Are you considering purchasing a holiday home or rental in Hurghada
A big draw for international buyers, this Red Sea resort town has become more enticing due to its sunny beaches, laid-back lifestyle, and real estate market. Purchase relates to investment decision making. However, it is wise to understand the local property market, legal requirements and investment opportunities before.
Understanding the Real Estate Market in Hurghada.
The property market in Hurghada is full of choices including cheap studios and beachfront villas. The regular construction of vacation homes and short-term lettings have made the city one of the most popular real estate areas in Egypt.
Market Highlights.
Affordable compared to Europe or the Gulf region.
Growing expat community and tourism industry.
High rental potential, especially in tourist-heavy areas.
Opportunities for both off-plan and resale investments.
The Legal Framework for Foreign Property Buyers in Egypt.
Foreigners can own property in Egypt but there are rules and procedures that one must know of.
Key Legal Frameworks.
Law No. 230 of 1996 allows foreigners to own two properties maximum for residential purposes whose total area do not exceed 4,000-square-metre.
The purpose of Law No. 14 of 2012 (the Sinai Development Law) is to restrict foreign ownership in the Sinai Peninsula by requiring that projects in the area be operated under long-term leases and not form of ownership.
Presidential Decree No. 350 of 2007 specifies these areas to the meaning of which foreign investment is encouraged.
Legal Help: It is important to enlist a local lawyer to check ownership and documents and ensure the sale is registered.
Key Factors to Consider When Choosing a Property Type.
Choosing a property depends on whether you plan to use it yourself, rent it out or keep it for the long term.
Consider the following.
It is easier to maintain and rent out of apartment than a villa, while a villa offers more privacy and space.
When you purchase an off-plan project, you can take advantage of a payment plan. A resale unit is typically ready for use.
Properties in full furbished are rented out quicker than in unfurnished, especially during the tourist season.
How To Go Through Buying Process
Purchasing a home at Hurghada is quite a simple, yet important process. Here's a general overview.
Choose a Credible Agent: Consult a local real estate agent with a license who understands the requisite for foreign clients.
Examine a few property options to make a fair comparison of their price and condition.
See if the price is negotiable, especially in the case of cash deals.
Preliminary Contract: Which specifies how the purchase will proceed.
Make a Deposit: Generally 10-30% of the total cost.
Pay and Sign the Final Agreement.
Make sure your lawyer registers the property legally, even if it's only through a notarized contract.
The Importance of Location: Best Neighborhoods for Tourists Investing in Hurghada
Al Hambra.
Al Hambra is an elegant residential compound in El Kawther. It is designed for comfort, luxury and easy accessibility. Offering modern finishes, swimming pools, close proximity to supermarkets and the promenade, this is a great option for living and renting.
Princess Resort.
Princess Resort, located on the main promenade for tourists, features direct beach access, a hotel with great amenities, and sea views. Those looking for holiday rental properties that yield good rental return should like this development.
West Elbalad.
The perfect location of the project sits in the downtown area (West Elbalad) where you would like to be nearby local culture, shops and transport. West Elbalad offers an affordable price tag and a central location making it an ideal choice for buyers on a budget.
The construction quality, management, and pricing structure of these AKAGroupInt developments are at a high standard and make them some of the best in Hurghada.
