Egyptian property appealing to Brits

The Egyptian property sector's position as a global emerging market is helping to increase the number of Britons looking to emigrate to the country.

According to UK-based overseas property portal Homesgofast.com, a growing number of Brits are recognising the potential for investment opportunities in Egypt and the country's foreign exchange rate.

Chief executive Nicholas Marr said that the Egyptian economy is "faring well" during the current economic downturn and is continuing to see Britons making an international payment on properties in the country.

"UK investors are tempted by Egypt's emerging market status, short flight times, capital appreciation, the affordability, the climate, the tourist sites, the diving and the rental guarantees on offer," he said.

The Global Property Guide reported in February 2009 that Egypt's capital Cairo is one of the cheapest cities in the world for property, making it a haven for emigrating Brits looking to get away from high property prices in the UK and take advantage of good foreign exchange rates.