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Egypt Property Guide
With an excellent location, between Africa, Europe and Asia, Egypt has been a meeting point for numerous cultures over the eras; therefore it is no surprise that 30% of the world’s monuments are located here. The pyramids and the Sphinx at Giza are the most internationally well known of course but also the tombs in the Valley of the Kings and the great temples of Karnak. From March to November, during the Egyptian summer, the climate is hot and dry in most of the country. For these reasons, as well as a very active ministry of tourism promoting the country, the tourism sector in Egypt is booming, with arrivals increasing from 2002 at 5.2 million arrivals up to over 9 million in 2006 with their current slogan being “the gift of the sun”. Egypt receives annually around 25% of the tourism to Middle Eastern countries, many possibly coming to see the last of the surviving 7 Wonders of the Ancient World.
The country is politically stable, with President Mubarek having been in office since 1981 and the economy is rising at a very strong growth rate, from 3.1% GDP growth in 2003 to 6.9% in 2006, the highest since late 1980’s and an estimate of over 7% for 2007, never before seen in the country.
Additionally, due to preferential trade agreements and the competitive exchange rate, non-oil and gas investments which back in 2003 represented a mere 20% of foreign direct investment represent closer to 70% today and are rising by more than 20% per year.
Due to the aforementioned factors, Egypt is becoming an increasingly popular destination for property investors looking for an entry level product in a stable economic and political environment. The government are actively promoting investment into Egypt by implementing beneficial taxes and regulations for foreign investors.
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