Property in Hurghada (Egypt)
Apartment in Hurghada has always been an example of affordable housing. From the beginning of development of this segment of the market on the red sea coast, as an investment housing for foreigners about 10 years ago, the price per sq. m. was 150-200$. The growth of housing prices in Hurghada are always present and the prices steadily rose. Today, many construction projects in Hurghada observed a sharp jump in the cost per square meter with the prospect of a further increase in the period to autumn 2012. Noteworthy is the fact that the revolutionary events in Egypt are not "crashed the market" in spite of all the predictions of skeptics.
In the period from February 2011 until the beginning of 2012, the real estate market along the red sea cost of housing remained stable, the only concession to developers in Hurghada for foreign property buyers was the approval of new payment plans, as an example of the construction of the complex Isida Joya, where today you can buy an apartment by paying only 25% of the cost of housing, which given the minimal cost of the Studio is just 3 700$, while the remaining amount is paid during the year. Also, it has been provided and long-term interest-free installments up to 4 years, as an example the draft Leyenda de Perla and installments of up to 5 years - Florenza Khamsin Beach Resort, where the percentage is 5 % to 60% of the balance. For example, the Studio in Florenza Khamsin Beach Resort, payments every3 months will be 876 $ for 5 years. Such convenient terms installment was timely and attracted foreign investors even during the riots in Cairo. In the same period when large construction companies to keep prices unchanged, offering convenient installment plans, some owners panicked and provocations of the interested parties sold their homes in Hurghada below market value, often with large losses for him. According to our company, splash of such proposals came in mid 2011. Now that the situation in Egypt, every day it becomes more stable and the real development prospects of the region the Red sea are already being implemented in practice, nothing can hold a sharp leap in prices is not real estate, which is holding back political events in the country. Nowadays, the growth of prices for construction materials, which can not affect the cost of housing in Hurghada.
Sincerely, Anastasia Osama
Head of international cooperation, real estate Agency in Hurghada - Akar Real Estate
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