A close friend of mine (an Eygptian but living in the UK for 40 years) reckons Cairo and the Eygptian resorts are the next boom areas; they certainly seem extremely cheap but I don't know about rentability, political stability, etc, etc. Research, research, research!
Sarah
www.rea.ie
A lot of stuff built in cairo is illegal and has no planning permission whatsoever. There is a caper that goes on there where landlords keep adding extra stories on to existing buildings as demand arises, and collapses of entire buildings are not uncommon. I had a look at Cairo once with a view to seeing if there were opportunities there, and once was enough for me!
As with anywhere, an investor going into a market like Egypt would want not only to know the ground very well, but would need to be local and understand the nuances of a market like that. An investor from this side of the world is much better sticking to markets that are regulated and that have laws that protect foreign buyers.
As for the best places to invest, how long is a piece of string? A better way to approach it might be to eliminate definite no-go areas if you are anxious not to lose money; I would suggest that the following should be on your "definite no-no" list:
1. Bulgaria, particularly the Balck Sea Coast and the Ski areas.
2. Turkey, almost everywhere if you are new to this, but particularly the coastal developments.
3. Dubai, all of it, unless you have enough to buy a good hotel.
4. French Leasebacks, with a few honourable exceptions.
5. Italian property, unless you have an intimate relationship with an Italian lawyer and can speak fluent Italian.
6. Anything in the former East Germany, and including most of Berlin. If you want to buy in Germany, look at Frankfort.
7. New off-plan property on the Costa del Sol (you can save serious amounts by buying existing built stock, although prices of that are hardening of late).
8. Anything in or close to a sink estate in the UK; areas like Mossside in Manchester are presently getting some nice looking buildings as neighbours with the dearth of good brownfield sites, but keep away!
9. Morocco, unless it is an awful lot cheaper than a certain well known Spanish developer is selling it for. I see that they have recently opened an office here too!
That's about the worst of it. the Canaries not great for investment in general, but some specific bits are good. The rental thing is mostly a myth there unless you own a travel agency and can fill it yourself.
A previous poster is right, I wouldn't overlook the UK, it has been very good to me in the past and the supply/demand curve still favours the investor. If you have less money though, Budapest is still good, and rent returns are not bad (I'm getting over 5% on recently bought stuff and over 10% on ones that I bought a few years ago, and I will dip my toes in the water again there in the Spring when I have a few spare bob). Romania, as a previous poster noted, is still one of the best, but avoid Bucharest and its crazy market, stick with Constanta or Cluj or one of the better snall cities. Good land deals along the coast still, albeit you have to open a company and all that, but those kinds of hassles keep the hordes away and leave the field clear for careful pickers.
And finally, if you want a holiday home with a bit of investment potential, go to Spain. You can be there in 2 hours any time and you can actually get the use from it. Rentals are difficult in any holiday market, unless you are sure that you can get them yourself (the salesman who sold to you won't get them for you, that's for sure). Buy well in Spain though and you will have an appreciating asset that wil give you lots of pleasure for years to come.
I hope that that was of help!
