Dive into the right market in Hurghada, Egypt
Hurghada, known in Egypt as Ghardaga, was at one time just a simple fishing village. But now, with its crystal clear waters, untouched reefs and a multitude of shipwrecks, it has become one of the best Egyptian tourist destinations.
Michael Johns, CEO, The Right Move Abroad UK, comments “The economic growth has been immense over recent years – a good sign for investment opportunities for investor and lifestyle purchasers. The Egyptian government has also brought in legislation making it easier and more attractive for foreigners to invest in the country. As a result, there has been a reduction in the Stamp Duty and both Capital Gains Tax and Inheritance Tax have been abolished”.
The city of Hurghada was founded in the early 20th century and since the 1980s has been continually enlarged by American, European and Arab investors to become the leading seashore resort on the Red Sea. Holiday villages and first-class hotels provide excellent aquatic sport facilities for sailboarders, yachtsmen, scuba divers and snorklers. Hurghada stretches approximately 40 km along the seashore. The Red Sea coast is serviced by Hurghada International Airport.
Egypt is famous for its ancient civilization and some of the world’s most famous monuments, including the Pyramids and the Great Sphinx; the southern city of Luxor contains a particularly large number of ancient artifacts such as the Karnak Temple and the Valley of the Kings. Today, Egypt is widely regarded as an important political and cultural centre of the Middle East.
Why Invest in Egypt?
• Economic conditions have improved considerably from the adoption of more liberal economic policies by the government, as well as increased revenues from tourism and a booming stock market. In its annual report, the International Monetary Fund rated Egypt as one of the top countries in the world undertaking economic reforms. Since 2003, some of the major steps concerning economic reforms taken by the new government include a dramatic slashing of customs and tariffs and a new taxation law that decreases corporate taxes from 40% to the current 20%.
Diver’s Paradise
Hurghada itself occupies 24 km of the coast and has 50,000 inhabitants. It truly boasts the most beautiful coast with multiple islands and coral reefs resting offshore. Water temperature: 20 C (68 F) in February to 27C (81F) from July to October. Visibility: 20 – 60 metres (65 – 200 feet), 30 – 40 metres (100 – 130 feet) on average. This location offers the diving enthusiast an array of experiences. The city provides a gateway to prime diving sites throughout the Red Sea. Its central location provides favourable access to very famous dive sites. In addition, Hurghada is known for providing access to many uninhabited offshore reefs and islands.
Golf
There is an 18-hole US PGA championship golf course located in El Gouna, only 15 minutes drive away from Hurghada. It is one of the most beautiful tourism destinations on the Red Sea situated on a peninsula and surrounded by blue lagoons. Designed by world famous American architect Michael Graves, it is an outstanding combination of regional elements and modern design maintained to a very high standard with aqua practice range, putting and chipping greens. To relax afterwards, one can avail of a Turkish bath and sauna massage at The Angsana Spa.
News submitted by Nick Cowling, The Right Move Abroad
