Property Boom On Red Sea

LUXURY TOURISM LEVELS RETURN TO THE RED SEA RIVIERA AND SPARKS A PROPERTY BOOM ON THE CORAL COAST

The new found political stability in Egypt accompanied by exceptional local currency value for foreign property investors has started the ball rolling for a Red Sea property boom as a flood of European house buyers looking again at the Red Sea Riviera.  High level tourism in the guaranteed winter sun market has also seen record growth as a result of the hurricane season decimating many of the popular Caribbean islands and the water shortage in Cape Town has driven many visitors to Egypt as opposed to South Africa. 

Luxury private town resorts such as Somabay and El Gouna are witnessing pre-2008 interest from European buyers who recognise that luxury property on the emerald sea represents exceptional value for money. Stunning four bedroom villas with swimming pool and sea view can be found for only 195,000 Euro. Taxation and purchase costs are less than 1%. Whereupon European hot-spots can be as high as 16%.

Talking at the Red Sea property boom Edward Hill, CEO of MEPM PROPERTY in El Gouna says:

“On average, we are receiving five or six strong enquiries a day. Most of the customers simply can not believe how beautiful some of the projects are and what excellent value for money. The climate on the Red Sea is one of the few places that can really guarantee winter sun less than 4 ½ hours flight away. This winter, whilst the rest of Europe was shivering in minus 12, El Gouna was a warm and balmy 31C!”

The other market that has taken the area by surprise has been a surge of bookings for July and August. “People have finally realised that the low humidity on the Red Sea and cooling Summer kite breeze means that it never gets above 35C with less than 20% humidity.  Combine that with the ease of lifestyle, excellent value for cost of living and having fun. It is the magic formula for a wonderfully relaxed, elegant value holiday". No wonder there is a Red Sea property boom!

Both El Gouna and Somabay have stunning beach clubs, bustling marinas, emerald water beaches with abandoned islands that one can have all to oneself to spend all day on. There is nothing that matches this in Europe.

You never have to fight for a car parking space, reserve a restaurant weeks in advance and the locals go out of their way to help you. That can not be said for some of Europe’s popular beach destinations, where crowds, high prices, dirty oceans and jelly fish are the norm.

Encouraged by what they see and the holiday that they are having, “more and more people pop into our offices having already made up their minds that they are going to buy. When they see the exceptional value with the high quality of projects on offer. The cheque books are open before we have even got out of the car“.

Be part of the Red Sea Property Boom! MEPM Property offers stunning off-plan and re-sale properties both in El Gouna and Soma Bay Resorts. Luxury homes start from as little as £95,000.