Egypt Real Estate - market trends in 2010

Despite the more challenging economic conditions, the Egypt real estate market has experienced considerable growth as overseas investment has risen to levels not previously experienced. Whilst destinations such as Spain, Cyprus, Dubai and others struggle with the issues such as oversupply and falling demand, the Egypt real estate market continues to grow up apace.

So what has brought about this sudden increase in interest in Egypt real estate, and is this increase in demand likely to prove sustainable in the years to come? As with so many emerging property markets, the foundations of this growth in demand for property in Egypt can be found in the countries booming tourism industry.

Over the course of the past five years, an increasing number of low-cost airlines from the major European travel hubs have started to offer cheap flights to destinations including Sharm El Sheikh, Hurghada, Nabq Bay, Marsa Alam and of course Cairo. As a direct result of this increase in tourist visitors, demand for accommodation has risen considerably. This increasing demand property is particularly acute in the resort surrounding the Red Sea.

As a result of this increasing demand for property in Egypt, the major property developers have seen a boom in the levels of construction underway throughout the red Sea resorts. Indeed, just this week the European investment bank, credit Suisse released a report stating that Egyptian property stocks were likely to outperform all other Middle East and North African markets over the course of the next 12 months.

At present, this trend towards increased tourism in Egypt shows no signs of slowing. The year-round climate, and wide range of activities available throughout the resort's looks set to ensure a steady stream of visitors for the years to come. With occupancy rates throughout the major Egyptian tourist destination is remaining resilient, despite the increased supply, the signs are undoubtedly positive for the Egypt real estate market.

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