The most popular places for those purchasing Egyptian property are in coastal resorts, it has been stated.Investment portal Nuwire Investor stated that locations such as Hurghada, El Gouna and Sharm el Sheikh are favourites with UK buyers.
The website noted that in the latter case, a local instrument called a signature validity court verdict enables investors to have more than the statutory limit of two properties per foreigner that normally applies, via 99-year lease arrangements.
A prime location seaside property of 970 sq ft in size will cost from €200,000 (£123,000), property advisor at Lincom Real Estate Aelita Romanchenko told the site.
The expert noted that other coastal area homes would start at €80,000 and a city dwelling €40,000.
Earlier this summer, chairman and chief executive officer of building company Palm Hills Yasseen Mansour told Reuters that Egypt's expanding population will be a major driver of the market in the country.
Source: Property Showrooms
