Features of buying property in Egypt
There are not many countries in the world where vacationing and acquiring real estate for Russians are inexpensive, especially when you consider the distance factor – maybe somewhere far away you can relax well, and housing is more than affordable, but you can’t run into far-off lands.
Another thing when it comes to three pillars in the world of Russian tourism: Turkey, Bulgaria and Egypt. If the situation with the first two countries is approximately clear, since information about these countries is constantly coming to the pages of the media, then the case of Egypt is not so simple. In connection with the coup in this country and the plane crash over the Sinai Peninsula for a long time, air communication between Russia and Egypt was stopped. However, from this year, Moscow-Cairo flights have gradually taken their rightful lines on the airport board. And at a very recent meeting of the presidents of both states, it was announced that the charter flights to the main resorts of Egypt were fully resumed. Therefore, in anticipation of a potential renaissance in the history of relations between our countries, we will analyze the current situation in the real estate market in Egypt.
Cottage on the land of the Pharaohs
Square meters of the country of the pharaohs at the moment have a very low entry threshold – they are even more affordable than in Bulgaria. In addition, we remember that summer in Egypt lasts much longer than in Europe, so even in winter you can safely come to your Arab cottage (as it sounds!) On the shores of the Red Sea. At the same time, it is interesting that, although in recent years a considerable number of shocks and regime changes have fallen on Egypt, no complaints have been made to the owners of local square meters, and the prices for local real estate have not changed much. Thus, previously purchased apartments were a very reliable investment.
Now in Hurghada, prices start at 10,000 euros (apparently the psychological level) – housing can be purchased in installments without interest. However, you can find options at some distance cheaper, most likely it will be the Al-Ahei region. On average, in Hurghada, the price per square cop is 400-500 dollars. In Sharm el-Sheikh, the pricing policy also depends on the location – on the first line due to limited supply, real estate in hotel complexes is stable in price, where the cost of studios usually varies in the range of 50-70,000 dollars. In some cases, you can always find owners who want to quickly sell their housing, so it’s easy enough to make discounts. True, as the direction of Sharm el-Sheikh is not as popular as Hurghada, because there the state does not give ownership to foreigners – the purchase is made by signing a long-term contract for a certain number of years (before it was 99 years old, now they say it is reduced to 49 years).
Egyptian stability is back
The political situation in Egypt is stable, so the local real estate market is on a clear rise. Since the assumption of the powers of President Abdul-Fattah Khalil Al-Sisi, the situation in the country has become stable. The economy is growing rapidly, tourism is growing – the new Hurghada airport receives many planes daily, there are no problems with hotel occupancy either. All tourist areas are protected by the state with great care. At the same time, real estate market professionals guarantee 100% reliability if you select an object from a reliable developer upon purchase, which you can always find when contacting an experienced agent and lawyer for advice.
Many new investors and projects are appearing, although experts in unison recommend maximum vigilance with projects under construction, especially in the next 1-2 years. In any transaction, the presence of a realtor is important, but in this situation it is especially important to have a specialist who correctly draws up all the documents, minimizing any negative aspects. The market is actively building up and in addition to interesting and high-quality projects there are always unsuccessful options, avoiding the meeting with which will help a specialist who knows the market well.
Pros and Cons of Living in Egypt
In addition to the obvious advantages of Egypt – a tourist country, a warm climate, a picturesque sea, a rich history, low cost of living, luxurious vegetables and fruits for ridiculous money, etc., it is important to remember that the East is the East, so you should not always wait a pedantic approach to infrastructure and the canons of cleanliness – for example, in some areas of Hurghada the issue of cleaning the territory has not yet been completely resolved, so it is important to carefully look around a potential property.
But in general, square meters on Egyptian land are an excellent investment for people who want to invest in foreign real estate, but do not have great opportunities. Especially the purchase will have to go to the yard, if the buyer likes to relax in Egypt for many years in a row.