Second City Investments: Sharm el-Sheikh

Posted by Jude Buttle on Friday, October 10, 2008

 One of the most popular places in North Africa, the city of Sharm el Sheikh is full of Bedouins, beaches and bargains, making it a real gem in the east of Egypt.

Fast Facts

Country: Egypt

Population: 35,000

Currency: Egyptian pound

Official Language: Arabic

Telephone Code: +20 69

Setting the Scene

Sharm el-Sheikh, also known as "Sharm," is located in Janub Sina, one of the governorates of Egypt. It lies on the Red sea on the southernmost point of the Sinai Peninsula.

Occupied by Israel until its return to Egyptian control in 1982, Sharm has been developed since then and has become a popular tourist destination thanks to its natural beauty, ideal climate and beach location.

Major Industries

Sharm el-Sheikh was once a sleepy fishing village before it was turned into a military port. During the mid 80s, the commercial harbour development started when the Sharem-al-Maya bay became the city's main yacht and service port.

Tourism is now the city's main industry, owing to its year-round sunshine, beautiful landscape, wonderful beaches and amazing marine life.

These natural resources, along with its close proximity to Europe, have helped overnight stays increase from 16,000 in 1982 to 5.1 million by 2000, with the number of resorts growing from three to 91 over the same period.

Sharm el-Sheikh Lifestyle

Sharm el-Sheikh was originally a small Bedouin settlement. It is now a vibrant modern city with casinos, bars, clubs, restaurants, shopping malls and many beach resorts.

One of the attractions in the city is a new market, ironically named ‘Sharm Old Market.' The market is located in the traditionally Egyptian area of old Sharm El-Sheikh and products there range from oils, spices and herbs to unique local handicrafts like hand-woven rugs, scarves and belly dancing attire.

Haggling is part of the way of life in Sharm and it is custom for you to bargain when purchasing items at the market.

Snorkelling and diving are popular pastimes as the waters have an incredible selection of coral reefs, marine life and fish.

Capital Comparison

Egypt's capital, Cairo, is the largest city in the country, and the most populous metropolitan area in the whole of Africa.

It is the political and cultural capital of Egypt, as well as the centre for education not only Egyptians but for the whole of the Arab world.

Sharm el-Sheikh has a small permanent population and has been nicknamed the ‘city of peace' due to the many peace conferences that it has hosted. Undergoing further development and expansion, it is the most popular tourist destination in Egypt and likened more to a European beach resort than an Egyptian city.

Property Insight

Since 1996, foreign purchasers have the right to own real estate (although they are restricted on amount and size) and land in Egypt, and the Government can no longer impound or nationalize any property they wish - a practice that had stood for centuries.

However, property in Sharm El Sheikh follows a different regime, due to an administrative decree issued in 2005, which negated the 1996 law for property in Sharm el Sheikh.

Under the decree, foreign purchasers in Sharm el Sheikh cannot acquire freehold rights, but only 99 year leases. They must therefore follow a procedure called a ‘signature validity court verdict, ‘and various other steps.

The ‘signature validity court verdict' method could well become the dominant route for foreign purchases even outside Sharm, because it allows the overseas investor to buy as many properties as he likes, rent them, and sell whenever he wishes.

Conclusion

Sharm el-Sheikh is an extravaganza of entertainment in a beach setting, making boredom a thing of the past.

Search For Property in Egypt

Property for sale in Egypt

Picture by lazlo-photo

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