Overseas buyer enquiries for Egyptian holiday homes nosedived after Cairo's citizens took to the streets in February, but there's plenty of money flowing out of the country.
Wealthy Egyptians are suddenly more prevalent in luxury home markets abroad. A London estate agent says businessmen with a “loose association” to the former Mubarak regime are keen to invest.
Wealthy individuals from other turbulent Middle Eastern states want London property brochures too. Demand focuses on properties in the GBP4 million to GBP10 million range, but some want super-prime GBP20 million residences. And these buyers are not hanging around. One individual has bought a home through London estate agents Kay&Co without even visiting it. The enterprising estate agency sent one of its partners to Cairo during the protests who came back with a dozen clients eager to buy.
Meanwhile, back in Egypt, observers consider property fortunes may be made and lost in the coming months as investors either bag a bargain or lose their shirt buying into chaos.
All the Worlds a Home
http://globalpropertynews.blogspot.com
Tuesday 29 March 2011
Tuesday 1 March 2011
GLOBAL PROPERTY MARKET REPORT
The global housing market recovery has stalled. The Global Property Guide says prices rose in 15 countries and fell in 21 others in 2010.
Property prices in Greece, Turkey and the United States fell further in 2010 than the previous year, while Bulgaria, Hungary, Lithuania and Ukraine continue to suffer badly, though prices leapt 20 per cent in table topping Latvia.
Bottom of the table was Ireland where values plunged 11 per cent, compounding an 18 per cent collapse in 2009. The Scandinavian property boom is petering out.
Price rises in Asia were “robust” despite market cooling measures by governments. Singapore property prices jumped 13 per cent, putting it second in the table of 36 states surveyed. In the Philippines, prices rose in 2010 following two years of decline.
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