Traditionally, there are many Europeans among those investing in square meters. Egyptians themselves, first of all, Cairo and Alexandrians, acquire housing on their untwisted coasts. In the last two years, Russian-speaking buyers have become more active in the market, mainly Russians and Ukrainians, but there are also citizens of Belarus, Kazakhstan, Moldova.
It should be noted that direct flights between Russia and Egypt are now in operation.
A one-year visa is provided, for example, when purchasing any real estate. A visa for a longer period with the right to extend can be obtained by foreigners who have bought housing worth from $50,000, subject to the registration of the so-called "green contract". However, it is not so easy to do this. Firstly, it takes a long time (about two years takes the whole process), secondly, it is expensive to have to pay a 10% fee, and thirdly, it is not possible in all cases. For these reasons, most visitors prefer not to get involved with a long-term visa, but leave the country once every twelve months to get a one-year residence permit again.
Why choose Egypt?
Firstly, the country has a year-round summer, and many people find it attractive to spend months at sea, not weeks. Secondly, the low cost of living compared to other countries. Prices for products and services are low, especially considering that the exchange rate of the local currency has tripled against the dollar over the past year. Thirdly, the infrastructure at the resorts is well developed There is everything necessary for life. Fourth, and probably most importantly, real estate prices are still more affordable than anywhere else. In Hurghada, an apartment can be bought from 10,000-15,000 US dollars, in Sharm el-Sheikh from 30,000 US dollars. Rent is also inexpensive (from $100 per month for modest housing in Hurghada).
A significant proportion of European pensioners moving to Egypt. They can comfortably stay at the resort on the income they receive from their country. There are those who move for medical reasons (skin diseases, respiratory diseases). There are also many residents of Germany, Great Britain, and Scandinavian countries who buy housing for the winter in "warm lands", especially given the rise in energy prices at home.
Hurghada or Sharm el Sheikh?
Both cities have their long-term adherents.
Sharm el Sheikh, located in the south of the Sinai Peninsula in the Asian part of the country, is an exceptional resort. It is famous for the magnificent coral reef that runs along the coast. Hurghada, which lies on the opposite (western) shore of the Red Sea on the African continent, is also home to the local population, not only tourists. The underwater world is more modest than in Charm, but there is also a place for a diver to roam. In addition, on the beaches of Hurghada there is mostly a smooth entry into the water (in Charm you have to go down from the pier).
The coast of both resorts is heterogeneous in terms of tourist characteristics. So, in Hurghada, all beaches are sandy, but the bottom can be sandy, sandy-pebbly, pebbly. There are more windy and less windy places, more suitable for snorkeling and less.
The infrastructure in both cities is quite well developed. There are schools, kindergartens, hospitals, shopping malls, shops, markets, water parks, museums. Both Egyptian tourism centers have international airports. In general Egypt's transport has its own characteristics. In Hurghada, only minibuses run, which often slow down not at stops, but arbitrarily. The most convenient way to travel is considered to be Uber.
As for of the real estate market, then in Hurghada it is much more active, there is more new construction. Housing prices also differ in favor of Hurghada. In Sharm el-Sheikh, they are almost twice as high, but the options are mostly very high quality. Not houses, but green oases. There are different offers in Hurghada, from luxury villas to modest apartments.
The legal aspect is also important. In Hurghada, foreigners acquire full ownership of real estate, and in Sharm el-Sheikh, as in other regions of Sinai, only on a long-term lease for 90 years.
Recently, there has been an outflow of some investors from Sharm el-Sheikh due to its proximity to Israel, which is at war with the terrorists "Hamas". As realtors say, before, let's say, Italians bought apartments and houses mainly in Sharma, but now they have shifted to Hurghada, to the point that they sell real estate and move to a more remote Red Sea coast from the hotspot.
Hurghada Real Estate Market
There has been and is an active housing construction in Hurghada, mainly low-rise. Compounds with a swimming pool, security, landscaping, and landscape decoration elements are in particular demand. They are comfortable to live and relax in due to some isolation, tranquility, and the presence of shady corners.
In addition to compounds, ordinary houses with more budget proposals are also being built. In general, Hurghada has a wide range of options for any budget: from simple, but quite suitable for living apartments in Mubarak-11 or El Ahiyah for $ 10,000 to luxury villas for several million in El Gouna or Sahl Hasheesh.
A lot of housing is offered on the primary market, but it is worth bearing in mind that there are both unfinished buildings and delays in construction for several years. We recommend contacting experienced agencies that will help you avoid mistakes.
A more reliable way in the Egyptian context is to buy ready-made housing. Apartments from the owners can be found in excellent condition with new appliances and furniture. Moreover, it is often cheaper, since the developer is forced to adjust prices due to the rise in the cost of materials, and private sellers bought at lower prices at the time and are more willing to make concessions. Although, of course, the advantage of "primary" is in providing interest-free installments until the end of construction. It is better to discuss all the pros and cons with your realtor.
Many people buy accommodation at the resort for rent. To figure out how much it really costs to rent, you can use a simple formula. The apartment will bring in about 1% of its market value per month. For example, a studio for $10,000 is rented for $100, a property bought for $50,000 for $500, and so on.
Hurghada neighborhoods and housing offers
Hurghada stretches for almost 50 km along the Red Sea coast from Safaga in the south to El Gouna in the north.The administrative center of the city, which is predominantly inhabited by locals, is called El Dakar. There are practically no hotels here, but the main government institutions and attractions are concentrated - Hurghada's largest mosque, Al-Mina, as well as the Coptic Christian Church. El Dakar is also home to the city's largest bazaar, a place bursting with abundance of stalls and brisk trade. The area has a special oriental flavor, but is flawed in terms of cleanliness.
This is followed by Sakkala – the historical center of the city with the famous Sheraton street and the lively Marina. It is a residential area with many houses, hotels, shops and restaurants. It is incredibly in demand among tourists and property buyers from abroad. A special mention is worthy of the local fish market, where a rich daily catch flocks.
South of Sakkala there is a so-called The tourist center, which includes the most popular El Mamsha, Intercontinental, El Kauser, Novy Kauser and Magovish.
In El Kauser is a newer development than, say, in the vicinity of Sheraton Street. This quiet, family-friendly area is adored by foreigners. It has its own international environment, and visitors from different countriesthey coexist comfortably and communicate. Immigrants have opened many establishments - Italian, Russian, Ukrainian, Greek cafes and cookeries. In addition, there are all kinds of schools and kindergartens for children of different nationalities. By the way, El Kauser is considered the most "Russian" area of Hurghada.
El Mamsha is reputed to be, firstly, a walking place with a long promenade along the area, and, secondly, a party place thanks to nightclubs and discos. The center of attraction of El Mamshi is considered to be the large shopping and entertainment center "Esplanade Mall".
Foreigners also often consider apartments in Magovish, located at the southern tip of the Tourist Center. The area has been actively built up in recent years. It is dominated by low-rise residential complexes.
In a separate category, isolated tourist areas can be distinguished, located already outside the city limits, but relatively close: Sahl Hasheesh, Makadi Bay, El Gouna.
The private resort Sahl Hasheesh is located south of Magovish. It is a closed area with luxury hotels and tourist infrastructure inside.
Makadi Bay The next one when moving south is the suburb of Hurghada. It is well-known among tourists due to the many hotels that, unlike Sahl Hasheesh, are focused on family holidays.
The famous elite resort of El Gouna stands apart, 22 km north of Hurghada. It was built from scratch according to a non-standard design and has become a tourist attraction in itself. Hotels, low-rise apartment buildings and frequent villas are located on artificial islands connected by canals and bridges. "Egyptian Venice" is considered an excellent place for windsurfing and kitesurfing, but most beaches have a feature - about a half-kilometer strip of shallow water when entering the sea.
In the tourist areas of Sahl Hasheesh and El Gouna, housing prices are high.
Low-cost areas include areas not near the seashore, but a little further away Mubarak, named after former Egyptian President Hosni Mubarak. are considered quite popular Mubarak-2, Mubarak-6 and Mubarak-7. Their location is not bad. For example, Mubarak 2 is located across the street from the tourist El Kausera. Built up with two-storey villas, Mubarak-6 adjoins the Intercontinental and Magovish. By the way, in Mubarak-6 you can buy both the whole house and half of the house, a townhouse or an apartment in a duplex (the owners of the lot on the ground floor get a small garden, and the buyers on the second floor get a roof terrace). Mubarak-1, Mubarak-5, Mubarak-8 and Mubarak-11 were formed mainly as areas with social housing for locals, but in some places many foreigners already live. For example, in Mubarak 11 you can buy a cheap apartment, but it is worth bearing in mind that sometimes the view in it is very "non-touristic", despite the fact that everything was built relatively recently, about 10 years ago.
Of the more budget-friendly ones, has been in demand latelyEl-Ahiya is the area between Hurghada and El-Gouna. Previously, this location was also considered exclusively Egyptian, only locals lived there. But over the past 2 years, many foreigners have come with a limited budget, we have $10,000, and there are no more, and we have bought a lot of apartments there. Indeed, for such a fairly modest amount for the housing market, you can buy a large 3-room apartment. Now the share of visitors, including Russian speakers, is 15-20% in El-Ahiya. Russian cafes, kindergartens, shops are opening.
Of course, this suburb is quite far from Hurghada, about 15 minutes by minibus, but the infrastructure has already been formed here. Another big plus is free beaches, unlike urban ones. Although in some places it is necessary to enter the sea in the same way as in El Gouna through a wide area of shallow water.
El-Ahiya is now actively being built up with nice residential complexes. Soon, the coast will have a long promenade with cafes, restaurants, jogging and bike paths. The area is developing rapidly, so investors are paying attention to it.
To sum up, with a minimum budget, it is worth considering El-Ahiyah, Mubarak-11. For $30 000-40000, you can choose an option in Magovish, Makadi Bay, as well as a small apartment in Arabia. With a budget of $50,000-70,000, El Kauser, El Mamsha, apartments in Mubarak-6 are added to the selection. A house in Mubarak-6 will cost $130,000-150,000. In Sahl Hasheesh, real estate prices start at $75,000. In El Gouna, villas are offered in the range of $500,000 to a million and above.
For renting, it is best to buy a property in Saqqala or Sahl Hasheesh. A 1-bedroom apartment costs from $70,000. If the budget is smaller, you can consider El Kauser. Of course, it is easier to rent out objects in the compound. People prefer to rent accommodation in houses with a swimming pool, because most beaches are paid.
Thank you for your help in preparing the material:
Anna Rezkalla, Chief Manager of the company IdealHome
Zinaida Mazur, director of the agency SunResidence
