Egypt Property - Buying Property in Egypt

Egyptian Property Market

The Mediterranean and Sinai – that is, Red Sea – coastal regions of Egypt are popular with holidaymakers and foreign property investors alike, as are the major cultural centres, such as Cairo and Alexandria. The regions of Hurghada, and Sahl Haseeh, on the western coast of the Red Sea, offer potentially lucrative opportunities for freehold investment, while leasehold investment is available in Sharm El Sheikh, in South Sinai. Indeed, Sharm El Sheikh receives more visitors from the United Kingdom than any other destination in Egypt, and rental income of 7%, or 8%, is a real possibility. The Egyptian property market, as a whole, has been stimulated by government reforms and incentives for foreign property investors. The growth of tourism in the country, due to modernisation of infrastructure and amenities, the development of luxury tourist resorts, and the number of carriers offering routes to Egypt, augurs well for the future of property investment. In fact, capital appreciation of up to 30% per annum is already possible in some locations

Buying Property in Egypt

It is a legal requirement that all property in Egypt available for purchase by foreign investors is registered, but, traditionally, the registration process was bureaucratic, in the extreme, with the result that only 10%, or so, of Egyptian property is actually registered. The services of a lawyer, as well as an estate agent, may therefore be required to negotiate the vagaries of the registration, and buying, processes. Mortgage law in Egypt has improved recently, such that a limited number of mortgage products - typically with loan to value not exceeding 85%, and repayable over terms of 20, or 30, years - are available to foreign investors. The alternative, of course, is to secure a mortgage from a bank, or other financial institution, in the United Kingdom, for the purchase of a property in Egypt. Do bear in mind that commission, of typically between 4% and 5% of the total property value, is payable, by the buyer, to the agent handling the sale, and that this does not, necessarily, include all lawyers` fees.

About Egypt

The North African country of Egypt is essentially a vast desert plateau, bisected by the fertile Nile valley and delta, which is home to roughly 95% of the population. The country – all bar a narrow strip of Mediterranean coastline – experiences a desert climate, throughout, and is one of the hottest and sunniest countries in the world. Egypt is, of course, synonymous with the Great Pyramids, the Sphinx, and other ancient antiquities, but also offers a host of more modern attractions. Egypt is served by no less than nine airports, including those at Cairo, and Luxor, which receive incoming flights from Europe, North America, Asia, and the rest of Africa.

Text supplied by www.sunshineestates.net

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