Hurghada Property Prices Are on the Raise

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If your ideal holiday is to meander amongst the magnificent pyramids and explore ancient civilizations, or lie on a sandy beach and experience some outstanding diving, you can find it all in Hurghada. The beauty of the legendary waters of the Red Sea, and the picturesque landscapes of the desert of Sinai are just some of the options available to you.

Hurghada is unquestionably one of Egypt’s more popular Red Sea resorts, amongst both the locals and the international visitors who are attracted by the superb climate, azure blue waters and world class scuba diving. The white sand beaches are dazzling and a wide range of watersports are available on most of them. In the evenings, the wide selection of mid-range and luxury hotels and abundance of bars and restaurants is enough to keep everyone happy.

The opportunities and amenities available, coupled with the climate and friendly locals make it a popular destination with holiday-makers and long-term visitors looking for property as a holiday home, second home or as an investment. The increasing popularity of this region has resulted in a considerable increase in demand for property in Hurghada, something which seems set to only continue for the foreseeable future.

However, one should bear in mind that Egypt is an ancient land, and only in the past 10 years has Hurghada developed into a town of 35,000 residents and evolved into the most fashionable beach resort in Egypt. Today, the town centre is divided into two main areas, the old town Ad-Dahar and Sigala. Between them, they offer a broad choice of hotels, restaurants and bars catering for all tastes and budgets, whilst still retaining much of their unique, and traditional character.

One of the main reasons why people are becoming increasingly interested in Hurghada as an investment opportunity, are due to its growing reputation as a hub of aquatic sports. On the coast of the Red Sea you don’t have to be an expert diver to take pleasure in the splendor of the aquatic world, just bring along a mask, snorkel and flippers. Opportunities exist for windsurfing, kiting, seafaring, deep-sea fishing and swimming. People visit the area for the spectacular sailing and scuba diving, as the surrounding waters are warm and contain some of the best fish and coral found anywhere in the world. There are also several superb golf courses in the area, with an 18-hole course at El Gouna and par 3 course in Hurghada itself.

Established since the 20th century, development in Hurghada started in the early 90’s with American, European and Arab investors helping to turn the area into one of the most significant on the Red Sea. The city was originally a harbour and fishing community until tourists started to show an interest in its golden coastline and sparkling ocean. Today, the rental market is strong and growth projections very positive. With travel time from Hurghada International Airport less than 10 minutes to town it is a destination that is convenient and quick to reach from many parts of the world.

Egyptian rules and regulations regarding buying a Hurghada property is fairly straight forward, and are designed to attract investors to the country. The pro-investment Egyptian government actively encourages foreigners to buy property here by offering freehold properties and mortgages, tax breaks and an uncomplicated buying process. Investors are keen to buy here as the superb climate offers year round sunshine, and subsequently a more consistent rental market.

Over the past few years, Egypt’s Red Sea coast has attracted a lot of attention from large scale property developers in Europe and the Middle East, predominantly due to the rising number of tourists visiting the region. The potential for extensive development has instigated a number of major development projects being announced in Hurghada and the surrounding regions.

Today, Hurghada offers exceptional value for money, and there are still many properties which offer opportunities for long term investment. Property in Hurghada can still be found at bargain prices, a situation that is expected to change as the destination rises in reputation and becomes recognized as a good investment for property buyers.

Michiel Van Kets provides article services for Mark Burns who has extensive experience in the overseas investment property market, specializing in property and real estate and through the Offplanworld.tv website provides extensive coverage on the worlds major property investment markets including property in Hurghada & Hurghada real estate. For advice and information on the Hurghada property market, visit Offplanworld.tv.

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