Property in Egypt
Fancy owning a home beside the warm Red Sea or with views of a pyramid, for less than £25k? Then think Egypt, a rising star in overseas property where new resorts combine value for money with glorious beaches and diving.
Prices for Egypt Properties from £40,000
Key facts
- Population: 80.3 millio
- 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
Property in 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. Worldwide Destinations offers a number of complexes in the area, including
the Desert Pearl and Egyptian Pearl developments and Sunset Perl 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, with a very acceptable three-bed, waterfront villa in Soma Bay from £120,000.
Beyond Hurghada is Safaga – quieter, less expensive, though also a major diving and windsurfing spot. Safaga is a good base for sightseeing, especially Luxor. Further south still is Marsa Alam, with its own airport. Not long ago a fishing village, many pundits tip as the new Sharm. Cheaper than Hurghada, it has many of Hurghada’s positives – reefs, palm trees, great beaches – but with fewer crowds.
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, except for in Sinai, which includes Sharm el Sheikh, where you buy with a 99-year leasehold.
