Egyptian property is 'cheap and set for growth'
Egyptian property is 'cheap and set for growth'The property market in Egypt is set to ride out the credit crunch, one expert has claimed.
Tahir Ali, managing director of Egypt Revealed, explained that because property prices in the country are only a fraction of those in the UK, most investors will not need to take out a loan to buy a property and this should mean the Egyptian market continues to grow.
He said: "We are very much in a period of rapid growth for the Egyptian market. This is being fuelled by massive increases in tourist numbers and now easyJet is making the Red Sea Riviera more accessible as budget airlines now fly direct to Hurghada."
These holidaymakers will need accommodation and this will mean that the rental market will become "firmly established" in the area, he added.
Speaking at the start of the month, Heather Chambers, director of International Mortgage Solutions, warned that mortgages are not always readily available in emerging markets, so the low cost of property in Egypt might prove attractive to investors.
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10 April 2008 Print this article