Home and Abroad – with Overseas property expert and Norwich agent Chris Hall
With our summer over and the nights drawing in I turn my mind to Egypt where the sun shines 365 days a year and there are plenty of bargains that start at £19,000 for a studio. I believe there are many good reasons to seriously consider buying a second home in Egypt, a country that appears stable, has a developed economy and was not affected by the credit crunch as they do not have morgages nor credit cards (only debit cards) and it has always been a cash economy.
Egypt has always been popular for UK visitors for the ancient history has over 35% of the world monuments but now it is much more as they discover the beautiful beaches, Red Sea scuba diving, romantic cruises down the Nile, low cost quality living in the sun, golf courses and an attraction for wind surfers in Nabq Bay. Egypt boasts 2 of the “7 wonders of the world” – the Pyramids of Giza and the Light house of Alexandria. Another magistic monument is King Tut Ankh Amun Gold mask and his jewellery and the valley of the kings in Luxor and a wonderful trip cruising on the Nile with the country side views and farms is facinating, visiting the ancient-country side and modern city like Cairo. Sharm El Sheikh has a good new infrastructure and well established with a beautiful coast line rich with corals and beaches where it is known for professional divers to have excellent coast lines for diving, very rich with colourful corals and Red sea fish. There are also attractive deserts mountains for jeep and camel safari and enjoying beduin diners.
The quality of living is good and affordable with petrol at around 20 pence a litre. The number of tourists has risen 3 million in 2001 to around 9 million fuelled not just by what the country has to offer but also by exchange rate compared to the Euro. Prices remain cheap from £19,000 for a studio and £63,000 for a 3 bedroom penthouse and up to £250,000 for a 4 bedroom villa in a 5 Star Hotel residential area with a lot of choices and discounts for cash payers average of 10%. There are tax breaks i.e. no stamp duty or capital gains tax on resale. High rental yields of between 10 to 15% depending on the property should be possible. The most popular resort by far is Sharm El Sheikh with more than 70 flights a week direct from Sharm El Sheikh International airport from most of the UK airports which not only gives easy access but also tells of its’ popularity. Properties in Sharm El Sheikh are still increasing in comparison to worldwide and indeed loo to be a great investment opportunity for investors.
*A FAQ and Answer list about buying property in Egypt is available from Chris by emailing firstname.lastname@example.org or call 01603 700007.