Egypt, one of the biggest hotspots of the international property market, is set to be a great market in 2008. Not only are hundreds of different new housing blocks constructed every single year, but the demand for those housing blocks is high enough relative to the supply that the market is consistently gaining more momentum with each passing month.
According to the Global Property Guide, the prices in Egypt are low when compared to the rest of the region. The yields from rent are some of the highest anywhere, and these two facts combined with low taxes and fees have spurned growth on even more. A combination of many good factors has made a good property market red hot and that is a trend that most believe will continue strongly into 2008.
Another thing that has occurred to make the market even better is a source of inflows to the Egyptian government that is likely to find its way directly towards funding and maintaining the major tourism pulls within the Egyptian market.
Egypt has passed a law that will effectively place copyrights on the pyramids and other historic monuments located in the country and that copyright will require the payment of loyalties from places that reproduce those monuments for commercial gain.
Zahi Hawass is the head of the Egyptian Supreme Antiquities Council and he said that the law "…will be applied in all countries of the world so that we can protect our interests."
He also said that "It is Egypt's right to be the only copyright owner for these monuments in order to benefit financially so that we can restore, preserve and protect Egyptian monuments."
The money that the copyrighting brings in will go directly to the maintenance and promotion of Egypt's already very popular tourism industry and a stronger tourism industry in Egypt will naturally lead to a strengthening of the property market, especially in urban areas and areas near major tourist attractions.
