Another thing is when it comes to the three whales in the world of Russian tourism: Turkey, Bulgaria and Egypt. If the situation with the first two countries is approximately clear, since information about these countries is constantly coming to the pages of the media, then the case with Egypt is not so simple. Due to the coup in this country and the plane crash over the Sinai Peninsula, air traffic between Russia and Egypt was suspended for a long time. However, since this year, flights "Moscow-Cairo" are gradually taking their legitimate lines in the airport board. And at a very recent meeting of the presidents of both states, it was announced about the full resumption of charter flights to the main resorts of Egypt. Therefore, on the eve of a potential Renaissance in the history of relations between our countries, we will analyze the current situation in the Egyptian real estate market.
Dacha on the land of the pharaohs
The square meters of the land of the pharaohs today have a very low entry threshold - they are even more affordable than in Bulgaria. In addition, we remember that summer in Egypt lasts much longer than in Europe, so even in winter you can safely come to your Arab dacha (as it sounds!) On the shores of the Red Sea. At the same time, it is interesting that although a considerable number of shocks and regime changes have fallen on Egypt in recent years, no claims were made against the owners of local square meters, and prices for local real estate remained almost unchanged. Thus, the apartments purchased earlier turned out to be a very reliable investment.
Now in Hurghada, prices start from 10,000 euros (apparently a psychological level) - housing can be purchased in installments without interest. However, you can find cheaper options at some distance, most likely it will be the El Aheyah area. On average, in Hurghada, the price per square meter is 400-500 dollars. In Sharm el-Sheikh, the pricing policy also depends on the location - on the first line, due to the limited supply, real estate in hotel complexes is stable in its price, where the cost of studios usually varies in the range of 50-70,000 dollars. In some cases, you can always find owners who want to quickly sell their homes, so it is quite easy to make discounts. True, as a destination, Sharm el-Sheikh is not as popular as Hurghada, because the state does not give ownership to foreigners there - the purchase is carried out by signing a long-term contract for a certain number of years (earlier it was 99 years old, now they are talking about a decrease to 49 years).
Egyptian stability is back
The political situation in Egypt is stable, so the local real estate market is on the rise. Since the inauguration of President Abdul-Fattah Khalil al-Sisi, the situation in the country has become stable. The economy is developing rapidly, tourism is growing - the new Hurghada airport receives many planes every day, there are also no problems with hotel occupancy. All tourist areas are protected by the state with increased care. At the same time, the professionals of the real estate market guarantee 100% reliability if, when buying, an object is selected from a reliable developer, which you can always find when contacting an experienced agent and lawyer for advice.
Many new investors and projects are appearing, although experts, in unison, recommend that you be as vigilant as possible with projects under construction, especially in the next 1-2 years. In any transaction, the presence of a realtor is important, however, in this situation, it is especially important to have a specialist who will competently draw up all the documents, minimizing any negative aspects. The market is actively being built up and, in addition to interesting and high-quality projects, there are always unsuccessful options, which a specialist who knows the market well will help to avoid.
Pros and cons of living in Egypt
In addition to the obvious advantages of Egypt - a tourist country, warm climate, picturesque sea, rich history, low cost of living, luxurious fruits and vegetables for ridiculous money, etc., it is important to remember that the East is the East, so it is not always worth waiting pedantic approach to infrastructure and the canons of cleanliness - for example, in some areas of Hurghada, the issue of cleaning the territory has not yet been completely resolved, so it is important to take a close look around a potential property.
But in general, square meters on Egyptian land are an excellent investment for people who want to invest in foreign real estate, but do not have great opportunities. Especially the purchase will have to go to court if the buyer likes to vacation in Egypt for many years in a row. This country is especially popular with those who live in cold countries, where there is little sun and dampness, Egypt can be just a panacea for all people with skin, respiratory and rheumatic diseases. The climate in the resorts of Egypt is dry and medicinal for all of the above categories, but the sea, in principle, has medicinal properties due to the content of a large percentage of salt. True, citizenship for the acquisition of real estate in Egypt has not yet been given - now we are talking only about issuing a residence visa for a year.
Thank you for your help in preparing the material:
Maria Chernikova, director of My Real Estate
Ivan Ptushkina, Real Estate Manager at Egipton
Irina Girnichenko, Sales Specialist, Property Egypt Hurgada