This has led to a two-tier pricing system coming into effect in Hurghada, according to the thread. Some developers that target predominantly the UK market are keeping their prices in GBP. Others that target the Russian market are priced in USD or EGP which now makes them very expensive versus the developments priced in GBP.
As a result some developments at the higher end of the market are really suffering. But the bargain apartments are still selling well. Anything around £15,000 just disappears fast.
Although some investors are concerned that if tourism numbers are down this will affect rental yields. But this, of course, only applies to those who are currently renting to the holiday market rather than those buying off-plan for completion next year when the global credit crunch may have eased off.
http://www.propertywire.com/
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Investment Property For Sale
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