Cairo

While much of the rest of the world is suffering from high real estate prices and a credit crunch, Egypt is benefitting due to its low property prices. Many UK residents are seeing their money go further in this Middle East country due to the combination of low prices and a good exchange rate. In addition to buyers, developers are noting the interest in Egypt and working to bring more property online quickly. While there are some new Red Sea resorts that are sprouting up, even traditional resorts and cities are seeing a boom.

CAIRO // Egypt’s property developers say that higher market prices, brought on by an influx of Gulf-based developers and soaring construction costs, have caused a slowdown in the industry.

Analysts estimate that only two to three per cent of Egyptians can afford the properties, priced at more than 1 million Egyptian pounds (Dh687,000), that are springing up across the country.