Egyptian economy entices property investors

Egypt is one of the top holiday destinations for tourists, especially during the winter months when the guarantee of good weather just a few short hours away is too much to resist. With the increasing availability of budget flights this is one place that is going to continue to expand, not least because the Egyptian economy has recovered a lot more quickly achieving growth levels of about 5.1% this year.

This is great news for investors as it’s possible to buy relatively low cost luxurious buy to let property. These properties can achieve a substantial amount of capital growth in the major tourist cities, and the demand for accommodation is still rising as more and more holiday makers choose to visit Egypt.

These properties are still very affordable enabling many people to buy outright without needing a mortgage, and this factor is further fuelling the property and rental market. An expansion of the new arrivals terminal at Hurghada airport has taken place at the cost of over $150 million, and is significantly increasing visitor numbers from the 7.5million who currently visit every year. All these people will need accommodation, and many will choose to rent a holiday apartment. Lots of people choose to escape the winter in Egypt year after year, and may wish to book the same apartment on a year on year basis.

The country definitely encourages foreign investors as it is extremely tax friendly and charges no tax to non-resident property owners. The local demand for housing means that prices will only increase, especially as mortgages become more readily available, which makes now the perfect time to buy.

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