‘Due to recent reforms to streamline purchasing procedures in Egypt, the country now attracts more overseas property purchasers than ever before. This can also be put down to its relatively simple purchase system with lower taxes than in many other countries and no capital gains or inheritance tax.’

Egypt has long been a popular travel destination. Today, due to encouraging economic trends, the Property Market in Egypt is becoming more popular as a location amongst worldwide purchasers and recent years have seen a growth rate of an encouraging 20-30% per annum in some key locations.
Property investment in Egypt, as in many emerging markets, relies heavily on the success of Egypt’s ever increasing tourism industry. Beautiful, well established tourist hotspots are already in existence, particularly along the Red and Mediterranean Sea coasts and cater for a wide variety of modern tourist requirements, from excellent diving and snorkelling, five star hotels and golf courses to cultural and historical activities. New off-plan opportunities from heavy weight international developers are now springing up, attracting overseas investors looking for a secure investment with good growth potential at rock bottom prices. Due to increased tourist numbers, these buyers are also safe in the knowledge there will be a strong market for their investment. Furthermore, the imminent opening of the newly modernized Cairo international airport in early 2007 is set to bring a new influx of visitors to complement Egypt’s new look 21st century tourist industry.

Property showrooms and International Property Investment Network (IPIN) Feb 2007