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Progressive taxation rejected in Egypt


Plans to introduce progressive taxation in Egypt have been rejected. The committee amending the country's constitution has abandoned plans to enshrine the principle as a guideline for tax policies, Ahram Online reported. The proposals were introduced by Mohamed Ghoneim, a renowned physician, prominent leftist and former leading member of the Egyptian Social Democratic Party. If accepted, an article regulating taxes on incomes and profits would have been introduced. Ghoneim believes progressive taxation is key for achieving social justice, but...

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Effects of Egyptian political crisis on property remain unclear


The true impact of Egypt's political crisis on the property market remains unclear, according to Jones Lang LaSalle 's latest Cairo Real Estate Market Overview. The Global Property Guide reported that while the sector remained robust in the first half of 2013, its future remains uncertain as instability in the country continues. Local experts claim the Egyptian real estate market has been hit hard by civil unrest over the last six months but until results for Q3 emerge, it will be hard to gauge the extent of the damage. Nevertheless, the performance...

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Residential Egyptian property to be investor 'bread and butter'


The Egyptian commercial property market is experiencing something of a mass exodus in the wake of the country's political unrest, causing investors to turn to residential real estate in a bid to stay afloat. Reuters reported that as instability and military curfews affect business activity and customer habits, developers and funds are quickly redesigning existing projects and turning them into homes to preserve their wealth. Peter Welborn, Knight Frank's managing director of Africa, told the news provider that residential will be the "bread...

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Egyptian real estate still capable of growth


Conditions may be challenging in Egypt, but the property market is refusing to go down without a fight. The Sixth of October for Development and Investment Company (SODIC) saw strong growth in the second quarter of this year, showing Egyptian real estate can be resilient to turbulence, Zawya reported. In its Q2 net revenues, the firm posted a 152 per cent quarter-on-quarter increase of EGP 327 million (£297 million approximately). This is just slightly down on the EGP 336 million recorded during the same period last year and is the result...

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Is Egypt running out of development land?


Finding cheap Egyptian property could become much more difficult in the future, due to a lack of development land. Real estate developer SODIC told Reuters the country is running out of viable land and new tracts must be approved. It is hoped an interim government will help to free up existing plots, allowing developers to create homes and new communities. Failure to do so could eventually lead to a housing shortage, something currently experienced by the UK and Australia. However, the recent political turmoil experienced in the country has understandably...

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Cairo price rises not market reflection


Cairo real estate prices increased in Q1 2013 but the rise may not be reflection of the health of Egyptian property . Jones Lang LaSalle explained that values increased by eight per cent across Cairo's two satellite cities during the beginning of 2013. However, instead of being driven by demand, the hike is the result of developers looking to pass on increases in construction costs to end buyers. This is set against a backdrop of economic turmoil and high inflation, meaning investors should still show caution when entering the villa and apartment...

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Egypt real estate benefitting from cross-border investment


The Egyptian property market is recovering following the Arab spring and cross-border investment is returning to the region. Two real estate developers from the United Arab Emirates have already reached a preliminary agreement to spend approximately five billion Egyptian pounds on building the Cairo Gate complex. Sitting off the Cairo-Alexandra highway, the 65-hectare complex will include a shopping mall, office park, a luxury hotel, schools, medical facilities and residential space. With confidence returning to the region, real estate...

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Egypt 'to focus on affordable housing'


The new Egyptian president Mohammed Mursi  is expected to focus on providing affordable housing for low and middle-income families. Mohamed El Mikawi, managing director of Al Futtaim Group Real Estate, told the Oxford Business Group (OBG) that approximately 300,000 new homes need to be built every year to keep pace with demand. He asserted that the low-cost end of Egypt's property market has been "neglected" and even suggested frustration over this was one of the factors that contributed to the revolution that took place in January...

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Egypt 'an important property market'


The Egyptian real estate market has been described as one of the most important in the Middle East by the head of a property development company. AME Info reported on comments made by Adel Ahmed Al Zarouni, managing director of Burooj Properties, at the recent Egyptian Real Estate Investment Gathering, which was held in Abu Dhabi. Mr Al Zarouni explained it is important to attend events such as this, as they offer the chance to "highlight promising investment opportunities in the local and Egyptian markets". He added that being present...

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'Positive' outlook for Egyptian property market


The future seems to be bright for those involved with property in Egypt, according to one expert. Jane Akshar, owner of Egypt Property For Sale, explained that while the sector might be relatively stagnant at the moment, it is expected to boom in the future once the country's new president is announced. She said that both domestic and international demand for real estate in Egypt is on the up, with the nation's government doing all it can to support sales. "Prices are excellent currently. Both presidential candidates are on record...

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Population growth 'aiding Egypt's property market'


Demand for housing due to a growing population will help sustain Egypt's property market. Speaking to Business Today Egypt, managing director of Orascom Housing Communities Omar Elhitamy explained demand for homes is outpacing supply in the country. He noted an average of 440,000 new properties need to be constructed each year to meet existing demand, adding as there are so many young couples in the nation, there is continuous growth in household creation. "The Egyptian real estate sector has always represented an opportunity for investors,"...

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Optimism for Cairo property market


The long-term outlook for Cairo's real estate market is broadly positive, with signs of increased activity in the city. This is the finding of a Jones Lang LaSalle report, which noted confidence in Egypt's commercial property sector is beginning to return following the revolution that overturned president Mubarak in January 2011. Head of the firm's Egypt office division Ayman Sami stated the organisation is positive about the "long-term fundamentals of the Cairo real estate market", adding there needs to be consistent stability if...

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Egypt property prices 'stabilising'


A degree of stability is returning to Egypt's real estate sector , with property prices beginning to recover. This is the opinion of Harshjit Oza, a real estate analyst at Beltone Investment Bank, who told Daily News Egypt many of the nation's biggest developers have dealt with problems relating to the acquisition of land under former president Hosni Mubarak's government. "Prices are starting to stabilise again, the confidence is back and land issues are being resolved. TMG (Talaat Moustafa Group) is fairly out of its land disputes and that...

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The Top Reasons Why People Donít Book at Your Egypt Property


If you are renting out your Egypt property as holiday accommodation, have you ever had a guest decide not to book and fail to contact you back? You might have been wondering why your response to their enquiry didnít result in a booking and what you could do differently in the future to secure the booking next time. What are holiday goers looking for when they book Egypt property for their accommodation and what makes them change their mind and decide not to book with you? Here are a few of the most common reasons why you might be accidently...

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Using Testimonials from Past Guests to Advertise Your Rental Property in Egypt


Are you looking for ways to increase rentals of your holiday property in Egypt and make your online listing more enticing? Why not include quotes from your previous guests which state how much they enjoyed their stay?Why Testimonials WorkTestimonials are quotes from people who have previously used your holiday property in Egypt, and they can be a very effective marketing tool to use in your online profile and your promotional materials. When a potential renter is looking at your holiday property listing, they donít know you and so therefore...

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How to Turn Your Egypt Property from Lacklustre to Luxurious


If you own an Egypt property that you rent out to guests, have you ever thought about increasing the level of luxury that you provide for your visitors? Turning your holiday rental Egypt property from okay to fabulously memorable doesnít have to mean upsizing to a larger apartment or home. Luxury is in the little details that make your guests feel special, and you can add these finishing touches to really improve the experience for your visitors. Also, when you are using your Egypt property on your next holiday you will be able to enjoy these little...

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Cultural Etiquette Guide to Living in Egypt


If you have purchased a second home and are going to be spending all or part of the year living in Egypt, itís important to know about the cultural customs of this Northern African country. Whenever you move to a new country it is always a good idea to learn about the local culture, customs and etiquette. Having this knowledge will help you understand your neighbours and why they behave the way they do, and it will help you communicate in a respectful and appropriate way with the locals. You will have an easier time getting around,...

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How to Make Holiday Renters at Your Villas in Egypt Come Back Again Next Year


If you own one of the many beautiful villas in Egypt you might rent out the home to guests as short term holiday accommodation. Many owners of villas in Egypt find that this is a great way to recoup costs of their holiday home, meet new people, and share the beauty of Egypt with others. For many owners of holiday villas in Egypt, repeat business is very important. Guests who visit year after year come to make up a large percentage of their profits. When renting out your holiday home, it is one thing to attract first time visitors but...

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Why Your Holiday Rental Property in Egypt Should Have Wireless Internet


Does your holiday rental property in Egypt have wireless internet? If you want to maximise your chances of success in renting out the home to guests, you should make sure that it has a high speed connection because this is what your potential renters will be looking for. Times are changing. In the past, having internet at a holiday property in Egypt was not a priority for travellers and if your property did have it this would be somewhat unusual. Tourists on holiday wanted to avoid the internet, because it was primarily used for work...

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Smart Tips for Investing in Egypt Property


Are you thinking of investing in Egypt property and renting it out as a holiday let? Smart move!The advantages of investing in an Egypt property are that you will be able to enjoy owning a second home and spending fantastic holidays in Egypt any time you want. You will also be able to rent out your property as short term holiday accommodation when you are not using it, which means that you will be getting a steady rental income which will help the Egypt property pay for itself. Also, Egypt is growing in popularity as a tourist destination and so...

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