Holiday Lettings news - Seeing green on the Red Sea Riviera

Seeing green on the Red Sea Riviera

Egypt holds many attractions for investors; year-round sun, plenty of history and world-class diving opportunities, according to one paper. Now, a new Egyptian development is doing its best to reduce its impact on the environment, reports The Express.

The gated development of La Siesta on Egypt's Red Sea Riviera makes several environmental claims; local materials are being used in construction; building waste is recycled and reused; rubbish is recycled; water-saving facilities are in the properties; local labour is being used and accommodation provided for workers to reduce travel. The developer is also negotiating a solar energy system for external lighting.

Stephen Smith, managing director of Pangaea International, agent for another resort, explained the attraction of Egypt for investors: "Egypt has a very low tax economy, no inheritance tax or capital gains tax, and it provides a safe environment with a good record of capital growth of 20 to 30 per cent per annum."

The green credentials of La Siesta do not stop at the construction; visitors and homeowners are provided with an airport shuttle, and bikes and buggies are on site to help reduce carbon emissions. The "sleepy enclave" is already proving popular and has attracted several writers and artists from the world over.

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