Real estate market

Sahl Hasheesh Bay

Price Development in Hurgahda

The property market for international buyers in Hurgahda has experienced significant growth, leading to a rise in property prices. Over the years, property prices in Hurgahda have increased at a rapid pace, with an average annual appreciation of 5% to 7% across the destination. Key investment zones like the Somabay region have witnessed even higher price growth, with an annual increase of 10% to 12%.

Unlike some similar holiday home destinations where property prices have fallen, Hurgahda, Sahl Hasheesh, and Somabay have maintained stable property prices. One of the primary reasons for this stability is that properties in Hurgahda are predominantly built with private capital rather than relying on loans from the banking system. As a result, the property market in Hurgahda remains resilient and less affected by global financial crises or external factors.

This stability was particularly evident during the pandemic period of 2020-2022. Despite the challenges faced by the real estate industry worldwide, property prices in Hurgahda have remained steady. In contrast, many other countries with a similar living concept experienced a decline of 10-20% in property prices during this period.

Investing in Hurgahda’s real estate market offers the advantage of a robust and stable market, ensuring the long-term value of your property and potential returns on investment.

Buying a Resale Property in Hurghada

A resale property refers to an existing and previously owned property that is being sold by a private individual or, in some cases, by a construction company. These properties are sold in their current condition and often include furniture and appliances. Similar to purchasing a property in your home country, it is important to thoroughly inspect the resale property before signing the purchase contract. Throughout the buying process, your lawyer will represent you and oversee tasks such as property inspection, purchase contract review, payment coordination, and legal registration. To learn more about the buying process in Hurghada, consult with your lawyer for detailed information.

Buying a New Development Property in Hurghada

This category encompasses newly built properties, off-plan projects, and ongoing developments. A newly built property refers to a recently completed property that is ready for occupancy. On the other hand, an off-plan or ongoing project indicates that the property is in the planning phase or currently under construction. Throughout the construction process, the responsible development company is obligated to provide you and your broker with regular updates regarding the progress, schedule, and other pertinent information related to the project.

All new development properties in Hurghada are owned and developed by construction companies. When purchasing a new development property, your lawyer will represent you and handle various aspects of the buying process, including property inspections, purchase contract arrangements, payment coordination, and legal registration. For a comprehensive understanding of the buying process specific to Hurghada, it is advisable to seek guidance from your lawyer.