Sunshine Dreams Touristic Investment Ltd., a leading real estate broker, project planner, point of contact and consultant to many contractors and developers in Egypt and especially Hurghada, has been watching the ever-moving real estate market for more than 12 years.
So far, real estate in Egypt, not infrequently directly on the beach and in closed complexes (condominiums / resorts) with a number of included services have made a large number of international guests in Egypt to Residents. Not least of all, this inflow was supported by an immigration-friendly policy and the almost unbearably low prices for residential properties in prime locations. As a result, especially in Hurghada, a strong, Arab-European culture has continued to develop and shape.
Based on our many years of experience in the German real estate market, our steady market analyzes and observations also show us a rise of around 20-25% in the price of residential and holiday real estate over the next 24 months.
The prices for adequate beach real estate 1o years ago averaged around 500.00 € (conversion rate at that time about 7.5 / 1), these are now mainly due to the weak exchange rate of the Egyptian pound (EGP) to about 450 €. The conversion rate, on the other hand, is now around 20/1. In numbers, this is a discount especially for buyers with currencies such as the USD, €uro or British pound, but a doubling of the price in local currency.
Nevertheless, the Egyptian consumer is currently investing heavily in domestic real estate, although the purchase price has doubled for him. Why does he do this? According to Stanis Giesel, Marketing Manager of Sunshine Dreams Touristic Investment Egypt: “On the one hand, investments in foreign countries – including Arab countries – are mostly uneconomic due to the weakness of the EGP, while others are trying to minimize monthly expenses by saving on rent.” Giesel continues: “In order to boost the economy, the Egyptian government has released numerous subsidies and loans to banks to stimulate the emerging credit market, so it is likely that the buying boom will continue and real estate will become scarcer an increase in price. “
Saber Hassanin, CEO of Sunshine Dreams Egypt, adds, “Therefore, within the next 1-2 years, we expect two-digit percentage price increases for real estate in Egypt, so we recommend that everyone consider ownership of property in Hurghada. Otherwise, you run the risk of finding yourself in the situation in which you have to admit that you have probably hesitated too long to fulfill his dream of your own apartment right on the sea “.