Overseas Real Estate Blog

Its not a well known fact that the Egyptian government has spent much time speaking directly to the Dubai authorities on how best to undertake its transformation. One of the key issues is how to encourage both business and tourist markets. For tourism the Red Sea Riviera is in a league of its own offering near perfect conditions for strong growth. Accessibility is excellent from the wealthy parts of the world mainly under 4.5 hours flight from most of the key Western/Eastern European, Russian and Middle Eastern states. Hot summers and warm winters and huge cultural pull have already built a thriving tourist industry centred on the main centres of Sharm El Sheik, Hurghada and the Nile.

However, to get the sort of consistent and sustainable price rises back by strong rental you need not just a strong tourism industry but a rapidly growing economy. Here Egypt is making excellent progress although there are still many challenges. Huge growth in new jobs are being created outside tourism, construction and real estate. Progress here can bee seen not just in Cairo, but also in Hurghada where new offices are being occupied by marketing, internet and media companies.

So what are the business prospects? Well I look at Egypt as a mini Dubai in the making. With no VAT, capital gains tax and just 10% tax on rental income along with very low costs of purchasing and a GDP growth in 2007 of 7.1%. It is interesting to see much of the property investment is by Egyptians themselves who are witnessing the growth in prosperity their country in enjoying.

The large growing population of 81.7m people is not with out problems with a high 20% living below the poverty line. For all the facts go to the CIA World Fact Book online:

https://www.cia.gov/library/publications/the-world-factbook/geos/eg.html

If you are in the market to see strong growth rates then Egypt should be considered but, best of all visited, to see for yourself how this country so often makes a positive impact.

If you are looking at an overseas portfolio or are looking for a quality retirement destinations, then one of the best opportunities we have in pre launch is Samra Bay, Hurghada. Samra Bay has on of the very best frontline locations, next to many existing 5 star hotels, Intercontinental, Steigenberger, Hilton and Grand Plaza. Grab yourself a 10% pre launch discount now. Contact us for more details.

Samra Bay is just one of many developments in Hurghada, El Gouna, Sahl Hasheesh and the up and coming Gamsha Bay development, that Jet2Let are marketing. We are showing investors traveling to Hurghada the best of what is on offer. Make sure you view Samra Bay soon and reserve to get the best units.