Egypt News - Property, Apartments, Villas, Land, Businesses For Sale in Egypt.
News March 15 2006
Overseas property buyers begin looking
to Egypt.
Egypt is appearing on the radar screens of overseas buyers. The property
market in Egypt is predicted to flourish over the next five years, according
to experts.
At first, the North African country might seem like an unlikely destination
in which to buy an overseas property, particularly when there are emerging
markets closer to the UK.
But with flights now available for less than £300
and taking only five hours, the holiday home and property investment market
is starting to take off.
Official figures show that the number of British visitors to Egypt has increased
by a third since 2000, with 345,000 visits by Britons in 2004.
Most of these head to the Red Sea Riviera’s main resort of Sharm
El Sheikh, which has good infrastructure including both an airport and
a modern hospital.
Others head to Marsa Alam, located near the
Tropic of Cancer, which is an up-and-coming tourist destination that is
becoming increasingly popular with residential buyers.
Peter Jennings from Elite properties Egypt said: "It is an emerging
market and therefore in its infancy for overseas buyers but with the Egyptian
government marketing Egypt for residential tourism this year, the profile
of the property market will be raised yet further."
Nagi Azab of tour operator Pyramisa Egypt added: "We expect the property
market in Egypt to build substantially over the next five years. The
market is flourishing at the moment and has been for the past few years
with capital growth exceeding 100 per cent in some areas such as the Red
Sea Riviera."
Studios, villas, residential complexes and land suitable for development
are among the property for sale in Luxor, Hughada
and Sharm El Sheikh.
You can buy an eco lodge on the Red Sea of 1,000 square feet furnished for
around £30,000 or a golfing two bedroom apartment of around 1,500
square foot on the Red Sea near Hurghada will cost £120,000.
In Sharm El Sheikh, apartments will cost from £50,000 upwards whilst
a villa in the Four Seasons resort would currently be around £750,000.
Naturally there are pitfalls for buyers of overseas property
in Egypt. Mr Jennings says the most common problem is with title deeds
and urges buyers to contact a reputable lawyer to verify documents prior
to committing to any contract or transaction.
"The property should be checked against any loans, debts and disputes,
correct signatures and all relevant power of attorneys from the seller should
be verified by the lawyer," he added.
All contracts should be dual contracts in both Arabic and English and these
should be professionally translated to ensure the Arabic matches up with
the English as in some cases it has been known to differ.
Plans to boost Middle East Tourism
Munir Nasser told more than 400 leaders from the international tourism industry
that "tourism in the Mideast would overcome the repercussions of instability"
and "we can expect to attract investment in the hotel, spa and airport
sectors."
He spoke at "the Middle East Travel and Tourism Summit 2006" conference
held on the Jordanian shore of the Dead Sea. The two-day event has gathered
tourism ministers, aviation, real estate property developers from some 20
countries, including Britain, Egypt, Iran and Turkey. Israel is not participating
in the venue.
Held under the patronage of Jordan's King Abdullah, organizers including,
the U.K. Trade and Investment organization and Jordan's Tourism Board, said
they hoped to see increased cooperation between private and public sectors
in the tourism industry and regional tourism development.
"The cooperation we've had so far between the private and public sectors
is giving the right kind of push forward," Nasser told The Associated
Press on the sidelines of the conference.
He said Jordan's choice for the meeting's venue "shows people are convinced
about the stability and security of the country despite the difficulties
we faced," a reference to the November 9 triple hotel attacks in Amman
that killed 63 people, including the three bombers.
Al Qaeda in Iraq claimed responsibility for the suicide blasts at three
Western-based hotels.
Nasser said despite last year's blasts, Jordan for the first time earned
over Jordanian one billion dinars ($1.4 billion) from its tourism industry.
But he said a plan launched by Abdullah two years ago to increase tourism
revenues to the country aims to reach Jordanian 1.7 billion dinars ($2.4
billion) by 2010.
"We want to create 51,000 additional jobs in the industry," Nasser
said.
"It's an ambitious goal. But from the indications and performance we've
had in 2005 and the indications of what we have on the books in 2006, I'm
pretty confident we will get there if not exceed it slightly," he added.
The private Saraya Jordan investment firm has embarked on one of the country's
biggest tourist projects to date. It has begun a $600 million beachfront
development project in Aqaba, Jordan's sole resort on the Red Sea.
The conference is also exploring other timely issues including security
and tourism, historic preservation, ways to broaden religious, sport and
spa tourism, and emerging tourist markets in Libya, Sudan and Iraq.
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Hotel for sale in Egypt - Luxor City Centre
Location: Luxor
Category: * * * *
Ref: GA01
Price: P.O.A.
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Property for sale in Egypt - Apartment
Location: Luxor
Ref: PJ5007
Price: £ 43,000
Details: Beds: 3 | Baths:2 | Built M2 180 | Pool: No |
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Property for sale in Egypt - Apartment
Location: Luxor
Ref: PJ5006
Price: £ 43,000
Details: Beds: 2 | Baths:1 | Built M2 180 | Pool: No |
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Property for sale in Egypt - Apartment
Location: Luxor
Ref: EA226
Price: £ 39,950
Details: Beds: 2 | Baths:1 | Built M2 120 | Pool: No |
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Property for sale in Egypt - Apartment
Location: Luxor
Ref: CC5014
Price: £ 33,000
Details: Beds:- | Baths:1 | Built M2 140 | Pool: No |
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Property for sale in Egypt - Apartment
Location: Luxor
Ref: EA227
Price: £ 33,000
Details: Beds:3 | Baths:1 | Built M2 160 | Pool: No |
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Property for sale in Egypt - Apartment
Location: Luxor
Ref: EA222
Price: £ 30,000
Details: Beds:2 | Baths:1 | Built M2 100 | Pool: No |
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Property for sale in Egypt - Apartment
Location: Sharm El Sheikh
Ref: PJ5001
Price: £ 28,000
Details: Beds:1 | Baths:1 | Built M2 - | Pool: Yes |
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Location: Sharm El Sheikh
Ref: PJ5000
Price: £ 25,000
Details: Beds:1 | Baths:1 | Built M2 - | Pool: Yes |
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Location: Luxor
Ref: EA111
Price: £ 24,500
Details: Beds:2 | Baths:1 | Built M2 145 | Pool: No |
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Ref: MDC5000
Price: £ 24,000
Details: Beds:1 | Baths:1 | Built M2 78 | Pool: Yes |
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Ref: EA110
Price: £ 19,995
Details: Beds:3 | Baths:1 | Built M2 150 | Pool: No |
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Location: Luxor
Ref: G7919
Price: £350,000 GBP
Details: Beds:- | Baths: - | Built: M2 - | Plot: M2 - | Pool: Yes | | Garage: -
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Location: Luxor
Ref: G5582
Price: £82,000 GBP
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Location: Luxor
Ref: G7296
Price: £55,000 GBP
Details: Beds: 2 | Baths: 1 | Built: M2 - | Plot: M2 - | Pool: -| | Garage: -