Egyptian Property Highlighted as Investment of the Future

Egypt has been highlighted as an overseas property hot-spot of the future, according to an article on the Overseas Property Mall blog.

In the article, well known property expert Liam Bailey said that while Egypt property prices are quite capable of growing very quickly over the short and the long-term, the unfair distribution of wealth in the country means there is very little demand from within the largely impoverished local population and this leaves property in Egypt investors at the mercy of foreign buyers.

The Egyptian government is busy trying to improve the situation though, now that their efforts to increase foreign investment inflows have paid off and require less of the government's attention.

In my opinion there is a good chance that Egypt can improve the distribution of wealth in the country, because they have plenty of economic growth to work with.

Even as the world endures one of the worst global recessions in almost a century, the International Monetary Fund is forecasting 3.6% growth in the Egyptian economy this year. Though this is much slower than the 7% averaged in recent years it is still impressive in the current climate. Growth is then forecast to slow to 3% next year, with inflation being brought down to a much more respectable 8.5%, from over 16% this year.

On top of that, to offset any doubts about whether Egypt can bring more of its population out of poverty, are the low property prices in the country and the exceptional rental yields this makes possible.

2 bedroom apartments near the beach in Hurghada can be bought off plan for less than £20,000, and rented out for £385.00 per week. This gives a 25% gross rental yield on 10 weeks occupancy.

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