New buildings in Egypt
Location and climate
Egypt (the Arab Republic of Egypt) is located in North Africa, in the Middle East on the Sinai Peninsula. In the northern part it is bordered by the Mediterranean Sea, in the eastern part by the Red Sea, both seas are connected by the artificial Suez Canal. The territory of the country is crossed by the Nile.
Egypt has a tropical, desert climate. Summer is sultry, cool at night, temperature drops during the day are significant. It is not hot in winter, the daytime temperature in January usually varies between 20-25°C, in the deserts there are slight frosts.
For the attention of investors: economy, culture, education in Egypt
Iron ore, table salt, phosphates are mined in the country, industries are developed: metallurgy, mechanical engineering and machine tool building, auto and aircraft assembly, carriage and shipbuilding, oil refining, petrochemistry, production of mineral fertilizers, textiles and clothing, construction materials, food. Agriculture produces rice, cotton, corn, legumes, fruits and vegetables, and livestock raising is an important activity. In the sphere of providing services, tourism and the banking system are important for the country. Egypt receives serious income for the transportation of goods through the Suez Canal.
The weak point of the economy is its dependence on imports. Force majeure circumstances of recent times associated with the consequences of the pandemic had a negative impact on the country's economy, in particular, the tourism industry suffered the most.
There are both private and public institutions of higher education in Egypt. The main state universities: Cairo, Alexandria, Al-Azhar, Ain Shams, Zagazig, Mansur; private universities - French, American, German.
The culture of Egypt has left the world with stunning monuments, many of which are included in the UNESCO list (remains of the ancient city of Memphis and its cemeteries located south of Cairo, the pyramids of Giza, burials in Thebes in Upper Egypt, the stately temple complexes of Karnak, Luxor and a number of others) Faience products are one of the examples of artistic crafts.
Why is it profitable to buy an apartment in a new building in Egypt?
The real estate market is doing well as a whole, despite the recent force majeure shocks and a slight decline in prices. Nevertheless, the population is growing rapidly, people are getting married more frequently, so the demand for Egyptian real estate in the new buildings is consistently high. The standard of living in the country is slowly growing. Today, residential complexes in Egypt are being built mainly in resort areas - Hurghada, Sharm El Sheikh, El Gouna, as well as in the tourist Luxor. Construction is carried out in compliance with Egyptian standards, the quality is confirmed by customer reviews.
At the end of 2020, the government launched a digital real estate registration project. The technologies of European countries were taken as a basis. An increase in government subsidies and an interest in increasing the volume of private investments, especially foreign ones, were announced. As in many countries in 2020, remote sale of apartments from developers is popular among foreigners - this method was practiced earlier, but in the conditions of closed borders, this purchase option has acquired particular significance. It is worth noting that usually we are talking about those cases when the buyer has previously come to a particular city or to the object itself. When registering ownership in the territory of Hurghada, the personal presence of the buyer is required.
New buildings from the developers in Egypt are being built in considerable quantities. The offers are becoming diversified and of higher quality. So it is a great moment now to take advantage of the decrease in the cost of square meters in the residential complexes and to buy an apartment from a developer in Egypt. This is especially beneficial for foreign investors due to the fall in the exchange rate of the local currency, which has fallen in price by almost half.
Currently, the lowest price per square meter of turnkey area in a new building in the resort of Hurghada (according to information from the GEOLN.COM search engine) is 2,400 USD.
Apartments in Egypt from the developers: purchase conditions for foreigners
Foreign citizens have the right to purchase apartments in the new buildings. In the African part of the country, where Hurghada is located, foreign investors are allowed to buy no more than two properties (the area of each of which must not exceed 4,000 square meters). In Hurghada and other cities in Egypt, there are social housing districts where there are restrictions on the sale to foreigners in order to prevent speculation in inexpensive real estate.
Purchasing an apartment in a new building in Egypt is a promising investment (especially in resort and tourist places) to generate income from rent, the opportunity to live by the cleanest seas - the Red and Mediterranean and enjoy the beautiful sunny weather.