Egypt capitalising on euro woe?

The Land of the Pharaohs is quickly becoming a major investment hot spot, argues one industry insider…

According to Julie Aristidou, managing director of J&JA Overseas Properties, the stability of the Egyptian pound has created good growth investment opportunities in the Land of the Pharaohs. Ms Aristidou commented:” The strength of the Euro against the pound has prompted a slowdown in people purchasing properties across Europe, and Egypt appears to be capitalising”.

Official statistic seem to back up Ms Aristidou’s claims, with figures from the Office of National Statistics  showing that more than 275,000 people from the UK already own property overseas. Ms Aristidou added “The impact that fluctuating exchange rates can have on the cost of buying overseas property is significant and taking advantage of favourable rates can save property investors large sums.

”Egypt’s proximity to Europe makes it ideal to take up the mantle of overseas growth. The increase in sales is also fuelled by low running costs, excellent year round flight links from the UK, unique climate, high capital growth and strong rental demand. The current state of the UK economy has meant many people are looking abroad to invest. The pound is weak against the Euro so investors are looking outside the EU and Egypt is a prime location.”