The Red Sea resort of Hurghada in Egypt is set for a boost as plans for a new terminal at the international airport are announced.
The Civil Aviation Ministry has signed contracts with a Saudi Arabian development group to construct the new terminal which will increase capacity from some 6.7 million to 7.5 million passengers annually. Located 5km from downtown Hurghada, the new terminal will cover 92,000 sq.m and cost of construction is estimated at 587 million Egyptian Pounds (approx £66 million). Completion is scheduled for 2011.
With Hurghada international airport the primary gateway to the popular holiday destinations of the Red Sea coast the additional capacity of the new terminal can only spell good news for tourism and in turn the second property market.
As Steven Worboys, MD of international property experts, Experience International, comments:
“Interest in the Hurghada area as a location for a second property ownership has been strong, especially as the region has developed into an established tourism destination in recent years. The announcement of the new terminal is encouraging for property owners who will enjoy greater access to their own homes as well as capitalising on the opportunity to generate rental income from additional visitors to the area.”
For those interested in owning a second property with guaranteed rental income in Hurghada then the Florenza Khasmin development, located only 15 minutes from the international airport, is the right choice. With studios apartments available from only £21,000 and 6% guaranteed rental income and up to 4 weeks personal usage available investors had better move fast before the 15% price increase due at the beginning of February 2010.
There has never been a better time to visit Egypt with the Post Office’s latest report (Jan 2010) stating that holiday makers should consider making a visit to the non euro zone country, only five hours flying time from the UK, to take advantage of the exchange rate. Calculating which currencies have moved most in favour against sterling over the last year, Egypt was placed in the top 3 with the Pound strengthening against the Egyptian pound by 14%.
For more information please contact Experience International on
0207 321 5858,
visit Egypt Property
or follow us at twitter.com/experience_int.
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Shaz Yaqoob one of our expert Egypt property consultants sent us this article about the fist Global Trade matters Real Estate Egypt Conference which included panellists from the top ranks of government, the private sector and academia.
At the conference it was stated that Egypt will be one of the most attractive destinations for real estate investors in 2010.
It was stated that a conservative mortgage market has shielded Egypt from the worst excesses that led to the global economic downturn and left the country’s real estate market in a prime position to move forward in 2010.
Iman Ismail, managing director of EMRC, said
‘conservative lending was the main reason that Egypt did not experience the kid of catastrophic collapse seen in the US real estate market.
‘Egypt’s small mortgage market only started to develop over the past six years so we have been shielded from the global real estate crisis,’ said Ismail.
During the conference it was also stated that Egypt has plenty of opportunity for expansion as GDP and demographic growth continues for the foreseeable future.
Source: propertycommunity.com
Egyptian real estate market positive going into 2010, conference told
Monday, 23 November 2009 11:48 Ray Clancy Egypt – Egypt Property News
Shaz Yaqoob, Egypt Property Investment Consultant for Experience international said.
“We trend to agree as our statistics during the later half of 2009 showed a growing number of people enquiring about property investment opportunities in Egypt, property sales are increasing, and the number of quality and secure developments being released to foreign and domestic investors is also on the increase”
This is excellent news for both the Egypt property market and the investors who have got involved and those who plan to invest in the future.
Sharm El Sheikh is associated with with water sports and year longsunshine, this well known Egyptian resort nestled on the Red Sea Coast is to turn out to be even more welcoming to UK tourists come 26th October as British Airways (BA) launches thrice-weekly direct flights from London Gatwick to the Sharm El Sheikh International Airport.
Steve Worboys, MD of Experience International property agency comments, “a growing number of holiday makers are selecting to visit non-Eurozone countries for their vacations due to the weak Pound next to the Euro, this same trend is translating into real estate sales with people seeking to take full advantage of their investments. Egypt provides the same top class amenities as other more mainstream European countries plus it has the additional bonus of some of the finest scuba diving in the world for water sports enthusiasts.
The contrast between the coastal resorts such as Sharm El Sheikh and the desert is awesome, most visitors head into the desert by camel to explore the Bedouin villages and the sand dunes by day and then enjoy the excellent atmosphere in bars and restaurants by the coast in the evening; Egypt has something for everybody.”
Experience International is offering a brand new selection of apartments for sale in Sharm El Sheikh including the Maraqia Resort, where the clever investor can buy a studio, one, two bedroom residence or duplex 3 bedroom loft apartment from as little as £19,600. All the units have the benefit of views over the swimming of which there are 3 in total on the resort and ground floor units have a private garden. Owners benefit from no capital gains or inheritance tax and Egypt has a extremely low cost of living.
To book flights to Sharm El Sheikh visit ba.Com and to enquire about your home in the Egyptian sun contact Experience International on 0207 321 5858 or visit Sharm el sheikh property
