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(EMAILWIRE.COM, October 18, 2008 ) Sharm el-Sheikh, Egypt - TheMoveChannel.com, the leading international property portal, announces newly developed Egyptian property opportunities in Sharm el-Sheikh:
- Gallery Spa Resort (One bed to two apartments, from £38,026, per launch discounts, 28 days free use per year)
- La Serena (300 units, from £43,659, inside Mangrove National Park)
TheMoveChannel.com gives an insight into Egypt and in particular Sharm el-Sheikh.
Overview
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.
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
EgyptÂ’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.
Dan Johnson, Managing Director, comments:
”Sharm el-Sheikh is an extravaganza of entertainment in a beach setting, making boredom a thing of the past. 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.”
For more information on Egypt Property in general please visit http://egypt.themovechannel.com/
- ENDS –
Notes to editors:
TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.
For further information as well as images and interview possibilities, please contact:
Dan Johnson
Managing Director
www.TheMoveChannel.com
0207 952 7650
TheMoveChannel.com
Jon Moore
020 7952 7658
j.moore@themovechannel.com
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