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Egypt – a Sound Emerging Property Markets
With over one million tourists visiting the UK in 2006 and house price rises and increased playing a part in emerging markets, experts are predicting that Egypt could offer one of the largest foreign investment in the property returns available worldwide today.
According to the Tourism Authority of Egypt, over one million UK tourists visited Egypt in 2006, representing an increase of 25% over the previous year. Property price rises are already beating most emerging markets, and experts are predicting that Egypt could offer one of the largest returns overseas investment property available worldwide today. The average prices of property in Egypt is expected to increase by 20% in 2007.
From Egypt's Economic Reform Programme in the 1990s, which focused on stabilizing the economy, improving public finances and policies exchange rate, the economy grew by 6% in 2006 and the expected growth this year is 7%. Property for sale in Egypt is relatively simple tax does not require the purchases, stamp duty, income tax, no tax on capital gains and no restrictions on freehold property ownership for foreigners.
A rapidly expanding tourist market, the country is on track to welcome 16 million visitors from around the world by the year 2014 has benefited from one of the fastest growing prices in the real world, with the average price of property increased by 50% in the last two years. Also offers one of the highest return on investment worldwide, with rental yields in key tourist areas reaching 11% compared with 4.6% in United Kingdom.
Despite the recent boom, current prices still reflect Egypt's status as a new player in the property market and offers excellent value money.
A one room apartment in Egypt Red Sea coast could be bought around £ 25,000 sterling. $ 50,000 USD.
However, prices are expected to remain at these levels for long, as demand soars. Approximately 2,000 properties bought in overseas buyers in 2006 and this figure will double by 2007 and reach 10,000 in 2010, raising prices by up to 20% annually over the next three years.
More relating to property in Egypt can be found at www.offplanpropertyabroad.com
About the Author
Greg Walters is principal of a leading overseas property consultancy based in Staffordshire in the United Kingdom.