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March 24, 2008

Welcome To Egypt and its Upcoming Hot Property Developments

Filed under: Real estate news and opinion — Louise Crowley @ 10:55 am

When you hear about off plan property and look around for the perfect place for you, nine times out of ten you will immediately think of the “safe” destinations. Countries within Europe and various areas of the United States of America that immediately spring to mind have already been developed to a certain extent. Whilst there is more development potential left in those countries, as well as a great experience and a profit up for grabs, is it not time to explore something new? There are plenty of other areas of the world that are just begging to be investigated, one of which is the hottest property country right now - Egypt!

The Nile awaits!

When you think of Egypt, you would be forgiven for thinking of Pharaohs and Pyramids rather than off plan property developments, but there is no better time to invest in a home there. The country is in the first phase of property development and hardly has any existing developments to date. This means that investing in Egypt is investing in a country with a huge amount of potential.

The country itself has it all. Not only do you get the history and major landmarks that have made Egypt famous the world over, but you also have every amenity under the sun! Water sports, horse riding, excellent shopping facilities, fantastic restaurants and much more! Better still, you can enjoy all of these amenities for a really reasonable price. As Egypt is still a developing country, you can enjoy a fantastic lifestyle for a very small fraction of the cost that you do back home. As such, it is a great place to escape to when you need a break!

The prices of off plan properties in Egypt also match the cost of living there. A one bedroom apartment can cost as little as £35,000, which is simply amazing if you consider just how much the equivalent would cost in Europe! Now you know the price, what about the developments themselves?

Hot property opportunities in Egypt

There are two major new developments of note in Egypt at the moment. Both are luxurious, spacious, absolutely gorgeous and so cheap! Good luck trying to choose between them!

  • Sun Gate Residence, Sahl Hasheesh - This gorgeous development on the Red Sea Coast is in an exclusive district that will definitely ensure your investment was a prudent one. Situated amongst hotels on the beach, it is one of only a few developments going up there so the investment potential is massive!

The studios and apartments are designed to live up to the height of luxury. Spacious, light and airy, it is impossible to be in a bad mood. If you get bored, there are bars and restaurants, a shopping mall, diving facilities, a pool, beautiful gardens and reception service as well. What more could you ask for your £35,000?

  • Beach Front Residence, Hurghada - In contrast to Sun Gate, Beach Front has 164 apartments and 10 villas on site so you can choose the right size of place for you. Regardless of the option you go for though, the setting is simply stunning!

With two well-maintained communal gardens and a private beach, you will get all the privacy you need in your home! The average net living area is 83 square metres so you have more than enough space to move around in. There are only three floors to the building as well so the appearance is light and airy, and that is exactly how it is designed to feel from the inside too. The plans will blow you away!

Now all you have to do is decide between the two developments! I have two words for you - good luck!

Turkey Bans Property Purchases by Foreign Companies

Filed under: Real estate news and opinion — Rachel Newcombe @ 9:21 am

Changes are afoot in Turkey, after the Constitutional Court of Turkey ruled last week that foreign companies are now banned from buying property.

The Constitutional Court has effectively annulled part of a law that allowed the sale of property to foreign companies. The decision is alleged to have arisen after complaints were received from the Republican People’s Party about the law. It doesn’t affect individual foreign property buyers, but does affect companies which are established by foreign investors or joint ventures involving foreign firms buying property in Turkey.

There has already been opposition from some areas within the Turkish Government about this move. Turkey’s finance minister, for example, has been reported as admitting that it certainly won’t help the Turkish efforts to attract foreign investors into the country.

This does sound like a worrying development, but does it have any impact on property purchases by individuals? “There is no need to panic,” reassures John Howell, a partner at the International Law Partnership LLP. “For the average UK buyer, Turkey is still a safe place to purchase property. The majority of private buyers will not be affected by the annulment of the law allowing the sale of property to foreign companies.”

John is optimistic that Turkey will survive the changes and continue to be a country where tourists want to visit and buy holiday homes. “Once the current excess of supply has been absorbed, this should lead to steadily rising prices. Not at 20% to 30% per year, but at a more normal 5% to 10% a year,” he says. “At the same time, as more and more tourists visit Turkey, there should be a stronger rental market.”

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