Investment property at golf resort in Egypt

Egypt has long been a popular tourist destination for British holidaymakers, but it has steadfastly remained below the radar for property investors - possibly because of its perceived instability. This could soon change: in an attempt to boost demand from British buyers, some Egyptian developers are offering credit-crunched UK investors extra incentives to part with their cash. For example, Orascom, the developer behind the El Gouna resort on the Red Sea Riviera, will pay buyers a return of 3.25 per cent - more than they might get if they left their money in a savings account - if they are prepared to pay for their property upfront rather than in stages.

El Gouna is a short drive north of Hurghada, one of Egypt's property hotspots, which teems with high-rise apartment blocks. El Gouna is much more attractive, with plenty of open spaces and miles of beaches. The 9,000-acre purpose-built resort has been developed by Orascom, which is controlled by the billionaire Sawiris family. Building started in 1990: there are now 14 hotels and more than 2,000 villas and apartments, as well as an 18-hole golf course, a yacht marina and dozens of shops, bars and restaurants. The next phase of development is Ancient Sands Golf Resort, a 650-acre site whose focus will be a Karl Litten-designed golf course.

Source - Times online Property