Sharm el sheikh buyers relishing low egyptian pound

Where many might shy away, the most savvy property investors are looking towards Egypt in light of the recent crisis to purchase Sharm el Sheikh property. The record drop in value in the Egyptian Pound means that it has never been a better time to buy in successful tourist resorts either for a holiday home or buy to let investment.

Understandably, a novice property buyer might be wary of investing in a region that has experienced some political turmoil over the last few months, however experienced property investors in Sharm el Sheik property will know that construction has been unaffected as the protests were localised and so the resorts did not experience any of the looting or damage as in Cairo.

With 1 British Pound buying 9.74236 Egyptian Pounds as of 23rd March 2011, property investors can purchase a total of 224,074 Egyptian Pounds for £23,000. If we compare what the same amount would have bought at the beginning of 2011 when the rate was 1 GBP=8.96538 EGP, we notice a dramatic advantage to the overseas property investor as £23,000 would have purchased only 206,203 EGP. This means that investors who purchased in March rather than January 2011 have made an extra of 17,871 Egyptian Pounds!

As Steven Worboys, Managing Director of Experience International, the property investment specialists notes: "The most long-sighted investors will turn events as have occurred in Egypt into an opportunity, there has never been a better time to invest in Sharm el Sheikh property due to the low Egyptian pound...They say a week is a long time in politics; it's an even longer time in the world of investment property!"

Source: Experience International