Hurghada to attract more families than investors

With a booming real estate market in Egypt, a different outlook could end up doing damage overall.

Greenhouses from Gaza have become extremely popular in Egypt, as different property plots in the area housed greenhouses that were of a low quality. Just as this shift in outlook represents a softening of opinion towards foreign intervention in one very specific area of property investment, something else represents a very specific shift away.

Red Sea Developments is one of the biggest property development firms currently operating within the country of Egypt. Considering their prime location of operations along the western Red Sea coast, they are probably one of the most influential as far as future plans of the Egyptian government are concerned.

Their director, Nigel Bailey, has made it very clear that going forward, they are not interested in getting investors into their projects, but rather more interested in bringing families to the real estate they construct.

International property investors from the United States and Europe have already invested heavily in property in Egypt and many of them have bought up land in the city of Hurghada. Hurghada used to be a small village that subsisted mainly on fishing, but it is quite clear now that it is going to be one of the up and coming cities for the Egyptian property boom, allowing it to continue well past when the major urban centres that currently exist have reached their maximum point of development.

However, with only investors involved in the development in Hurghada, a lot of property is getting purchased by people that have little desire to relocate to the area and actually settle down. This is what Bailey is concerned about and this is why he has been very plain-spoken in saying that Red Sea Developments is after getting families to come to Hurghada and not investors to buy land in it.