Interest in Egyptian real estate is growing

Tourist numbers are also up year-on-year, according to figures obtained from the Egyptian Ministry of Tourism by OPP, hitting a record 1,172,000 in December and reaching 9,394,000 million for the whole of 2007. Italians (1.2 million) were the country’s biggest single tourist group, followed by Germans (969,000), French (864,000) Russians (341,000), Americans (250,000) and the British (199,000).

The figures also revealed that over 32% of all buyers and tourists came into Egypt through Cairo Airport, followed by Sharm Al Sheikh Airport (19.2%) and Hurghada Airport (11.6%).

However, interest from British holidaymakers and property buyers is rising fast, but it is the Arab nations that are buying the most property in Egypt. Some 72% of all property sold to non-nationals in Egypt during 2007 was to citizens of Arab countries, with 23% to European buyers and 5% to North American investors. With the property market in Egypt booming, many Middle Eastern developers are turning their sights in that direction. Several Gulf investors have recently eyed Egypt’s promising real estate market, developing several mega projects in parallel. Dubai’s heavyweight Emaar Properties revealed investments of around $5.8 billion in four projects nationwide. Market rival Damac is pouring in $22.9 billion in four luxury residential projects in Egypt. Similarly, Dubai Holding Company revealed intentions to invest some $4 billion in real estate projects in Egypt. Al-Futtaim Group also plans to bring Dubai Festival City to Cairo with investments totalling $3.4 billion.

With no capital gains, inheritance or property tax, and with only a 2% registration fee, Egypt will continue to grow in popularity.

Please click on the link for more information about overseas investment property in Egypt

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