Egypt was recently awarded the title of “World’s top reformer” by Doing Business 2008, an annual World Bank/IFC report and since July 2004, the government has been carrying out a radical and ambitious economic reform programme under the slogan “Egypt: Open for Business”.
Foreign direct investment in Egypt is at record levels, increasing from $3.9 billion in 2004/05 to $11.1 billion in 2006/07. Investment is increasingly diversified, with the petroleum sector now accounting for 28% of FDI compared with 66% in 2004.
One of the resulting outcomes of this increased investment in Egypt is the rising levels of Gross Domestic Product (GDP) which grew by 4.5% in 2004/05 rising to 7.1% in 2007, driven by increased private consumption, exports and investment. This raises the wealth levels of the population, particularly those in the major cities such as Hurghada where a good proportion of investment is occurring.
Already some of the largest Dubai based developers have turned their attentions to Hurghada, with DAMAC building a 32 million square feet resort with investment in the project expected to reach 16 Billion US$
Hurghada itself was a small fishing village until a few years ago. It has now risen to one of the most popular resorts in the Red Sea Coast famous for its crystal clear waters, first class resorts hotels and restaurants, and long sandy beaches. Boasting a new promenade and new marina that opened in June 2008, Hurghada has attracted such brands as Hilton, and Marriot and the Ministry of Sound beach bar chain.
A Mecca for divers from around the world Hurghada has many aqua centres offering sailing, snorkelling and windsurfing as well as diving. As a 365 day a year resort boasting sunshine whatever the season, it is easy to see why Hurghada has grown in popularity so quickly over the last few years.
Other reasons to consider buying investment property in Egypt.
- Egypt has steady year on year Capital Growth of 20-30%
- Egypt's Rental Yields are around 8%
- No Capital Gains Tax
- British Residents avoid inheritance tax on any Egyptian Property
- Easy air access from many European destinations just 15 mins from project
- Steady Annual growth in Tourist figures
- Egypt has strong economic growth and increased infrastructure investment
- 40% of land dedicated to open spaces and swimming pools
- A quality developer with solid track record
More information on investment property in Eygpt
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