For overseas property investors adopting an ever-cautionary approach to business during a worldwide economic downturn, Egypt is an attractive prospect. As a country that offers scenery, culture and history as well as a hot climate and a thriving tourism industry, many investors are turning their attention to Egypt as they recognise just how much the country has to offer.
Hurghada, formerly a tiny old fishing village and now an international tourist attraction on Egypt’s Red Sea Coast, has been a popular tourist destination for almost 30 years, growing over time due to Egyptian as well as foreign investment and attracting tourism from other Egyptian cities as well as European countries such as Italy, Germany and the UK.
Famed for its water sports, nightlife and scorching temperatures and with an international airport – offering low-cost direct flights to the UK – as well as a generally improved infrastructure, Hurghada has become a property investment hotspot, as investors looking outside the euro zone realise that the city offers all-year-round rental opportunities from winter and Christmas / New Year visitors as well as summer sun seekers.
Attractive off-plan property prices, with continued growth in the housing market as well as increasing tourism numbers (as holidaymakers select Egypt ahead of increasingly expensive Mediterranean destinations) have all contributed to Hurghada’s property boom. Combine this with the country’s tax incentives and a stable economy and it isn’t difficult to see the appeal – Egyptian property is now widely considered to be a safe investment and an intelligent choice.
So, cheap flights, good accessibility, low property prices and a generally low cost of living, as well as an all-round source of rental income from an ongoing stream of holidaymakers have all contributed to the growth of Hurghada’s tourism industry and, in turn, attracted the foreign investment at an impressive rate.
Reasonable travel time from the UK has also made Egypt a more appealing prospect for second home seekers who aren’t necessarily looking for a source of rental income, but who want to make frequent low-cost trips back and forth, where the strength of the euro has lessened the appeal of traditionally popular Spanish and other European resorts.
If you’re looking to invest in overseas property – whether you’re seeking a consistent income from renting the property or require a luxurious holiday retreat to escape to throughout the year – then make sure Hurghada is a location that you consider. With flights, currency, tax and property prices all in your favour, it’s undoubtedly an idea you won’t want to overlook. 해외스포츠
