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House Prices On The Up In Egypt

News Posted On: 12 August 2008

Investors in the Egyptian property market may be able to get strong returns, according to experts.

Property analyst Amberlamb stated that house prices in some parts of the north African country are rising at a rate of about 20 per cent a year.

In addition, it revealed that property values are relatively low in comparison with many other countries, as a beachfront apartment in Egypt costs about £30,000.

This means that overseas property buyers could snap up a bargain residence in a desirable location and then enjoy the proceeds of the capital growth.

Andrew Williamson, spokesperson for Amberlamb, commented: "Property prices are on the rise in Egypt."

He added that since Egypt is still an emerging market, is not experiencing a "dramatic correction" in house prices, such as the one currently taking place in Spain.

This comes after Al-Ahram Weekly reported that growing levels of interest among foreign buyers is leading to a surge in house prices across the country.

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