Real estate in Egypt, especially in Hurghada, is recognized as one of the most promising and attractive for family vacation and investments in foreign real estate. International real estate market analysts believe that real estate in Egypt is a worthy alternative to European seaside resorts.
The simplified purchase procedure and the relatively low cost of real estate in Egypt stimulate demand from foreigners. Statistics show that foreign citizens acquire half of the residential buildings in the resort cities of Egypt. In 2008–2010, the activity of citizens of the CIS countries to purchase real estate in Egypt increased dramatically.
Why in Egypt?
Moreover, why real estate, but not the usual rest in the hotel?
First, Egypt is a country of eternal summer, and in Egypt, there is a visa-free regime for citizens of the CIS.
Secondly, there are no land taxes, both one-time and annual. Real estate worth up to $ 80,000 is not taxable. In fact, after buying a property in Egypt, the cost of housing will be limited solely to the payment of utilities. Electricity and water in Egypt are relatively cheap, and the prices of food and household goods are lower than in world resorts, and in the CIS countries. All this makes Egypt attractive not only for investment but also for living.
Thirdly, almost all people building sell real estate by instalments.
The Egyptian government is positioning the purchase of a real estate in the country as an investment in the country’s economy, and the legislative mechanism for buying and selling real estate in Egypt is well established. The protection of the rights of buyers and owners of real estate in Egypt, especially foreign citizens, has been implemented at a high level.
Guarantees of rights to use, rent, transfer by inheritance and sale are enshrined in law.
There are also environmental benefits in addition to the obvious economic benefits. Egypt is famous for its dry climate, warm and clean Red Sea. On the territory of this unique country, there are no large industrial enterprises. All this contributes to the recovery of people with allergic, pulmonary and skin diseases. In terms of security, Egypt is characterised as a region with a low crime rate.
About the author
Melisa Marzett is much of a traveller and has always been. She travelled for the first time when she was four years old together with her parents to Crimea, which is in Russia, formerly Ukrainian territory. Since then, she has a passion for travel.
Working as a freelance writer for www.findwritingservice.com, she has a valuable opportunity to work and travel. She enjoys the process of getting to know something new, no matter whether those are knowledge or skills. It is a life experience, and it is priceless.