Over the past two years, an increasing number of property investors have looked at the opportunities for investing in property in Egypt, particular in the popular resorts along the shores of the Red Sea. We take a look at why Hurghada is at the forefront of this increased level of interest.
Over the course of the past two years, there has been a shift of emphasis from investors away from the more traditional property markets throughout Europe to destinations further afield. At the forefront of this change of investment interest is the tourist hotspot of Egypt, and in particular the popular Red Sea resort of Hurghada.
The large increases in visitor numbers to this beautiful resort have changed the once sleepy fishing village into one of the Red Seas most popular tourist destinations, complete with a wide range of leisure activities and luxury hotels. Popular with a wide variety of tourists, large numbers visit Hurghada every year, ranging from travelling backpackers through to the most experienced of scuba divers. All keen to sample the delights of this stunning Red Sea coastal region.
The recent development to Hurghada has fortunately extended through to its infrastructure, and today the region is served by the modern international airport. Increasing number of low cost operators have also announced direct flights to Hurghada, which only bodes well for the tourism and investment opportunities within the region.
It should also be noted, that the recent economic crisis, and the subsequent currency fluctuations which have followed, are likely to bear fruit for Egypt’s expanding tourism market. Holidaymakers from the UK, one of Europe’s largest package holiday markets, have seen the traditional Mediterranean holiday destinations become increasingly expensive due to the relative strength of the Euro against Sterling. As such, non-euro destinations such as Egypt become increasingly attractive in recent months. Similarly, tourists from major western European destinations are likely to be buoyed by the new found buying power of their Euro are more likely to make trips abroad.
This expansion in the market for tourism in Egypt has not gone unnoticed by the major property developers in the Middle East and Europe, and already a number of major developments such as Gamsha Bay have been announced for the Red Sea region. As well the major projects, a number of high quality, smaller projects have also been announced within Hurghada itself which will provide an effective range of options for property investors interested in buying a property in Hurghada.
As well as the opportunities through the expansion of Egypt’s tourism industry, investors have also been encouraged by the relatively low price of property in the region, providing an excellent opportunity for capital growth over the coming years. Current estimate are placing these growth rates in the region of 20% per annum for the next five years, a rate not found throughout many of the more traditional property investment markets.
Without doubt, Egypt, and in particular Hurghada with its beautiful beaches and scenery, offer a strong economic argument for investing in property in the region. It is likely that we will see an increased level of interest in the region over the course of the next few years.
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