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Egypt resort to attract €660 million of investment

Plans for a world-class resort on the banks of the Nile in Egypt will create new opportunities for property investment. The resort, Sahl Hasheesh or “green valley”, located 18km south of Hurghada International Airport, will become a fully integrated seaside community stretching for 32,000km². Property purchase options in the resort will range from one-bedroom apartments through to seven-bedroom ‘palaces'.

According to a recent report on TheMoveChannel.com, the desert area has begun being transformed thanks to the €180 million that has already been spent on infrastructure improvements and construction. The Egyptian Resorts Company (ERC) will invest a staggering €660 million in total into the new resort, which will feature eight golf courses, 14 five-star hotels (six of which will be completed by the end of this year) and a 330 berth marina and yacht club.

Prices of real estate in Egypt’s main resorts have risen by around 50% in the last two years alone, and some experts are predicting similarly impressive returns on property in the Sahl Hasheesh resort. Rental income is expected to be around 11% annually. Experts are predicting that tourist figures will reach 16 million by the year 2014, with 4.1 million visitors expected to pass through Hurghada Airport each year.

Foreign direct investment into Egypt exceeded $10 billion in June of this year, helped by the country’s investor-friendly taxes (there is no capital gains tax, for instance), duties and customs.

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