So Many new developments in Hurghada
It certainly seems that the Hurghada area has been "discovered" and it only took 20 years or so ! How on earth are all of the thousands of new apartments being built here going to be filled ? What with the competition from Dubai, Morocco and not to mention Sharm which has overtaken Hurghada (The original red sea resort and lets face it its not the first building boom there !) in the popularity stakes.......oh and all of the established hotels already offering REALLY cheap all inclusive packages !
I see it as there are 2 crude ways that this can go
1) Everyone decides Egypt and Hurghada in particular is THE place to go on an apartment holiday and all of the investors are happy .
2) Lots and lots of people are taken in by wild claims of massive profits and are consequently left with unrentable and unsaleable property . The original developers already laughing all the way to the bank .
On the red sea beachfront is not everything . There are hundreds of miles of undeveloped beachfront . It doesn't mean that it is guaranteed that it is a good buy . Its also misinformed to say that all of the coast will all become developed and "you have to be the first there to make the most money". It's not a certainty and is in fact unlikely .I think anyone who has travelled this road to Cairo will concur. The winter weather is a bonus here but remember people also disregard Egypt as too hot during the summer .
I can also say that a high number of people I have spoken to in Hurghada airport and on return flights from there,when asked about "how they enjoyed it ?" worryingly reply "once but never again !! " and that's what they will tell their friends . hardly good advertising is it ?
Maybe this will all change soon ? Im sure the developers will reasure me ?
The right developments ,in the right location ,with the best range of facilities and the best standards that cater best to EUROPEAN tastes (We know where they are !) will achieve (or continue to acheive) success and others will struggle . Investment here is still risky .
I propose a New years resolution to ditch the rose tinted specs .
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