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Previously, only Turkey could compete among Russians and residents of the CIS countries in terms of the popularity of choosing vacations in Egypt. However, due to the unstable political situation, which has led to several coups, the turnover of Egypt's tourism sector has declined significantly in recent years. And after the Russian plane was shot down in the fall of 2015, restrictions were imposed on flights, which remain to this day. Although negotiations between Russia and Egypt are regularly held at the highest level and flights to the resorts of this country are expected to open soon. But even without them, the country was consistently actively accepting foreigners - more than 10 million tourists from different countries annually, who traveled to Egyptian resorts with transfers.
Currently, Egypt is making every effort to provide comfort to foreigners. One of the most high-profile projects was the construction of a 36-kilometer concrete wall around Sharm el-Sheikh from the Nabq Bay area to the Ras Mohammed Nature Reserve, which began in early 2019. The mayor also stated that in addition to additional security, the wall would also keep the resort's environmental performance at the same level, preventing waste from entering the territory, which could be brought by the wind.
Real estate market
Despite the difficult political situation and the pandemic, the real estate market in the country is doing well: the country's population is increasing by 2.5 million people a year, about 1 million marriages are performed every year, so population growth is stable and there is always demand for housing. At the same time, it is worth noting that the standard of living in the country, although not by leaps and bounds, is steadily growing. Today, Egypt is still focused on the construction of housing stock, mainly in the resort areas of Hurghada, Sharm el Sheikh, El Gouna and Luxor. At the same time, it is worth noting that the country's leadership is doing its best to ensure that all processes related to the real estate sector keep up with the times. At the end of 2020, work began in Egypt to ensure the possibility of digital registration of real estate and agricultural land. The principles and technologies of European countries were used as a basis.
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At the same time, the government announced not only an increase in public investment, but also an interest in increasing the volume of foreign investments in the country. President Abdel Fattah el-Sisi recently lifted the latest restrictions on the acquisition of land and real estate in Egypt by foreigners in order to support the housing market. He also allowed the government, which is today the largest landowner in the country, to use his land for public-private partnership schemes.
As in many countries, remote real estate transactions were popular among foreigners in Egypt in 2020. This method has been practiced before, but with closed borders, this purchase option has gained huge popularity. However, it is worth noting that it was usually about those cases when the buyer had previously visited a particular city or even the facility itself. The only thing "but" when registering ownership rights on the territory of Hurghada, the buyer's personal presence is necessary, however, it is not required to do this immediately, but it can be postponed for a long time, even for several years.
Prices
As for prices, in January 2021 they decreased by almost 7% compared to last year's data. Despite the increase in the local population, a decrease in the volume of tourists and foreign home buyers, who were few in number last year due to the pandemic, affected the reduction in the cost of square meters. There are a lot of construction projects all over the country, respectively, and the volume of supply is also increasing, so now is a great time to buy a home in Egypt. This is especially beneficial for foreigners due to the depreciation of the local currency, which has almost doubled in price in recent years.
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If to see the objects that can be purchased in Egypt now, their cost may even be lower than 10,000 euros. Usually in such cases we are talking about studios in Hurghada with an area of 30-40 square meters in a modern residential complex with a swimming pool, usually located in the area of the second line from the sea. The price of two-bedroom apartments starts from 30,000 euros when it comes to the simplest options, and it increases to 60,000 70,000 euros when it comes to an apartment of about 100 square meters in a residential complex with good infrastructure. For a similar amount, you can already search for offers with private houses, however, villas with their own garden and a house area of 200 square meters will cost about 100,000 euros or more. Properties with a price starting from 200,000 euros are apartments and houses located in the best areas (for example, in Hurghada, this is the El Gouna area). In Cairo, in an old housing stock, you can find a small apartment for 10,000 euros, but more liquid options in the capital cost 400-800 euros per meter.
