In anticipation of Egypt’s impending rise as a choice tourist destination, several rental property developments are expected to rise so as to tap into the demand of tourists coming into Egypt’s major resort areas. The completion of hotels and apartments in Hurghada, particularly those found in Hurghada town and along the road leading to el goun, have raised concerns among the members on the eventual outstripping of supply against demand. The completion of the Sahl Hasheesh resort community and the competitive all-inclusive packages offered by the hotels within the area has also added up to the available rental accommodations.
Most members, however, are positive that there would be no excessive slack in the supply of such properties since Egypt’s tropical climate and beaches would continue to draw tourists to its resort areas. Adding to this confidence is the fact that flights from Germany and in Eastern Europe in general are quite inexpensive and more accessible than in other traditional European holiday destinations such as the Canaries. This is evident with the arrivals of Europeans from the said area.
The property market in the resort region of Hurghada offers a strong investment return for short-term rental properties. Demands for such properties are pushed by tourists who are enraptured by Hurghada’s reputation as a leading seashore resort in the Red Sea. It is known as an international center for aquatic sports such as deep-sea fishing, swimming, wind surfing, and sailing. Hurghada’s warm waters, which are teeming with a variety of rare fish and coral reefs, are well-known among snorkeling and diving enthusiasts. Because of the strong demand, many rental properties in Hurghada are often booked out in advance with hotels usually running on a 90% occupancy rate or higher. Present rental prices of properties offering a beachfront view are averaging between £195 and £600 per week.
Tapping into this thriving sector, it is quite not surprising to find massive new property developments along the shores of the Red Sea near Hurghada. Some of the most prominent development in Hurghada include the exclusive European-style terrace apartments of Coral Sea Pearl and Egyptian Pearl, the beach-front apartments of Desert Pearl, and the Marlion Residences. Most of the buyers and short-term tenants of these properties are from European countries.
Discuss the rental market in Hurghada in the Egypt forum.
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