Officially known as the Arab Republic of Egypt, the North African country comprises mainly the Sinai Peninsula and borders Libya, Sudan, Israel, the Mediterranean Sea and the Red Sea.

What's so special about it?

Egypt is one of the world's first and most prominent civilisations and is renowned for its culture, history and antiquities. The 15th most populous country in the world, large parts of it lie in the Sahara Desert and 97% of the population lives in the Nile Valley, with up to a third living in either Cairo or Alexandria.

Best kept secrets?

Although it has an abundance of potential tourist resources, Egypt is only the 28th most popular tourist destination. However this is changing - in 2005 tourist numbers reached a record-high of over 8.6 million. The Egyptian Tourist Authority aims to increase this to 16 million by 2014.

Who lives here?

A number of world-famous names were born in Egypt, including Hollywood legend Omar Sharif, Harrods owner Mohamed Al-Fayed and Boutros Boutros Ghali, former secretary general of the United Nations.

What's the property market like?

At the end of the last millennium, Egypt was no longer one of the world's superpowers and was hindered by a strong public sector, falling oil prices and rising debt. However, in 2006 it registered its second consecutive year of strong growth. While foreign investment grew 5.8%, Egypt still lags behind South Africa and Nigeria when it comes to attracting foreign currency.

In spite of negative publicity from recent terrorist attacks, the construction sector is performing well on the back of increased tourism.

Figures from Currencies Direct show Egypt is the ninth most popular emerging market for property buyers.

However, one area that is investing heavily in Egypt is the Middle East and many top Arabian developers are building massive multi-billion dollar resorts along the Red Sea. Dubai's DAMAC is building the biggest property development in the Middle East, the $16.3bn Gamsha Bay resort, fellow Dubai developer Emaar is reported to be building a $1.7bn project in Marassi and a $4bn residential and commercial project called Cairo Heights.

How do you go about buying property?

When it comes to sourcing property or agents, good outlets include the Egyptian Real Estate Association, the Association of International Property Professionals for agents, or Amberlamb. com for the latest property news in the region.

In April 2005 the Egyptian government passed laws making it easier for foreigners to buy and sell land in the country. As a foreign investor you have the right to own real estate and land in Egypt. However, the current structures are out of date and it is estimated only about 10% of properties are actually registered. This low figure, according to a report by the Institute of Liberty and Democracy, is because the legal process involved in acquiring permission to build property and then obtain the title deed requires approximately 77 bureaucratic procedures involving 31 different agencies and it can take between six and 11 years!

In order to secure a legal property that offers legitimate ownership it is advised to consult an agency such as Property Lawyers Abroad Network.

Mortgages are now available in Egypt, up to 85% of the property purchase price repayable over 20 to 30 years;

however they are only available on registered property. It is normal to barter on the final selling price and once a holding deposit has been paid the property is taken off the market and contracts drawn up.

Where are the best places to buy?

While the majority of the population live in Cairo and Alexandria, tourist numbers and resort developments are focusing on a number of areas along the coast. The government is actively promoting the development of resorts along the Red Sea Riviera in areas such as Hurghada. According to Khaled Ramy, director of the Egyptian Tourist Authority, the north western coast bordering the Mediterranean is also another area that is developing.

What's the rental market like?

As an emerging market, investors are looking for capital appreciation rather than rental yields. The best areas are still the resort areas on the Red and Mediterranean Sea coasts where short-term rental accommodation is in most demand. In Hurghada, agents are offering new off-plan developments with guaranteed rental returns of 5% up until 2009. In areas such as Maadi, popular with medium-sized foreign families, rental yields of 12%-17% have been obtained in high-class properties.

Mohandessine is attractive to rich locals but yields are lower at about 3%5%. On average, investors can expect about 9.6% according to Global Property Guide Research What's the resell market like?

The second-home resale market in the resort areas is beginning to show returns. Egypt is close at hand for European holiday makers and prices are much lower than in Europe. There is also strong local demand for property as government figures show an overall housing shortage of about one million units.

Average property prices?

In Egypt, properties can be sourced for as low as $20,000. In exclusive areas such as Maadi, where demand is good, prices for luxury properties are as high as $1,085 per square metre. Figures from Global Property Guide Research however show that the average price per sq m of a 150-sq m apartment in Egypt was $500 per sq m.

What are the tax breaks between Ireland and Egypt?

There is no capital gains tax in Egypt.

However you do have to pay tax on rental income and there is a flat rate of 2.5% that has to be paid on the gross purchase price of a property. A new double taxation agreement is currently being negotiated between Ireland and Egypt.

FAST FACTS
Area: 1,001,449 km2
Population: 78,887,007
Currency: Egyptian Pound (1.00 EGP = Euro0.135)
Weather: A dry climate; temperatures range from 27 - 32AdegreesC in summer to 13 - 21AdegreesC in winter.
Transport: Egypt has six airports. Car rental is cheap but the driving age is 25. There are a number of rail and ferry links with neighbouring countries. On the Egyptian National Railways, it is advised not to travel lower class and on internal flights beware of prices hiked up for foreigners
Going out: Except for the month of Ramadan, alcohol is widely available. For entertainment, Cairo's The Culture Wheel is the largest independent cultural centre in the city with entertainment every night
Eating Out: Egypt is not renowned for its cuisine and many tourists quibble about it, while others complain it has become too westernised. The Felfela chain of restaurants in Cairo is always considered a safe option Shopping: Egypt is a market-buyer's paradise but it has a lot of modern malls, such as the Citystars Mall, the largest entertainment centre in the Middle East and Africa

USEFUL CONTACTS

A>> Irish Embassy in Cairo: 00202 7358264; www. embassyofireland-cairo. com
A>> Egyptian Embassy in Dublin: 01-660 6566; www. embegyptireland. ie The Egyptian Real Estate Association: www. egypthome. com
A>> Association of International Property Professionals: 0044-207409 7061; www. aipp. org. uk
A>> Amberlamb: www. amberlamb. com
A>> Cairo Press Review: www. sis. gov. eg/pressrev/html/frame.htm
A>> Property Lawyers Abroad Network: www. plani. net
A>> Egyptian Ministry of Tourism: www. touregypt. net
A>> The Economist (Egypt): www. economist. com/countries /Egypt/
A>> Egypt State Information Service: www. sis. gov. eg