Articles
INTEREST IN EGYPT TAKES OFF THIS YEAR
As published by Magazine: OverSeas Property Professional
Date: 2008
Buyer interest in the popular tourist destination of Egypt has rocketed in the first two months of 2008 according to industry sources. Figures from Rightmove Overseas show that some 25,003 people searching for Egyptian property in January compared to just 6,671 in January 2007 – a 275% jump y-o-y. Currency specialist HiFX has also registered a ‘rising number of enquiries’ in the first two months of this year and consumer portal LastMinute.com has revealed that, since the start of 2008, it recorded a 38% rise in the number of holiday bookings to the country.
Tourist numbers are also up y-o-y, 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.
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.
According to OPP Knowledge, the biggest ever consumer survey of its kind, of property bought in Egypt by British and Irish investors, 70% prefer an apartment purchase and 40% indicate that they own, or are interested in, a coastal property.
“Egypt has definitely been increasing in popularity over the last 18 months, in particularly the last six,” said Enrico Galli,. “The Italian market here is huge, but the British buyers are really gaining momentum. I wouldn’t say they are leaving Spain, it will always be popular and within easy reach from the UK, but if a buyer tries to get something for around €100,000 there it would have to be miles away from anywhere. In Egypt, there is a lot for that price. I believe that with no capital gains, inheritance or property tax, and with only a 2% registration fee, Egypt will continue to grow in popularity.”