The buying and selling trends in Egypt are not as positive as some of the other overseas property markets discussed by us, but are getting better.
Generally, 800,000 British tourists visit Egypt every year, but last year only 330,000 have spent their vacation in Egypt. The reason for this was the terrorist attack, when a Russian passenger plane was brought down over the Sinai Peninsula by terrorists owing allegiance to the Islamic State, killing more than 244 people, most of them Russian tourists.
The tourists were flying back home after holidaying at Sharm el-Sheikh, the most popular tourist destination in North Africa. Sharm el-Sheikh is very important to the Egyptian economy, which is dependent on tourism.
Following the terrorist attack, Britain, Russia and many other countries banned flights to Sharm el-Sheikh and advised their citizens against visiting the place. Since then, Sharm el-Sheikh has suffered greatly and basically resembles a ghost town, with the many restaurants and hotels running half-empty, without foreign tourists.
Egypt’s ambassador to the UK Nasser Kamel was very critical of the stand taken by the government to continue this ban, despite the fact that almost all other countries have resumed flights to the Sinai Peninsula.
Ambassador Kamel spoke to BBC’s Radio 4 Today, where he said, “When the accident happened and the UK decided to suspend flights, we had an agreement with the British Government to implement a joint action programme, under the promise that if the programme is implemented fully in three or four months, flights will resume.”
“Egypt has done its share. We have implemented the programme, we have brought independent security firms to assess the situation. All EU countries have resumed flights to Egypt – including Germany, which does not take the security of its citizens lightly – and the only EU country which is not flying to Sharm el-Sheikh is the UK,” Mr. Kamel added.
What does this mean for you if you’re planning to sell your property in Egypt online as fast as possible? Well, it’s not all negative news. We expect the travel ban to Egypt to be lifted soon, and normalcy to return to the country.
Egypt remains a popular overseas property destination despite the fact that the last few years have been a very turbulent period for the country. The property market in Egypt has generally been insulated from the rest of the economy, and the demand for homes in Egypt from cash rich overseas buyers remains high.
There are a number of cash rich overseas investors from China, Russia and other emerging countries who continue to buy properties in Egypt. It is after all one of the most beautiful countries in the world with a picture perfect climate.
There are a number of wealthy Arabs who share a historical fascination with Egypt and buy beachfront villas here. Britons, Germans, French and other European buyers remain invested in Egypt as well. We expect the interest in Egyptian properties to only increase in 2017 and beyond as the country gets its act together.
Contact us today to buy or sell property in Egypt fast