even more choice for property investors in the coming years, according to James Weatherall, a property consultant in Sharm El Sheikh. 'Egypt is also consistently appearing in the top ten lists of hot spots for property investments,' he added.
But he warned that getting a mortgage in Egypt is not always easy. But with prices for some apartments starting as low as £20,000 finance can be found from other sources.
New areas are also opening up for development. 'The focus is still on the Red Sea resorts but we are now beginning to see other places becoming popular,' he said.
There are golf based resorts being built and new resorts on the Mediterranean coast such as Marsa Allam, which will soon get a new airports. Alexandria is also becoming popular.
Source: http://www.propertywire.com/ |
| |
|
|
|
|
|
|
