THE KEY FACTS ABOUT EGYPT
At Life Style we strongly encourage you to know the full facts about the country that you are interested in, therefore please read this useful factsheet and the dynamics of Egypt. .
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Rentability |
Simply brilliant rental market 52 week destination |
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Capital Appreciation |
2-5 year plan to maximise appreciation |
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Long term rating |
Excellent, airport links and accessible from most international airports |
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| Useful Information: | |
| Time Difference: +2 GMT | Currency: US dollar (USD or US$) |
| Flying Time: 5 Hours | Yes, visitor visa and renewable twelve-month work visa |
| Major Airports: Abu Simbel, Alexandria, Aswan, Borg el-Arab, Cairo International, Hurghada, Luxor, Sharm el-Sheikh | Work Visa Required: Yes |
| Dialing Code: 00 20 | Electricity: 220V/50Hz |
Egyptian History
JThe regularity and richness of the annual Nile River flood, coupled with semi-isolation provided by deserts to the east and west, allowed for the development of one of the world's great civilizations. A unified kingdom arose circa 3200 B.C., and a series of dynasties ruled in Egypt for the next three millennia. The last native dynasty fell to the Persians in 341 B.C., who in turn were replaced by the Greeks, Romans, and Byzantines. It was the Arabs who introduced Islam and the Arabic language in the 7th century and who ruled for the next six centuries. A local military caste, the Mamluks took control about 1250 and continued to govern after the conquest of Egypt by the Ottoman Turks in 1517. Following the completion of the Suez Canal in 1869, Egypt became an important world transportation hub, but also fell heavily into debt. Ostensibly to protect its investments, Britain seized control of Egypt's government in 1882, but nominal allegiance to the Ottoman Empire continued until 1914. Partially independent from the UK in 1922, Egypt acquired full sovereignty following World War II. The completion of the Aswan High Dam in 1971 and the resultant Lake Nasser have altered the time-honored place of the Nile River in the agriculture and ecology of Egypt. A rapidly growing population (the largest in the Arab world), limited arable land, and dependence on the Nile all continue to overtax resources and stress society. The government has struggled to ready the economy for the new millennium through economic reform and massive investment in communications and physical infrastructure.
Egypt controls Sinai Peninsula, only land bridge between Africa and remainder of Eastern Hemisphere; controls Suez Canal, a sea link between Indian Ocean and Mediterranean Sea; size, and juxtaposition to Israel, establish its major role in Middle Eastern geopolitics; dependence on upstream neighbors; dominance of Nile basin issues; prone to influxes of refugees nly a few.
Egyptian Facts
Location: Northern Africa, bordering the Mediterranean Sea, between Libya and the Gaza Strip, and the Red Sea north of Sudan, and includes the Asian Sinai Peninsula
Capital City: Cairo
Land Area: total: 1,001,450 sq km land: 995,450 sq km water: 6,000 sq km
Coastline: 2,450 km
Regions: 2,450 km
26 governorates (muhafazat, singular - muhafazah); Ad Daqahliyah, Al Bahr al Ahmar, Al Buhayrah, Al Fayyum, Al Gharbiyah, Al Iskandariyah, Al Isma'iliyah, Al Jizah, Al Minufiyah, Al Minya, Al Qahirah, Al Qalyubiyah, Al Wadi al Jadid, As Suways, Ash Sharqiyah, Aswan, Asyut, Bani Suwayf, Bur Sa'id, Dumyat, Janub Sina', Kafr ash Shaykh, Matruh, Qina, Shamal Sina', Suhaj
Climate: desert; hot, dry summers with moderate winters
Terrain: vast desert plateau interrupted by Nile valley and delta
Environmental Issues to consider: agricultural land being lost to urbanization and windblown sands; increasing soil salination below Aswan High Dam; desertification; oil pollution threatening coral reefs, beaches, and marine habitats; other water pollution from agricultural pesticides, raw sewage, and industrial effluents; very limited natural fresh water resources away from the Nile, which is the only perennial water source; rapid growth in population overstraining the Nile and natural resources
Population: 80,335,036 (July 2007 est.)
Government Type: republic
Legal System: based on English common law, Islamic law, and Napoleonic codes; judicial review by Supreme Court and Council of State (oversees validity of administrative decisions); accepts compulsory ICJ jurisdiction, with reservations
GDP: $334.4 billion (2006 est.) GDP Growth Rate 6.8% (2006 est.) GDP - per capita $4,200 (2006 est.) Inflation Rate: 6.5% (2006 est.)
Economy - Overview
Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. In the last 30 years, the government has reformed the highly centralized economy it inherited from President NASSER. In 2005, Prime Minister Ahmed NAZIF reduced personal and corporate tax rates, reduced energy subsidies, and privatized several enterprises. The stock market boomed, and GDP grew about 5% per year in 2005-06. Despite these achievements, the government has failed to raise living standards for the average Egyptian, and has had to continue providing subsidies for basic necessities. The subsidies have contributed to a growing budget deficit - more than 10% of GDP each year - and represent a significant drain on the economy. Foreign direct investment remains low. To achieve higher GDP growth the NAZIF government will need to continue its aggressive pursuit of reform, especially in the energy sector. Egypt's export sectors - particularly natural gas - have bright prospects.
For the State of Florida the following facts apply:-
Why Buy In Egypt?
Properties on the Red Sea are by far the most popular amongst foreign house-hunters; this has been reflected by the impressive house price increases in the area, and with a stable economy and government, is considered to be an excellent long term investment. The market here has performed extremely well recently and 2007 is set to be to be the best year yet for investors in this emerging market – which will benefit from substantial capital appreciation and rental returns. Egypt’s popularity as a year-round holiday destination has attracted international investors and developers – and has made it a hot property investment destination, especially for the swimming and diving enthusiasts. ¨Ambitious projects are currently under way, pioneering some incredibly imaginative and exclusive modern developments across the Red Sea area,” says Mark. Near to the latest golf resort of Sahl Hasheesh – across the Red Sea from Sharm El Sheikh – is Serrenia, a £1.28 billion waterside development and marina designed by Sir Norman Foster. 37 miles away to the north will soon be the huge Gamsha Bay luxury development to be built by DAMAC, best known as one of Dubai’s big four development firms. Ian Proetta international projects director to Worldwide Destinations believes there is an attraction to The Red Sea Riviera that no other region in the world has or could replicate. ¨You have to visit the area to understand the effect it has on people,” he says. “Once you do you are sure to return – it has sandy beaches, crystal-clear waters and exotic marine life. “This, together with a rich cultural and historical heritage, beautiful desert landscapes and ideal weather makes it a magical destination.” Other benefits include a short flight from the UK, weekly direct flights and excellent diving and snorkeling opportunities. Also, there is no capital gains tax or an inheritance tax in Egypt – plus it’s still cheap to live there, property maintenance costs are minimal and English is widely spoken by the locals.
Another major reason effecting purchasing is the ever increasing investment into all sorts of tourist attractions; theme parks, water parks, restaurants etc. 2006 will see opening of new attractions and expected record high investments. Florida is also the most visited place on the planet, which makes for a shortage of high quality hotels and villas all year round! and although there are 3 seasons to Florida holiday makers there is always high demand for rental property. So this is an excellent place to invest, and will be at the top of our list.
