Egypt - A Sound Emerging Property Market
By Greg Walters
With over one million UK holidaymakers visiting in 2006 and property price rises already outstripping most emerging markets, experts are predicting that Egypt could offer one of the greatest overseas property investment returns currently available worldwide.
According to Egypt s Tourism Authority, over one million UK holidaymakers visited Egypt in 2006, representing a 25% increase on the previous year. Property price rises are already outstripping most emerging markets and experts are predicting that Egypt could offer one of the greatest overseas property investment returns worldwide currently available. Average property prices in Egypt are expected to rise by 20% in 2007.
Since Egypt s Economic Reform Program in the early 1990s, which focused on stabilising the economy, improving public finance and exchange rate policies, the economy grew by 6% in 2006 and the anticipated growth this year is 7%. Property purchase is relatively simple in Egypt requires no purchases taxes, stamp duty, income tax nor capital gains tax and there is no restrictions on freehold ownership of property for foreigners.
A rapidly expanding tourist market, the country, which is on course to welcome 16 million visitors from around the world by 2014, has benefited from one of the fastest growing property prices in the world, with the average property price rising by 50% in the last two years. It also offers one of the highest returns on investment worldwide, with rental yields in key tourist resorts reaching 11% compared to 4-6% in the UK.
Despite the recent boom, current prices still reflect Egypt s status as a new player in the property market and offers excellent value for money.
offplanpropertyabroad.com have a range of high standard new build investment properties on Egypts Red Sea Coast starting from just 19,500GBP.
However, prices aren t expected to remain at these levels for long, as demand soars. Approximately 2,000 properties where purchased by overseas buyers in 2006 and this figure is expected to double in 2007 and reach 10,000 by 2010, pushing prices up by as much as 20% per annum for the next three years.
For more information about investing in Egypt visit www.offplanpropertyabroad.com or email info@offplanpropertyabroad.com. Further more you can contact Off Plan Property Abroad on +44 (0) 121 314 8110 or UK FREEPHONE 0800 021 76 88.
Off Plan Property Abroad Ltd are a UK based property consultancy who specialise in assisting individuals successfully invest in overseas property.
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