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Are you looking to sell overseas property fast in Egypt?
There is every indication that there is going to be a boom in Egypt’s real estate market because of the recent currency devaluation undertaken by the Egyptian Central Bank. Egyptian pounds have been devalued by 13 percent with respect to the US dollar and this is expected to boost investment in the nation’s property market.
In this guide to selling your overseas property in Egypt, we tell you what this means for you. To begin with, there are going to be a number of investors who will invest big time in Egypt, in land and property. We also expect a renewed interest from wealthy individuals from Germany, Scandinavia, China, Russia and Ireland in Egyptian property.
As Mamdouh Abdel Wahab, who heads the investor relations and investments director at Palm Hills Development explains, investing in property is a good option for those “who want to hedge against inflation.”
“Of course, devaluation will have a negative effect on everything else,” Mr. Wahab adds, “But for demand it’s positive. The CBE [Central Bank of Egypt] said they would be applying a flexible regime or policy, so it means they might be doing another round of devaluation in the future if we see the gap between the official rate and the black market widening again.”
Another leading real estate expert, Ayman Sami, who heads the Egyptian office of the property consultancy JLL, says that he does not expect the devaluation will make a big difference to the housing market. He says that as of now demand as overrun supply and property prices are already going up by 5% to 10% every year. “It’s not a huge increase – 15 per cent is normal for residential, according to our reports,” Mr. Sami says.
Mr. Sami adds that the devaluation will boost investor confidence in Egypt and is a net positive for those who are looking to sell overseas property fast in the country. He says, “Having clarity and more transparency on currency is important to an investor and that is an area that was slowing down some decisions. Now that you have a rate that is more in line with supply and demand, investors will be encouraged.”
The devaluation of the Egyptian currency is certainly great news for the tourism industry in Egypt as it is going to encourage more people to visit Egyptian tourism hotspots such as Sharm-el-Sheikh.
Erik Volkers of CBRE Middle East says, “The move comes at a time when the real estate market is struggling to recover from various … setbacks, which have decimated the tourism market and negatively impacted appetite for foreign ownership of properties. With better value now apparent in the market, we can expect to see renewed foreign interest, although in the short term we expect investors to remain somewhat cautious.”
So this is a great time to be selling your overseas property in Egypt. The important thing is to hire a good UK estate agent who has the skills and connections to reach out to rich, high net worth individuals from Germany, Scandinavia, China, Russia and Ireland who are interested in buying property in Egypt. Contact us to know more about how to sell overseas property fast in Egypt.