Buying a property in Egypt today is a lot easier than it once was thanks to changes in the law which have now streamlined the whole process. So, for any professional looking to work or to set up a business in the country, buying as opposed to renting a property could be a good, not to mention a potentially lucrative, long term investment.
Employment apart, buying and setting up a home in Egypt has many attraction and advantages. Not only are property prices relatively cheap when compared to their UK counterparts, the cost of living is low, too, a real win-win situation.
You can pick up a property in Egypt for around £30,000 and upwards, depending on the area, with yearly property appreciation values of some 10%-20%. Little wonder property investors are looking at Egypt with a great deal of relish, given the potential of the market which is largely untapped.
How long all that will stay is anyone’s guess especially as tourists are once more returning to Egypt in their droves now the political climate is more settled. With the Egyptian government heading the drive for yet greater inward investment, and with positive growth figures for the economy projected to rise to 6.5% by 2015, property prices will surely soar in the near future. If you can afford it, get in now while you still can, would be a sensible piece of advice to follow!
Economics aside, however, there are many other good reasons to settle in Egypt. Arabic is the official language but English and French is widely spoken wherever you go. So communication won’t be a problem. Then there’s the glorious weather which makes the heart of the average Brit positively sing with joy.
In winter the temperature is an average 14ºC while summer temperatures can climb to 30ºC and higher.
And yes, all of that without even mentioning both the history and culture which are truly unique. Think of Egypt and no doubt images of pyramids, Pharaohs, romantic empty deserts, camels, markets filled with goods made by the hands of skilled artisans…the list could go on and on.
But while most of us think of Egypt in terms of its 6,000 years of history, the country has embraced change in so many ways and is as modern in its outlook as any country in the West. The IT infrastructure is good and getting better all the time. Banking has improved in leaps and bounds since the adoption of an open-door policy in the 1970s which allowed foreign ownership. The financial landscape has been improving ever since.
Now banks in Cairo, Egypt’s capital city and elsewhere in the country are home to some of the best-known banking multinationals in the world, all of them offering the sorts of personal banking services and financial products – direct debits, standing orders, foreign currency, cheque clearance, loans, credit cards – you’d find back home.
What about online banking with HSBC, or Barclays, or Citibank, or the National Bank of Egypt and any of the dozens of other indigenous banks? It’s all there for you, again just like in Britain. With all of your banking needs covered, you couldn’t ask for anything more.