News
Egypt's a 'good option for long-term buy-to-let investors'
Thursday 03 July 2008
The Egyptian minister of finance has hailed the new property tax law of the country a success as it will not affect the majority of those that own homes there.
Business Intelligence Middle East reported that the new laws will be good news for those thinking of investing in property in Egypt that is less than LE 500,000 (£47,168).
Magdi Sobhi, senior economist at Al-Ahram Center for Strategic Studies, said: "I'm in favour of this new law because it raised the exemption threshold to LE 500,000 and reduced the levy to ten per cent".
Initially, the proposed legislation threshold was LE 250,000 (£23,601) and it was suggested that the levy should be set at 12 per cent of the annual rental value of a property.
Egypt is currently enjoying a revival in terms of interest from both tourists and investors, according to financial website site thisismoney.com.
James Gonzalez, market analyst at Obelisk International, explained the attraction: "Egypt is proving a popular choice for investors and tourists alike."
He added that increasing tourist numbers, great weather, good golfing opportunities and regular flights make "Egypt a good option for long-term buy-to-let investors".
Business Intelligence Middle East reported that the new laws will be good news for those thinking of investing in property in Egypt that is less than LE 500,000 (£47,168).
Magdi Sobhi, senior economist at Al-Ahram Center for Strategic Studies, said: "I'm in favour of this new law because it raised the exemption threshold to LE 500,000 and reduced the levy to ten per cent".
Initially, the proposed legislation threshold was LE 250,000 (£23,601) and it was suggested that the levy should be set at 12 per cent of the annual rental value of a property.
Egypt is currently enjoying a revival in terms of interest from both tourists and investors, according to financial website site thisismoney.com.
James Gonzalez, market analyst at Obelisk International, explained the attraction: "Egypt is proving a popular choice for investors and tourists alike."
He added that increasing tourist numbers, great weather, good golfing opportunities and regular flights make "Egypt a good option for long-term buy-to-let investors".
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