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Desert Pearl Beach Apartments in Hurghada, Egypt
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Introduction
The Desert Pearl Beach Apartments are only 200 metres away from Hurghada's pearl white sandy beaches and shopping district. Desert Pearl consists of 225 gated European style terraced apartments with communal tropical gardens, pool bar and swimming pools. The complex will provide year round services, these are: maintenance, gardening, laundry service and business centre. The ground floor will house private facilities including a fully-equipped gymnasium, games room and internet café/business centre. A limited number of the following pre-launch properties at Desert Pearl Beach Apartments are being offered at reduced prices starting from £17,600 Known as one of the most beautiful places on earth, the Red Sea is a truly exotic and fascinating natural seascape environment. Its crystal blue surface and oasis of living creatures, reefs and coral formations, make it one of the world's most highly sought after diving locations. |
Features & Amenities |
Pre-Launch Prices from £17,600
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Real Estate Investment in Egypt |
OverviewThe Egyptian property market is particularly attractive to overseas investors along the Red and Mediterranean Sea coasts, and also in the major cities of Luxor, Cairo and Alexandria. Investors have been benefiting from the country’s increase in tourism traffic and also as a result of the Egyptian government’s sweeping reforms designed specifically to attract further inward investment. The ancient and fascinating country of Egypt is of immense interest to many thousands of foreign visitors each year and now it is increasing in interest for overseas property investors and also world renowned foreign property development companies such as Dubai based Emaar Properties who made a move onto the Cairo property scene in 2005. And while real estate prices currently remain low, the Egyptian property market’s star is rising fast. Having consistently worked to promote the historic, cultural and entertainment attractions available in Egypt, the Egyptian government was rewarded in 2004 when the country received its greatest numbers of visitors on record to date. Despite some terrorism threats that persist, Egypt is now a number one, medium haul, top end destination for European travellers. Tourists are attracted to Egypt for its history that dates back to around 3200BC, for the warm waters of the Mediterranean Sea, for the diving possibilities on the Red Sea and for the luxury hotels and resorts that make Egypt something special for the international tourist. An increasing number of visitors are buying into new build luxury apartment complexes in the major holiday hotspots and are being rewarded with low off plan prices, guaranteed rental yields, a holiday home in the sun and an investment that even begins increasing in value over the build period. These property investors are taking a very small risk in real terms since the government of Egypt has committed itself to transforming the country’s economy through the promotion of inward foreign direct investment over the long term. To that end the government began the introduction of new reforms to customs, income and corporate taxation in 2004, they are privatizing certain sector industries, working on currency liquidity and are trying to develop an export market for their natural gas deposits. Experts agree that all these efforts should improve the economy of the country, create more opportunity for employment and domestic wealth growth and increase the attraction of the country from an overseas investor’s point of view. In terms of the overseas interest that the real estate market place in Egypt has already attracted, a subsidiary of Dubai based Emaar Properties - namely Emaar Misr. - signed a contract worth somewhere in the region of 4 billion US dollars to develop an exclusive and iconic series of villages in Cairo in 2005. The seven villages will be known as Cairo Heights when completed and will be located in the Mukattam Suburbs and consist of luxury residential accommodation, exclusive retail facilities and breathtaking communal areas - and it is of absolute credit to Egypt and Cairo in particular that Emaar have chosen to build in the city as their first step in their bid to create an exclusive residential development in every major city of the world. Property investors moving into the real estate market place in Egypt right now could be said to be pioneering; but with the Egyptian government’s absolute commitment to economic growth and stability and the country’s growing attraction with international visitors ever increasing, those buying now are set to profit substantially from their property investment decision over the medium term whilst benefiting immediately from some incredibly imaginative and exclusive modern developments being constructed across the country. Real Estate Investment Potential in EgyptInterest in the investment property market in Egypt is beginning to awaken as the wider world becomes aware of the incredible investment opportunities and incentives available for investors in Egypt. The key factors attracting overseas investor interest include Egypt’s fast growing tourism sector, the fact that the government is continuing to commit to legislative initiatives designed to enhance the investment climate and the fact that property prices in Egypt remain low and affordable whilst demand for quality property for sale and short term let is increasing. The majority of real estate investment interest is currently centred upon the resort areas of Egypt and the major cities like Cairo and Alexandria. In the resort areas on the Red and Mediterranean Sea coasts property investors are tapping into the increasing tourist demand for short term rental accommodation; this market is currently returning the best rental yields countrywide. The second home resale market in the resort areas is also beginning to present profit potential on the underlying capital investment made because more overseas buyers are seeking holiday homes or second homes in these areas. Egypt is close at hand for European holiday makers and therefore owning a holiday home in this exotic location makes perfect sense for many European travellers. In Egypt’s main cities like Cairo and Alexandria overseas property investors are again seeking to profit from rental returns, and with the creation of brand new luxury residential property districts like Cairo Heights, international interest is increasing. Overall the future prospects for the property market in Egypt are positive. Egypt is a politically stable country and one currently enjoying the best relationships with many of the world’s most influential economies that it has ever enjoyed. The economic climate in Egypt is open for investment and investors are being actively encouraged by taxation breaks, low labour costs and a country that has a growing middle class who are beginning to exercise their increased purchasing power. Overseas real estate investors are aware that the growth in the purchasing power of the domestic market is fantastic for the long term profitability of all investments in Egypt’s property sector. The overseas tourism and second home markets will account for good yields and returns but a growth in domestic demand and purchasing power will allow investors to more aggressively target Egypt safe in the knowledge that they have a wider market to potentially profit from. Property in Egypt - PurchaseAs a foreign investor you have the right to own real estate and land in Egypt. An investor who buys into this emerging property market now may well be buying into a prolonged period of growth which is the exact appeal of Egypt from an investor’s perspective. A real estate investor contemplating the purchase of undeveloped land or older, well established resale properties will need to employ a lawyer specializing in real estate law in Egypt to assist with any such purchase to ensure the transaction is conducted legally and that at the end of the property buying process the investor is the legitimate owner of the real estate and can seek to have it registered in his name and acquire the deeds to the real estate. An investor requiring a mortgage to purchase property in Egypt may like to secure this outside of the country - alternatively mortgage law in Egypt has recently improved and investors and foreign buyers do have access to mortgage products in Egypt now. However, the real estate they are seeking to purchase has to be registered at the property registry for the mortgage company to consider it. To be eligible for home finance an investor will need to fund no more than 85% of the property purchase price and be able to repay within either 20 or 30 years. Those considering investment property in Egypt would be wise to employ an estate agent to assist them with their search, negotiations and also with the property buying process. Once an investor’s objectives have been identified a local estate agent can find the types of property or land that fulfill the objectives and can make offers to the vendor and deal with any counter offers to ensure that a property is secured for sale to the investor. It is usual to negotiate a property’s selling price in Egypt - unless buying off plan. If buying off plan the price is fixed with some extras usually negotiable for inclusion in the asking price. Once a property has been decided upon it is usual to pay a holding deposit that takes the property off the open market while contracts are drawn up. In a country with real estate registration issues as complex as Egypt it really is critical to have a lawyer conduct searches and to advise on the legality of the purchase. Even if a property investor in Egypt is buying a brand new property from a well established developer it is wise to take advice from an independent lawyer. Ancient Egypt is familiar to us all; from history lessons to Hollywood, we have all seen numerous depictions of this ancient civilisation. This exposure has opened the world's eyes to the appeal of visiting a nation of such enormous historic and cultural heritage. The magnets that pull in the hordes of tourists to Egypt every year are quite obvious to the eye; the hustle and bustle of Cairo and Luxor, the Pyramids, the sleepy motion of the Nile and the clear blue waters of the Red Sea coast. Although Egypt is a relatively new market we have a number of investment opportunities available for the overseas investor looking for something different. |
Where is Hurghada? |
Location Information
GEOGRAPHICAL LOCATION: The Red Sea coast stretches for more than 800 KM from the Suez Canal. Hurghada is situated south of the Sinai Peninsula, on the shores of the Red Sea coast, and east of the Eastern Desert. GETTING THERE: Only 10 minutes from Hurghada International airport. Direct weekly flights to Europe's major airports. Flight time: 4.5 hours from the UK and under 4 hours from most other major European cities. Munich - 4 hours and Rome - 3.5 hours. CURRENCY: The basic unit of currency is the Egyptian Pound EGP (E£) divided into 100 piastres (pt). The exchange rate stands at 1 GBP = 10.95 EGP* *correct at time of going to press. Rate may change. LANGUAGE: Arabic is Egypt's official language. Most Egyptians speak and understand English & French. CALLING EGYPT: The international dialling code for Egypt is: + 20 Larger, more detailed map. |
Egypt Real Estate News |
| New York Times Bestsellers Published: Sunday, August 1, 2010 at 12:01 a.m. Last Modified: Monday, July 26, 2010 at 2:38 p.m. 1. THE GIRL WHO KICKED THE HORNET'S NEST, by Stieg Larsson. (Knopf, $27.95.) Egypt Central Bank Keeps Interest Rates on Hold as Inflation Stays Stable The Egyptian central bank held its benchmark interest rate at a four-year low for the seventh straight meeting after core inflation was almost unchanged. Egypt: Oxford Business Group Launches New Country Report Egypt, 28 July 2010: Egypt's bid to increase the appeal international investors by carving out cluster-zoned industrial developments is mapped out in a wide-ranging report just published by Oxford Business Group (OBG). Is an Internet sales tax coming? A movement is slowly building in Washington to banish one of the biggest perks of shopping online: not paying sales tax. United States - Tax - Accounting - Business - Sales and Use Tax Egypt Likely to Hold Rates While Inflation Stays Stable, Economists Say The Egyptian central bank will probably hold its benchmark interest rate for the seventh straight meeting after core inflation was almost unchanged. |
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