Egypt Property Investment Receives Substantial Contribution from Middle East Developers
Property developers Damac & Emmar are buying big, and leading the way in Egypt property investment by transforming the country's growth in quality real estate developments.
London, UK (PRWEB) September 4, 2007 -- Egypt's property investment market has been performing extremely well and is being urged on by news of the high investment figures pouring in from property developers. Obelisk International believes that going forward, the country is set to become one of the best emerging markets for property investors, who will benefit from substantial capital appreciation and rental returns.
Obelisk International's Sales and Marketing Director, Kevin Prior comments that he believes the increased funding from the Middle East and UK tourism, is strengthening the price of property in Egypt. 'Egypt is an exciting area for investors and second home buyers, due to the huge increase in foreign direct investment being invested from the Middle East.' Kevin also believes that the newer area of Hurghada is likely to offer the most capital growth.
Damac, one of the Middle East's largest luxury property developers, entered the Egyptian market in 2006 with a $16 billion plan to re-develop 320 million square meters of land, near Hurghada. The resort style development has encouraged huge investment into Egypt property investment. Other large developers are following suit and Dubai based Emarr, who already own 6 major development sites, have ambitious plans to control nearly half of the development.
"There is no doubt that Egypt is a key country that is set to play a leading role in DAMAC's investment strategies in the region. Backed by solid economic growth and a wealth of human capital, the potential prospects are immense. DAMAC's commitment to Egypt will serve to attract further investment, generate massive employment, and contribute to the development of the real estate sector which is rapidly entering a new era," said Mr Hussain Sajwani, Chairman of DAMAC Holdings.
"Most people think of Sharm el-Sheikh but prices have increased greatly, Hurghada on the other hand is a very affordable alternative. The resort is a very accesable with a variety of charter and scheduled flights and is an established tourist resort."
The government's continuous reforms to infrastructure should bring about a major shift in Egypt property investment. Another benefit which boosts rental potential is an increase in direct, short flight times from the UK, no capital gains tax, or inheritance tax, a relatively low cost of living and property in Egypt requires minimal maintenance costs.
For more information on Egypt property investment and to find out about Obelisk International's latest projects, contact: Obelisk International on 0808 1600670 or visit our website http://www.obeliskinternational.com.
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