Egypt

As British property buyers fly overhead on their way to the shopping malls of Dubai, do they realise they’re gazing down on a land with much more natural appeal, lower entry-level prices and a five-hour flight time? There’s so much more to Egypt than British buyers assume. Most Brits are yet to discover Egypt’s new resorts where five-star luxury coexists with historical treasures, gorgeous beaches and fantastic diving in the Red Sea. Prices are still highly affordable, with apartments from just £15,000.

Egypt’s north-coast resorts along the Mediterranean stretch from Alexandria in the east to Libya in the west. Most buyers look between Alexandria and El Alamein. Another resort getting new attention is Ain Soukhna. On the Gulf of Suez and just 90 minutes’ drive from Cairo, it is a popular weekend retreat for Cairenes, and so offers potential for buy-to-let. With 60 kilometres of beaches, it has been largely ignored by non-Egyptians, but that may be about to change.

Across the Red Sea, Sharm el-Sheikh on the southern tip of Sinai, is now a firm favourite. It feels like a western Mediterranean resort and is the most expensive of the coastal destinations; a luxury three-bedroom apartment is likely to have a price tag of £120k-plus. But for that you get a resort that matches anything that Mallorca or Marbella can offer, at a far lower price. Back on the eastern coast, the ‘Red Sea Riviera’ is hundreds of miles of unspoilt desert coastline dotted with a few upmarket resorts. For starters there is El Gouna, built in a Nubian style with pastel-coloured domes and arches. As well as the seductively named Mangroovy Beach, the marina there is formed of a maze of canals and waterfront homes joined by stone bridges.

Further south is Hurghada, a resort traditionally popular with scuba divers. It attracts a young-ish crowd and is filled with après-scuba nightspots, cheap bazaars and internet cafes. Buzz Invest offers property for sale in Hurghada and in nearby Sahl Hasheesh. The area is also home to the classy Soma Bay resort, complete with a Sheraton hotel and sensational links golf course. Off-plan prices in Hurghada start at £15k. Capital growth has been slow to kick off in Egypt, with static prices until late 2005. With so much new-build going up, the market is gearing up for a busy time and resale bargains could be on their way.

Also bear in mind that Egypt’s property registry is out of date so check that the land your property is on is registered. Older property should already be registered but getting hold of title deeds in Egypt can take time and even prove impossible. Property is bought freehold in Egypt.

• Population: 80.3 million
• Capital: Cairo
• Approx. exchange rate: £1 = EGP£11.4; €1 = EGP£7.76
• Visas: Yes, visitor visa and renewable twelve-month work visa
• Time difference: +2 GMT
• Flight time from UK: 5 hours
• Major airports: Cairo, Hurghada, Luxor, Marsa Alam, Sharm el-Sheikh, Taba
• Dialling code: 00 20

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Most visitors to Egypt will get there by air. A huge number of airlines operate in and out of Cairo and Egyptair offers international flights in and out of Luxor and Hurghada. Charter flights from London also fly in to Cairo, Luxor and Hurghada.

Hurghada is just 5 hours flight from the UK, and is well connected across Europe. For more information, please view our Flight Information Document.

The Red Sea Riviera offers a host of fantastic activities, helping to reinforce the fantastic potential Egypt offers you.

No trip to the Red Sea is complete without sampling the delights of its underwater world. The Red Sea coastline boasts kilometres of beautiful coral reefs that are home to an abundance of spectacularly coloured sea life.

Scuba Diving is a sport that can be enjoyed by individuals or as part of a group and complete beginners can start with what is known as an ‘intro dive’ to help become accustomed to the breathing apparatus before embarking on to a 5 day dive course.

Golf has been played in Egypt for over 100 years, and the last 10 years has seen a growth in its popularity making the Sinai & Red Sea coast an exciting golf destination. Sahl Hasheesh resort will offer three complete manicured 18 – hole golf courses complete with fully equipped golf academies. These exclusively designed courses blend harmoniously with the environment, providing the perfect golf haven with beautiful scenery for pros and amateurs alike. Other beautiful golf courses are to be found in the surrounding area, such as the Golf Club in El Gouna and The Cascades Golf Club in Soma Bay designed by Gary Player. Further afield, the Jolie Ville Golf Resort in Sharm El Sheikh is one of Egypt’s best-known golf courses and home to a number of International PGA tour events.

• Diving
• Kite surfing
• Deep sea fishing
• Windsurfing
• Swimming with dolphins
• Sailing Boat trips on the Red Sea
• Horse riding
• Camel riding
• Go-Karting
• Sail-Karting
• Quad biking
• Shopping
• Desert safaris
• Excursions to the Red Sea Mountains, the Eastern Desert and Bedouin camps by jeep, horse or camel

Egypt is a land of of ancient civilizations and monumental historical sites. With a history that spans over 7,000 years, it is one of the oldest vacation spots in the world

Egypt, though, is not just a place for visiting pyramids, monuments and temples. It is a mystical land that bustles with life, sound and visual beauty, all in brilliant, year-round sunshine

The ancient Egyptians established a magnificent and enduring civilization whose achievements have captured the imagination of the world ever since

Egypt’s glorious past contrasts perfectly with all that modern Egypt has to offer – scuba diving in the Red Sea, fine sandy beaches, exclusive nightspots, unparalleled golf courses, romantic Nile cruises, 5-star accommodations and a varied and exotic cuisine — making this country a truly unique and fascinating place to be

More detail can be found in the following investment motivations:

Property Egypt - PROPERTY MARKET ****

The property market is in its early stages and set for a period of prolonged growth. Capital growth is difficult to assess due to the infancy of the market although 25% is predicted for 2006 once figures are in. Sahl Hasheesh which boasts a Sir Norman Foster co-designed marina resort at the southern tip of Hurghada is selling property in egypt at ten times the price of neighbouring developments showing the high expectations for the Red Sea resorts. Foreign nationals are entitled to purchase and own property in Egypt. Property in Hurghada is freehold, unlike the predominantly leasehold market in Sharm El Sheikh. There is no capital gains tax payable on the sale of properties. If you are a British citizen and UK resident investing in Egypt, you will also avoid inheritance tax thanks to a reciprocal agreement. Four stars due to the infancy of the market.

PROPERTY EGYPT - TOURISM *****

Statistics released by the Egyptian Tourist Authority (ETA) state that over one million Brits visited Egypt in 2006, a giant 23% increase over 2005. Brits make up the largest chunk of Egypt’s overseas visitors and not only have they increased in number but also by the length of stay. British tourists stayed for a total of 9.1 million nights in 2006, that’s 21% more nights than 2005. The ETA also confirmed that a record 9.81 million tourists in total had added 7.6 billion dollars to Egypt’s economy in 2006.

Tourism Minister, Zoheir Garranah, has no plans to rest on his laurels and with the launch of a multimillion pound advertising campaign at the back end of 2006 entitled “The Gift of the Sun” he hopes to attract 16 million visitors annually by 2014. Egypt also has a brand new tourism logo and official website www. egypt.travel in six different languages.

Garranah vows to improve service and educate bazaar merchants in being ‘less pushy’ via a Tourism Awareness Project for the Egyptian people beginning with print and TV advertising campaigns bearing the slogan “Tourism Benefits Everyone”. The tourism market is now making a distinct shift towards the ‘high end’ with the Red Sea resorts taking centre stage. Purpose built resorts such as Sahl Hasheesh will only add to the tourism appeal.

PROPERTY EGYPT - ECONOMY *****

Egypt has one of Africa’s most prosperous economies and is fortunate to have tourism, oil and gas to its advantage. Tourism is Egypt’s largest money-earner, followed by tolls on the Suez Canal, and then exports of oil, petroleum products, textiles and natural gas. The country is classified as middleincome and continues to record economic growth. In its annual report, the IMF has rated Egypt as one of the top countries in the world undertaking economic reforms which is an important factor when considering a property in Egypt.

Egypt has been a republic since 1953 and President Mubarak has been in place since 1981 and is now serving his fifth term in office (last voted in in 2005). He is the leader of the ruling National Democratic Party and his presence fosters stability. Five stars.

PROPERTY EGYPT - CLIMATE *****

Egypt has a desert climate, with hot days and cooler nights and the sun shines all year round. There are just two seasons: a hot, dry summer from May to October and a slightly cooler winter from November to April. On the Red Sea coastline, minimum winter temperatures are around 24°C, (‘winter’ suddenly seems to be an inappropriate word) and maximum summer temperatures can hit the early 40s°C, but extremely hot days are made more than bearable by the prevailing northern winds. Five stars as the only packing essentials are sun cream and a hat, regardless of the time of year. The fact that Egypt has this amazing climate make purchasing a property in Egypt an excellent investment for all year round rentals.

All property sold by Buzz Invest in Egypt is freehold.

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