The Hurghada Egypt Property Market

Ever since President Mubarak of Egypt opened his country's property market to foreign buyers in 2003, the Egyptian property market has boomed. The most favoured area for UK buyers is the area around Hurghada. Originally a fishing village on the Red Sea from where fisherman would come over from the Nile valley, Hurghada has turned into Egypt's newest property market. Vast pipelines from the Nile ensure that an area that was once a desert is supplied sufficiently with water to cope with the demands of a major expansion in population. Served by Hurghada airport with direct flights from the UK, the area stretches from El Gouna in the North to Sahl Hasheesh in the South , a stretch of some 40 kilometres parallel to the beaches of the Red Sea. Further resorts are planned further along the coast such as the Damac project which will include several thousand properties. El Gouna is a resort that is now completed and so only re-sale property is readily available. New front line beach projects are being built along the stretch from El Gouna to Hurghada.Hurghada is a bustling town full of shops and bazaars. New apartment blocks are being built to European standards. To the south of Hurghada, is the planned 5* resort of Sahl Hasheesh with several luxury projects underway. The 7* Oberoi hotal is already open for the discerning traveller and the Norman Foster marina is in preparation. In my opinion, the infrastructure planning around Hurghada will avoid the traps of the spanish Costas. For example, although not yet required there are 2 ring roads around Hurghada, meaning that the coastal roads serving the resorts will not have to support heavy through traffic, unlike Spain.
Current reasons why Hurghada is a property hot spot:
Freehold property (unlike Sharm which is leasehold)
Mortgages
Low prices
Front Line beach is still available off-plan (but for how long?)
Year round rental season
To the above should be added that this is a quality location, English speaking and with a level of service from the Egyptians that would be hard to find anywhere else. The cost of living is still very low. Eating out is easy and cheap as long as you avoid the wine where a local bottle will set you back £15 and an imported bottle £35!. A meal for two without wine will cost as little as £20
CONCLUSION: Many "Brits" are now settling in Hurghada, happy with the life style and this in turn is bringing additional services. (A Carrefour shopping centre is planned for 2009). The easy way of life, the prices, the location and the kindness and hospitality of the Egyptians are all sufficient reasons. The British colonial past of Egypt has left its mark in as much as English is very much the second language after arabic and a new school's programme ensure that pupils learn English right from kindergarten. However, the British are not alone in this market. There is enormous interest from Russian buyers as well, lured by the ease of the buying process and relaxed visa regulations. So now is the time to consider Hurghada and I would be delighted to help you find your ideal Hurghada Egypt investment property.