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21-August-2008
Award-winning Property Investment Ticks All the Boxes
Overseas property investment specialist, Obelisk, has a passion for excellence and the company’s determination to offer superior standards and high professionalism at all stages of property investment has reaped its rewards.
Interview with James Gonzalez
Property Investment in Egypt 2008
With strong long-term economic growth, decreasing inflation, and an upsurge in both demand for short-term rental accommodation and second properties, Egypt is proving that it is more than just the home of ancient culture and the Pyramids. Among the many factors joining together to make property investment in Egypt a hot prospect is the record number of visitors that the country is attracting.
The 'feel-good' factor engendered by upward economic trends and tourist numbers has inevitably had a positive knock-on effect on real estate. Investment in Egyptian property is offering great opportunities for purchasers especially at this early stage of the vibrant fledging market. There is increasing tourist demand for short-term rental accommodation in the resort areas on both the Red Sea and Mediterranean coasts and property investors have enjoyed the best rental yields in the country from their activities here.
"Major cities are currently attracting as much as 25% annual capital growth"
Meanwhile, as more overseas buyers seek holiday homes and second homes in these resort areas the second home re-sale market has started to show profit potential over and above the initial capital outlay. Egypt's proximity to the European mainland and renewed tourist infrastructure mean that this market keeps on growing as holidaymakers see the potential for owning another property in an attractive, exotic location.
Aside from the resorts, the majority of property investment in Egypt takes place in the major cities such as Cairo and Alexandria where overseas property investors are overseeing the development of luxury residential areas and consequently generating strong international interest in the market. No wonder, as these major cities are currently attracting as much as 25% annual capital growth. The demand for property on the coast and in the cities, where there is a shortage of accommodation, and the subsequent ever-widening profit margins are set to continue due to a whole range of factors and benefits. The availability of infrastructure, low cost of living (therefore low costs of property management and maintenance), low prices for the investor and the introduction of mortgages for foreigners in Egypt, have all combined to make conditions more than favourable.
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