Sharm el Sheikh Property Investors Take Advantage of Low Egyptian Pound

Where many might shy away, the most knowledgeable property buyers are leaning towards Egypt in light of the recent crisis to purchase Sharm el Sheikh property. The record drop in value in the Egyptian Pound means that it has never been a better time to buy in successful tourist resorts either as a second home or an.

Understandably, a novice property buyer might be cautious of investing in a region that has witnessed some political turbulance over the last few months, however experienced property buyers in Sharm el Sheik property will know that the construction has been unaffected as the protests were localised and so the resorts did not witness any of the looting or disorder Cairo might have done.

With 1 British Pound purchasing 9.74236 Egyptian Pounds (EGP) as of 23rd March 2011, property investors can purchase a total of 224,074 Egyptian Pounds for £23,000. If we look at what the same amount would have purchased at the beginning of this year when the rate was 1 British pound=notice a dramatic advantage to the overseas property investor as £23000 would have purchased only 206,203 EGP. This means that investors who purchased in March rather than at the beginning of the year have made an extra of 17,871 EGP!

As Steven Worboys, MD of Experience International, the property investment specialists notes:

“The most long-sighted investors will flip events as in Egypt into an opportunity, this is one of the best times to invest in Sharm el Sheikh property due to the low Egyptian pound…They say a week is a long time in politics; it’s an even longer time in the field of investment property!

Property agents have observed steady sales throughout February and an upward trend in March. Egyptian property prices have in no way dropped and some developments are set to increase their prices as they finish the first stage of construction.

One of the most successful resorts is the Maraqia development in Sharm El Shiekh. Investors can purchase 1, 2 and 3 bedroom apartments scattered over 40,000 m² with adjoining swimming pools and gardens. Set next to the mountains of Nabq and minutes away from 5* Hotels and facilities, this project is on track to be one of the most luxurious high class residential areas in our Egypt property range and prices start from only £39,170.

Another development that has attracted both international investors and those looking for a second holiday home is the Sunny Lakes development in Naama Bay in Sharm. These low density apartments offer spacious 1 bed apartments from 70 m² and 2 bed apartments from 95m² all with swimming pool views. The choice of management and rental services are also offered making Sunny Lakes the ideal property purchase both for lifestyle buyers and as a buy-to-let investment.

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