Destinations along the Red Sea are numerous including Nuweiba, Ain Sokhna, Ras Sudr, Sharm El-Sheikh, Hurghada, Gouna, Marsa Alam, Somabay and many more. Each destination is unique and offer its own special set of entertainment, beaches, and services.
Invest-Gate provides you with all you need to know before investing in a second home along the Red Sea’s coastline.
Why invest in a second home?
The second home market in Egypt does not depend on international investors, according to a Colliers International report, as 98% of sales are localized, thus the value of second homes is relatively stable and not affected by international investors’ whims.Moreover, with the expansion of Cairo into the east, second homes along the Red Sea are getting closer and closer to the capital.
Who buys second homes?
Most second home purchasers are between the ages of 35 and 50, whose first homes are located in Greater Cairo.
What’s the most popular Red Sea destination?
The most popular Red Sea destination is Ain Sokhna as its less than two-hours’ drive from Cairo, has relatively cheaper prices than other destinations along the Red Sea, and has an abundance of units with over 30,000 vacation homes. Other popular destinations include Gouna, Sahl Hasheesh, and Sharm El-Sheikh.
How much will a second home cost you?
The downpayment on second homes is calculated at about EGP 150,000 with installments averaging five years. Prices per square meter in Ain Sokhna range between EGP 7,000 to EGP 15,000 for villas and EGP 6,000 to EGP 10,500 for apartments.
What is the supply of second homes like?
The supply market of second homes is significantly increasing. According to Colliers International report, over the past 11 years the number of vacation homes have increased by approximately 90%, reaching around 65,000 units by the end of 2016.