The term " the next Spain" is used commonly and should be used with caution. Many people are saying the same thing about Morocco which I believe is more comparable to Spain in terms of the Medeteranian climate also the major Spanish developers and constuctors have moved away from the Spanish market into the more lucrative Moroccan market (Fadesa being an example). Because of its locality ie. close to Europe many Spanish, Uk, Irish and French investor are buying in Morocco, also EMAAR the giant Dubai construction company is building luxury resorts from the Northern coast of Tangiers to the mountain ranges of the Atlas mountains 40 minutes from Marrakech. So the term "next Spain" should be used wisely as Egypt is very different from Spain and in my opionion Morocco has more potential of being the "next Spain" due to it's climate and location.
Egypt, on the other hand is a good investment for other reasons (comparing it to Spain
is not one of them). The benefits of investing in EGYPT:
1. Mortgage market in it's infancy;
2. Increase of low cost carrier flights;
3. No CGT or inheritance tax;
4. Prices are still very cheap (even after the recent rises) when compared to the rest of the developing or developed Arab Nations. Prices in Egypt will rise in the next few years so they will be comparable to these other areas;
5. GDP was 7% in Egypt last year which is healthy economic growth;
6. Stable economy
7. Government is actively encouraging foreign investment;
8. Dubai based construction companies are looking to develop exclusive resorts North of Hurghada and in Cario.
The term "Similar to Spain 15 years ago" is used too often and mainly by agents who tend to simplify there investment criteria to potential clients. NO, Egypt will not be like Spain but will be like Egypt because it has it's own unique set of criteria that makes it a worth while area to invest in.
As an investor one must always look at the Micro and Macro economic factors that will effect the growth of a country and not simplify it with such basic terms.
Regards
RED