Egyptian property has received less than positive news in recent months due to the continuing land sale crisis, with the caretaker government having to settle disputes about land which may have been purchased illegally through the old government. However the majority of property involved is not in the Red Sea area, and the government is anxious to settle disputes without upsetting foreign investors who make up a staggering 90% of the Egyptian property market.
Although these disputes may affect the property market in the short term, in the long-term the effect should be beneficial, leading to greater transparency, and it's unlikely that overseas buyers will lose out. One suggestion being put forward to settle disputes is that the developers should pay the difference between the price paid and the price deemed fair by the courts which wouldn't affect purchasers at all.
While this is all going on there is undoubtedly the chance to pick up a bargain in Hurghada, and it is perfectly located right in the heart of the Red Sea Riviera. The resort is famous for its cosmopolitan atmosphere as it straddles eastern and western influences, and it has some of the best beaches and water sports in the world. Since it was substantially developed in the 1980s, it has become one of the leading resorts in the region, which is perhaps due to the 40 km of beach. Although it is quite a lively resort, it enjoys easy access to nearby uninhabited offshore reefs and islands for those who want to get away from it all.
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