Real estate prices in Hurghada and Sharm El Sheikh in 2022
Hurghada and Sharm el-Sheikh are the most popular Egyptian resorts on the Red Sea coast. Many investors are considering resorts in Egypt to buy property. Analysts believe that the local housing market is very promising. Egypt is one of the countries with a rapidly growing population. Every year the population of Egypt increases by 2.5 million people. The country is actively increasing the young population, which in the near future will need their own housing. Therefore, this factor makes real estate in Egypt very promising for investment. Now the prices for apartments remain very democratic, but in the future the situation will change.
Real estate prices in Hurghada and Sharm El Sheikh in 2022
Where can you buy real estate cheaper? In Hurghada, a square meter is definitely cheaper. For example, a small studio can be bought for as little as $10,000.
- The average price per square meter in Hurghada is €640.
- The average price per square meter in Sharm El Sheikh is €950.
Hurghada is considered to be a cheaper resort for buying property. This is due to the fact that the housing market is more extensive. There are many properties for sale that are aimed at local residents and foreign buyers. New residential complexes are being actively built. Price growth is still constrained by the presence of competition in the real estate market among developers. However, in the short term, apartments, houses and villas will rise in price.
Why is real estate in Sharm El Sheikh more expensive than in Hurghada? Sharm el-Sheikh is a city that was originally built up as a resort. Therefore, there are practically no free plots for building new residential complexes. In addition, the mountains are close to the resort. Because of this, the amount of free land for building is limited, which affects the price increase. For example, it is now impossible to find free building plots on the first coastline, as they have long been occupied by hotels. Plus, this resort is focused on foreign tourists and buyers. It has better infrastructure and better housing.
