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EGYPTIAN PROPERTY INVESTMENT. PROFIT. PERSPECTIVE. SAFETY.
Nowadays many Russians are interested in property abroad.
VIP resorts in Spain, Italy and Croatia were "discovered" by our citizens long ago. But it's widely known that to buy property in such countries is very expensive.
Egyptian property market got popularity not so long time ago, developing swiftly during last couple of years. At once it drew the potential clients' attention due to the low prices of objects.
But the following questions arise: does it bring profit? Does it have perspective? Is it safe?
Let me share my opinion and describe the situation taking Hurghada as an example.
There is no doubt that property investment in general is one of the most correct ways of investment. But speaking about Egyptian property market the main stress should be done on the word "perspective".
Because of the rise of foreign investors' and Egyptian property buyers' interest during last years the tendency of prices increase is vivid. According to the statistics the land prices increase in Hurghada was 15-30% in last half of 2006, and in some areas it was almost 50%. Flat prices rise in 2006 was 20-35%.
There are almost no free lands for building in Hurghada and its suburbs. That is one more reason of the price increase. Low property prices, no flat service payments, no property taxes are undeniable advantages of buying property in this country.
At present time the situation in Egyptian property market may be described as the rush.
Some words about the safety of Egyptian property investment. Egypt is interested in foreign investments and protects the investor's rights by law, shortening the taxes at the same time. There is a standard procedure of property right registration in Egypt. With the help of qualified lawyer you'll be the flat's or villa's owner.
The benefit of the following property rent is 25% of its cost a year. But it should be mentioned that the most popular rental type is studio: 1 bedroom, reception, kitchen (usually so-called "American" variant) and bathroom. On the second place of rental popularity stands 2-rooms flat (in Egypt that means 2 bedrooms and reception).
Of course, the property prices in Egypt are much lower than in Moscow, and the tempo of their increase in these two countries can't be compared.
So we can make the following conclusion:
Everyday more and more people dream of the house (or even just a little flat) on the seacoast. And that is why:
- the property buy in Egypt is the clever investment way;
- if you want to get stabile profit give your property object for rent;
- if you want to get much profit sell your property object on the price rise.
Best regards,
Olga, the proprietor of the Real Estate Agency "Living Red Sea' co",
Egypt, Hurghada
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