Egyptian Made
Low Egyptian Pound Attracts Property Buyers to Sharm el Sheikh
While many might shy away, the most savvy property investors are looking towards Egypt in light of the latest crisis to purchase Sharm el Sheikh property. The record decline in value in the Egyptian Pound means that it has never been a more opportune time to buy in successful tourist resorts either as a second home or buy to let investment.
Understandably, a novice property buyer might be cautious of investing in a area that has experienced some political turbulance over the last few months, however savvy property investors in Sharm el Sheik property will know that the building progress has been unaffected as the protests were confined and so the coastal developments did not witness any of the looting or disorder Cairo might have done.
With one British Pound buying 9.74236 Egyptian Pounds (EGP) as of 23/3/11, property investors can buy a total of 224,074 Egyptian Pounds for 23,000 sterling. If we look at what the same amount would have bought at the beginning of 2011 when the rate was 1 GBP=8.96538 EGP, we dramatic advantage to the overseas property investor as £23000 would have purchased only 206,203 EGP. This means that investors who purchased in March rather than January 2011 have made an extra of 17,871 EGP!
As Steven Worboys, Managing Director of the property investment experts at Experience International notes:
“The most long-sighted property buyers will turn events as in Egypt into an opportunity, there has never been a better time to invest in Sharm el Sheikh property due to the low Egyptian pound…They say a week is a long time in politics; it’s an even longer time in the world of investment property!
Property agents have observed steady sales throughout February and an positive trend in March. Sharm el Sheikh property prices have in no way dropped and some projects are set to raise their prices as they finish the first phase of construction.
One of the most successful resorts is the Maraqia development in Sharm El Shiekh. Investors can buy 1, 2 and 3 bedroom apartments spread over 40,000 m² with surrounding gardens and swimming pools. Set next to the mountains of Nabq and minutes away from 5* Hotels and facilities, this project is destined to be one of the most high class luxurious residential areas in our Egypt property range and prices start from only £39,170.
Another development that has attracted both global investors and those looking for a lifestyle purchase is the Sunny Lakes development in Naama Bay in Sharm. These low density apartments provide spacious one bed apartments from 70 m² and 2 bed apartments from 95m² all with views of the swimming pools. The choice of rental and management services are also offered making Sunny Lakes the perfect property purchase both for personal use and as a long term investment.
For more details on investing in Sharm el Sheik property in 2011 please contact the experts at Experience International on +44 (0) 207 321 5858 or visit www.experience-international.com.
Egyptian Protestors Vow To Resist US Made Toxic Gas
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