Buying property in Egypt with confidence. With over a decade of experience in selling properties in Hurghada, Egypt Go Investment have witnessed many trends and changes in the property market
One thing is for certain, the demand for good quality holiday home investments in Hurghada is on the rise, especially with British sunseekers.
At only a 5 hour flight away and with many mainstream airlines such as Easyjet and TUI flying directly to Hurghada from many UK airports, the resort is becoming more and more accessible.
Egypt is one of the closest destinations to enjoy the delights of a year-round mild climate and offers the guarantee of winter sunshine.
There are endless benefits of buying property in Egypt and as many buyers have discovered, it is not as difficult or daunting as it may first seem.
The visa system in Egypt is easy and flexible
As a result of Brexit and long stay travel restrictions in Europe, many people are favouring the flexible long stay visas in Egypt to enjoy long winters in the sunshine due to the simple visa system in Egypt. For those wishing to retire and live in Hurghada on a more permanent basis, then a lawyer will be able to assist you with the paperwork to apply for a residency visa, but the majority of peoplejust utilise the flexible visa system for long stays.
Property prices in Hurghada are low
Over the past decade, we have seen the steady rise in property prices in Egypt and some of the resorts we have sold in have more than doubled in price. However, even with the increase in prices, the properties are still much more affordable than properties in Europe.
An example of this property prices in Hurghada affordability can be seen in the latest exclusive resort offered for sale by Go Investment, the Imperial Resort Hurghada. This offers properties for well under £25,000 in a resort where you can enjoy 4 pools including a roof top pool, a gym, restaurant, bar and much more.
No mortgages needed when buying property in Egypt
To go with the low prices, on many resorts Go Investment offer for sale in Hurghada, you will find flexible ‘interest free’ payment terms with little or no deposits required, no credit checks and a simple reservation process, which is unheard of in most other countries. The paperwork, large upfront payments and credit history required for most UK and European mortgages make them highly unobtainable for most buyers.
There are no buying taxes on properties in Hurghada
Another benefit buying property in Egypt that can not be overlooked is the tax system in Egypt, as the tax systems can be a major downfall when investing in real estate. When buying property in Egypt, you will not be subject to stamp duty taxes and there are currently no capital gains taxes payable in Egypt.
Compare this to popular destinations such as Spain, where you can pay 6.5% for buying taxes alone and the large capital gains taxes of up to 28% required in the UK, you can really see the impact this can make when going through the decision-making process of where to purchase a property.
Properties in Hurghada are Freehold
Unlike many other countries, in order to purchase a freehold you have to own the land directly under the property, otherwise it would be a leasehold and you would be requested to pay an annual ground rent.
In Hurghada to be able to offer you a legal freehold in a resort with multiple levels, your contract will include a communal share of the building and land your property is on, this will be proportionate to the size of your property and this forms part of the sale of your property to give you a legal freehold with no annual ground rent required.
Low on-going costs on properties in Hurghada
The most popular purchases in Hurghada are the resort properties, as these have facilities to enjoy such as pools and a gym. The main misconception people make when buying property in Hurghada, is that these multiple facilities will incur high on-going service charges.
Although this would be the case in the UK and Europe, where you could expect to pay anything between £180 – £350 a month for the type of facilities found on the resorts in Hurghada, the service charges are extremely low and can be as little yearly as the monthly costs seen elsewhere.
All the contracts offered on property purchases via Go Investment also come with the added security of a legal stipulation in the contracts to avoid the developers increasing the service charges as and when they wish for unknown sums.
Cost of living in Hurghada is very low
Overall, it is not difficult to see what the attraction is when buying property in Hurghada, from the low purchase prices, the simple buying process, low on-going service charges and extremely affordable payment terms.
This coupled with the fact that the cost of living is much lower than in the UK and Europe, which is extremely welcome in the current economic times and of course not forgetting the most important part… the sunshine!
Buying property in Hurghada has never been so affordable and getting more popular with foreign purchasers.