Guide to the Egypt Property Market Part Three - Hurghada

Over the course of the past two years, the focus of the global property market has

been on lowering prices and falling demand, as many of the worlds traditional property markets fell victim to the global economic crisis. At the same time, Egypt, and in particular Hurghada, has seen almost unparalleled growth, as people moved towards the new emerging market on the shores of the Red Sea. At the heart of this growth has been Hurghada, where a large number of new and exciting property developments have come to fruition in the past two years.

Ever since the well publicised marine explorations of the legendary scuba diver Jacques Cousteau brought the Red Sea to our screens, the region has held an almost mythical appeal amongst tourists. Today however, the region is more accessible than ever, with cheap flights on an almost daily basis from various airports throughout Northern Europe. Famous for its year round climate, the city offers an intoxicating appeal for tourists and second home owners alike.

Hurghada is situated on Egypt's mainland Red Sea coastline, overlooking the clear blue waters of the Red Sea. Home to over 180,000 residents, the city has seen a large increase in tourism over the course of the past ten years, as the new International Airport has come online. The city itself is divided into three main districts. The Sheraton Road area, or El Sakala is the main tourist district, and offers a wide range of cafes, bars, bazaars and restaurants.

The Promenade area (El Mamsha), is over 5 kms long and more tourist orientated, home to the majority of the four star hotels in Hurghada. More peaceful than the hustle and bustle of the Sheraton Road district, The Promenade is also home to a number of large shopping malls. Finally the El Dahar district is where the majority of the local Egyptians tend to live, and where you are also likely to find a number of excellent bazaars and markets.

There is a huge range of activities on offer throughout the Hurghada region, ranging from desert safari's to kite surfing. However the majority of the focus of Hurghada is around the water, the superb beaches and reefs which existing along this beautiful stretch of coastline. For fans of scuba diving, the endorsements given by Jacques Cousteau all those years ago still ring true today. Throughout the region there are a number of exceptional dive sites and coral reefs, and scuba divers are attracted to this region on an almost annual basis, seeking to sample the underwater delights of the Red Sea.

Understandably, the regions recent boom in tourism has resulted in a considerable increase in demand for property in Hurghada and the surrounding regions of El Gouna and the Sahl Hasheesh. With overseas investors attracted to the increasing short term rental demand, and holiday home owners attracted by the lower cost of living and year round climate; it's easy to see why there has been such an incredible increase in demand for property in Hurghada over the past few years.

There are a number of superb new property developments throughout the region, many of which offer investment opportunities from as little as 10,000 for a studio. With the prices of property in Hurghada starting from such a competitive level, it has meant that a new generation of overseas property investors has been attracted to the region, bringing with them the much needed investment for the future development of the city. With recent noises from the Egyptian government suggesting that they are looking to increase investment into the region, the future seems bring for the Hurghada region at present.

Guide to the Egypt Property Market Part Three - Hurghada

By: Mark Burns

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