Overseas Real Estate Blog

Recently got back from Red Sea Riviera, Hurghada, Sahl Hashesh, Gamsha Bay inspecting sites of new properties we are marketing.

What struck me was how full the hotels were. For those that have not seen the area it offers year round sunshine, famous scuba diving, golf and many 5 star luxury hotels.

Like all new foreign destinations, I know some folks may have some apprehensions about traveling to Egypt, but the image you may have of Cairo of street hassle is not the reality here on the coast. I felt very safe indeed here. I was also impressed with the money they have spent on the infrastructure before the property is built. New roads, paving and lighting are in, one new huge shopping mall coming up for completion and

One can see why, Hurghada under 5 hours flight from UK and only 10 minutes from Hurghada airport is booming. New wide promenade pavement has been completed whereby a stroll in the evening enables good people watching and opportunity to select a retaurant. All sorts are here and I was impressed with the Thai restaurant and the sushi in the Little Buddha Bar restaurant and night club

Over 20% of the tourists were from Russian or Russian speaking countries with many sign in the Russian alphabet - familiar territory for those who have been to Bulgaria. The Russians are the biggest spenders.

The popularity extended to visitors from Germany, Italy, Scandanavia, UK and Ireland. It was not hard to see why with last minute bargains from the UK of just £425 including flight and fully inclusive hotel. This is stunning value - at double the price Egypt is still very good value.

One of the real attractions here, apart from the price and 365 days of sun, is the quality of service from the Egyptians. My impression here was very positive the Egyptians are almost always polite and friendly and, when you engaged in conversation, they were often very well educated. All in the tourism trade speak English.

So if buying here where should I buy? Well if you want to be a few minutes from the main new bar and restaurant area, then Coral Sea Pearl (or Coral Pearl) is perfectly located. The Desert Pearl 1 which is just about complete (plants are in and snagging underway) showed the build quality with superb 2.9m extra high ceilings, swimming pool and roof terrace with views of the sea. Prices here are from £17,500 for a studio up to £55,000 for a 3 bedroom apartment. This is superb property value and will make perfect sense for many buyers. All prices are in pounds so these are even better value with the weak pound at time of writing compared to euro priced properties.

On to Sahl Hasheesh (or Sahl Hashesh), this new exclusive area is still under construction but the main and very attractive waterfront promenade and huge piazza are nearly finished. The intention here is of an up market destination. Three golf courses are under construction - well I could see two that were well underway the third did not inspect.

Already there is one hotel working and the new scuba diving "The Sunken City" is a recreation of "The City of Isis" a main port that expanded for 2,000 years until it sank and became a key under water attraction. In the bay of Sahl Haseesh divers can explore the ruins of ancient civilisations. Sadly did not have time to test this out but Jeff (an ex dive master) told me its good and not naff as it may sound. Nor did i have time to windsurf or have another go at kitesurfing, deep sea fishing or sailing. However I did get on a very pleasant boat trip moored off Giftun island and went snorkeling in the 25 degrees sea - not bad for the 9th March!

Property in Sahl Hasheesh is more expensive but still excellent value considering that this really is a premium area like El Gouna to the north. So Sunset Pearl there are studios from just £30,000 up to three bedroom apartments around £90,000. This is stunning value and those who know Spain would agree. Here you get golf course AND sea view. Same goes for Red Sea Pearl and Isis Pearl just by Sunset Pearl. Sunset Pearl finishes December 2008 and work on the interiors is now starting. The Pearl of Sahl Hasheesh has mainly golf course views, a little cheaper and will incorporate a Lee Sharp football academy. Here the villas at £275,000 will be excellent investments as similar villas in El Gouna are selling now for in excess of £600,000. So I liked the scarcity value in Sahl Hasheesh and this will probably make the area one of the best to buy into.

So is this area a serious contender on the international stage of exclusive developments? Well I think so, with the Norman Foster and Partners exclusive "Serrenia" this 3 billion dollar waterside development and marina just has to be seen to be believed (well on the internet its a site at the moment). Property here is in the millions. In addition we will be launching Damac (the Middle East's largest private sector luxury developer) the new 10 million m2 Gamsha Bay.

So my conclusion Egypt is the major new property hot spot, buy here soon and not only will you have a holiday or retirement home but a sound investment not least because of the huge buying interest from Russian property investors who so often now drive prices upwards. The zero Egyptian capital gains or inheritance tax and zero VAT is the icing on what is now a becoming a very appealing cake.