Quote:
Originally Posted by crombiestone
Having bought 3 years ago I think the "hype" has already kicked in . I am sceptical that Egypt will ever be a mainstream destination as its quite different to the norm . The property market in Hurghada has gone mad this year ,whether its sustainable I just don't know.I suppose that's the big risk that might bring big profits ?
I personally think Egypt is more of a lifestyle destination and if you like it then great. I think of my place as a second home and I am considering moving out permanently,I'm not too bothered about profits .
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I agree Crombie. I too am sceptical that Egypt will become a mainstream market - certainly not in the next 5-10 years. My two key reasons for this are the different culture which certainly does not appeal to everybody and the length of flights involved. 5 hours or so really is quite a long time and around twice as long as Southern Spain. These could change in the long-term of course, in particular a new breed of faster passenger aircraft could be with us in 5-6 years time.
I think the key (no pun intended) for property purchase in Egypt is to ensure you are going to make use of it yourself so you at least get enjoyment out of it. Then, if you do not make a large capital gain (which for UK citizens would of course be potentially taxable) you will still have enjoyed your purchase.
I still do think though that many on here who have paid around the £25K mark and below for their properties have got good buys and will do OK, I just fear a little for those who have paid around the £70K mark for 2 bedroom type apartments as I think there is very little leeway for capital growth at that price.
As a different offering, I remember reading about some properties in (I think)
Ain Soukhna (sp?) which was about an hours drive from Cairo.
If capital gain is your key aim I would think that they would be good because as a Country becomes richer it tends to emanate from the capital and if you were to get a new breed of well-off entrepreneurs they might well be looking for a place on the beach for weekend family use.
Mark .Y.