Located on the southern tip of the Sinai Peninsula, Sharm el-Sheikh is the gem of Egypt surrounded by the Red Sea and mountains of Mount Sinai. Year round sunshine and cultural tours enlisted this city among the top holiday destinations in Arab countries.
The city not only houses some world finest resorts, hotels and restaurants, but also possesses best diving and snorkeling spots. Although, tourism has been a major industry to earn revenues, real estate has also gained the status of an important enterprise. Foreigners, especially Europeans are considering buying their holiday home in the city.
In addition to affordable prices as compared to other global property markets, the territory has a strong profit potential. What you need to do, is to thoroughly understand the whole process and legislation of buying assets abroad. Paperwork and documentation are very important, as you could not rely on verbal agreements. Irrespective of being local or an expat, you can choose leasehold or freehold entitlement according to your needs.
Property types available for sale
A whole range of properties is available for sale in the territory. You can find a classic apartment ranges from 2 bedrooms to several bedrooms and a beach front villa with 5-6 bedroom units. Usually, apartment projects consist of low rise double storey buildings with 4 to 8 apartment units. Buyers can choose to buy a suitable residential property for sale in Sharm el-Sheikh among villa and apartment units. Below are the top five reasons to buy residential assets in Sharm el-Sheikh.
Do you love underwater sports?
If you are particularly interested in underwater sports like diving and snorkeling, then there is no better place other than Red Sea. It is the paradise for divers. If you want to frequently enjoy sea diving, possessing your own lodging unit will let you save good money, which you will be spending on hotels and rest houses.
Perhaps, you need a break from extreme cold winter and dreaming to own a second home in a Middle Eastern country to enjoy the sunshine in winter. Then Egypt can be the best choice, as asset prices are not as high like other neighbouring countries. Don’t worry about residential visa, as the Government has simple visa policies for expats buying housing units in the city. You must feel great, as you know you can pack up anytime to relocate your second home to enjoy warm winter and less humidity.
High profit potential
However, asset prices are comparably low; still there is huge potential to earn profits. Especially, economy is booming fast that not only enhance standard of living in the city, but also positively affect prices. According to market analyst, investing in booming economies is always profitable.
Cost of living is low
In addition to affordable accommodation, overall living in the city is not expensive. As compared to many European destinations, currency exchange rates are high that makes it an ideal place to find a second home. Over all commodities are not expensive.
Secure banking systems
Banking system across Egypt is secure and their policies are actually in favor of investors. As they do not issue credit cards, only debit cards are issued to ensure user only consume money that existed in account already. This makes it free from the risk of worldwide credit crunch. Banks usually charge tax free interest at the rate of 6-8% per year. However, Central Bank provides 100% coverage to all Egyptian banks across the country.
Summary: Despite being profitable, you need to identify your needs and budget before buying property in a hotspot like Sharm el-Sheikh.To get more information on property in Sharm el-Sheikh,
the Sinai Peninsula, Sharm el-Sheikh