EGYPT Red Sea
ON THE MARKET IN EGYPT EGYPT
Where: Soma Bay Price: €145,000 (£128,300)
One-bedroom apartments based around the marina are 83 square metres (see above for two beds).
www.somabay.com
Where: Marsa Alam Price: $162,190 (£98,300)
This villa at El Nabaa Bay Resort will have its own pool and gardens and enjoy sea views.
www.sharmelsheikhrealstate.com
Where: Port Ghalib Price: £44,000
This studio apartment (one beds are also available) overlooks the marina at the luxury resort.
www.portghalib.com
Hasheesh,” he adds. Alternatively, there’s also the El Nabaa Bay Resort in Marsa Alam (which has a marina, diving facilities, shops and restaurants) where 50-square-metre studios cost around $44,000 (£27,000)-plus; or 160-square-metre villas $162,190 (£98,000) (
www.sharmelsheikhrealestate.com). The 800,000-square-metre resort – 30 kilometres south of the airport – is due for completion in two years, according to their agents. To end with something genuinely
balance form an international medley. So what does it offer that Sharm or Sahl Hasheesh don’t? “Sharm is a victim of its own success, now overbuilt and overcrowded due to the large demand,” says a spokesperson from Port Ghalib. “At Port Ghalib early entrance can yield good returns,” he adds. “Port Ghalib is being positioned as a luxury destination and is at a more advanced stage of development than Sahl
60 A PLACE IN THE SUN JUNE 2011
unique, we’re heading back up north to the La Siesta Mountain Resort, a boutique gated development just 90 minutes south of Cairo on the upper Red Sea coast. Backed by the Galala Mountain and
with a private beach, it has 52 villas, a 62-bedroom hotel, a restaurant and café, plus a handful of shops. Apartments are under construction and will be priced at £40,000 for a one-bedroom. Resale villas are also available: £140,000 for a two-bedroom,
two-bathroom model; £250,000 for three bedrooms or £700,000 for a 478-square-metre, fi ve-bedroom version with private pool and guest quarters. It is popular with Egyptians due to its proximity to Cairo, but other owners are Austrian, American, British, German and French, according to Marion Isom, MD at the resort (
www.lasiestaegypt.com): “All our properties have held their prices because we are different to any other resort in Egypt,” says Marion. “The Egyptian government is
keen to further this area for medical tourism and there’s good potential for long-term rentals for people recuperating from illness. “We don’t offer discos or all-night bars but we have a restaurant that has become one of the most sought after in the area, along with stunning views, mountains, sea and peace.” As the country adjusts to life
after Mubarak, no doubt many Egyptians will be hoping for more of the latter.
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