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Major Egyptian developer defies credit crunch

26th May 2008 Print
When the going gets tough the tough get going as the saying goes. This is typified nowhere better than in Egypt where one of the largest developers in the country is defying the odds to allow overseas investors a unique opportunity.

Tahir Ali MD of Egypt Revealed , the International Marketing Agency for Paradise Gardens Golf and Beach Resort comments "It is really heartening to see a project in a developing market with such a fantastic payment plan."

Ali was reviewing the Paradise Gardens Golf and Beach resort in Sahl Hasheesh, Egypt's very own Red Sea megaresort.

The resort is being built to exacting standards by a leading five star hotelier. Purchasers invest only 50% up until exchange of contract and then on completion in 2010 can pay the outstanding 50% of the property price over 3 years with no interest at all.

In real terms this means that a 1 bedroom apartment can be bought with less than £28,000 paid now and the remainder can be paid between 2010 to 2013 with NO interest charges whatsoever so worries about interest rate hikes will be totally unheard of in this neck of the woods. Added to this the fact that mortgages are slowly beginning to take off and it can be seen that clients could effectively have a cashback after completion should they wish to borrow against the property in an equity release.

Property on the Red Sea Riviera is experiencing a boom akin to Eastern Europe a few years ago . However there are numerous advantages in this market not least of which is a genuine year round rental opportunity, a healthy economy and a massive influx of tourists - set to almost double in the next six years.

With prices from £43,000 in a Five star Golf & Beach Resort it's easy to see why in recent polls Egypt is hovering just outside the ten overseas property investment zones currently and still going strong.

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