EGYPT - GENERAL INFORMATION / BUYING GUIDE
HURGHADA
The city of Hurghada, Al-Ghardaka in Arabic, dates back to the early twentieth century, covering an area stretching over 40km along the Red Sea coast until it meets the desert and boasting a population of over 40,000 inhabitants. Until recently a small fishing village, today thanks to overseas investment, it has become one of the most popular destinations on the Red Sea.
Divided into three parts, El Dahar the old town where you will find the town’s largest and most colourful bazaar, bus station and post office, whilst Sekalla and El Korra Road have a more modern flavour. However, this bustling town offers a vibrant selection of restaurants, bars, shops, internet cafes, hotels and lively nightlife, with many clubs where it is possible to sample some traditional belly dancing. Most of the hotels have their own nightclubs offering entertainment well into the small hours.
The region is also a gateway to diving sites on the Red Sea, which is known as an international centre for water sports, deep sea fishing, windsurfing, snorkeling and is famous for its unrivalled dive sites, displaying spectacular coral reefs and islands. Desert safaris, golf and sizzling year round summer weather have made this a corner of North Africa a hotspot in every sense of the word. The area is easily accessible, served by the international airport at Hurghada, which receives direct flights from most European cities and there are also regular connections from Cairo
Capital:
Cairo. It is the largest city in the Arab World, Africa, and the Middle East. It is also the industrial and commercial centre of Egypt.
Area:
Total: 1,001,450 sq km
Land: 995,450 sq km
Water: 6,000 sq km
Population: 77,505,756 (July 2005 est.)
Languages:
Arabic (official), English and French widely understood
Border countries: Gaza Strip 11 km, Israel 266 km, Libya 1,115 km, Sudan 1,273 km
Terrain:
Vast desert plateau interrupted by Nile valley and delta
Climate:
Hot, dry summers with moderate winters.
CURRENCY
Official Currency is the Egyptian Pound
Egyptian Pound = 100 Piasters
1 US Dollar = approximately 5.75 Egyptian Pounds (as of October 23, 2006)
1 British Pound = approximately 10.75 Egyptian Pounds (as of October 23, 2006)
VISA AND ENTRY CONDITIONS
No restrictions for EU passport holders. Visa on Entry costs £10. Otherwise visa price starts at £15.
Visa required?
British Yes
Other EU Yes
Visas
Required by all nationals referred to in the chart above except the following:
(a) EU nationals travelling to Hurghada, Sharm El Sheikh or Taba Resorts for up to 14 days. They will receive an entry permission stamp upon arrival;
(b) those continuing their journey to a third country within 24 hours, provided holding confirmed tickets;
(c) cruise ship passengers entering Egypt, at any port, for a maximum of three days.
REAL ESTATE MARKET
"There are so many positive aspects of the property market in Egypt that make the entire sector an exciting place to be right now that anyone serious about venturing into an emerging overseas real estate market should be focused on Egypt for at least the medium term.
First things first let's remove the confusion - Egypt is not a country plagued by terrorism, drought or famine - it's a stunningly beautiful, ancient and interesting country with a coastline that is brushed and caressed by both the Mediterranean and Red seas. It is also one of the most exciting and exotic countries in closest proximity to Europe giving investors a massive potential tourist audience to target; it is also a country that can genuinely boast year round sunshine on its Red Sea Riviera which means it offers investors year round potential for profit.
What about the fact that the Egyptian government have slashed property related taxation costs to make the whole process of owning real estate in Egypt that much more affordable for more people?
You can add to this the fact that inward foreign direct investment into Egypt is at an all time high, the country is receiving higher annual visitor intake than ever before and the country is enjoying its best relationships with Western governments in documented history if you like.
Furthermore the amount of investment and economic confidence in Egypt is opening up a wealthy and growing middle class sector who are keen to afford property for sale and rent in Cairo and Alexandria in particular, and this gives an investor a local resale market to target in the medium term which further boosts the long term potential of an investment made into the real estate sector which is currently dominated by the tourism market.
It's a fact that the highest rental incomes achievable for a real estate investor in Egypt right now are from tourist friendly properties along the Red Sea and Mediterranean coastlines - properties that are well located and facilitated are most in demand from the tourism market looking for short term lets. But there's also a growing retirement market in Egypt that's attracting great attention and giving real estate investors another potential revenue stream to explore.
Egypt really is the place to be for real estate investors looking for immediate income and medium to long term capital growth and resale potential - and because the property buying process for foreigners in Egypt has become more affordable and more transparent in very recent years, the numbers of investors examining the market and exploring its possibilities is set to rise and rise."
EGYPT FACTS
• A country rich in cultural and historical sites
• Property is currently enjoying 25% steady year-on-year capital appreciation
• The Red Sea Riviera is one of the most beautiful settings in the world
• Tourist figures are increasing year on year
• No capital gains tax on property sales by foreigners
• No inheritance tax on any property sales by foreigners
• Simple purchase procedures
• A politically stable country with strong economic growth committed encouraging overseas buyers to the property investment market.
• Huge investment in land by Dubai and European developers
• Easy access by air
• 365 days of sun
• Low living and maintenance costs
• Friendly people and English is widely spoken.