Many people buy housing in Hurghada in order to rest there for only a few weeks a year. Of course, you want your apartment not to be empty the rest of the time, but preferably to bring income. The solution is obvious: rent it out. Rent can bring up to 20-25% of the cost of an apartment per year.
You can rent an apartment yourself, entrust the renting of an apartment to a real estate agency or a management company
Those who want to make a big profit do not try to rent out real estate abroad on their own, without resorting to the services of intermediaries. At first glance, it is obvious that without resorting to intermediaries, you do not need to pay the company’s interest, but this is perhaps the only plus. First, you face the problem of finding tenants. It is difficult to find tenants in an unfamiliar city, on top of everything else in another country. Secondly, how to properly organize the payment process and what to do if there is a delay in payment or payment is not made at all? And finally, how to solve possible problem situations such as damage to furniture, breakdown of household appliances, failure to pay utility bills?
All these issues cannot be resolved if you permanently reside in another country and do not have the opportunity to constantly monitor your residents.
Therefore, the best option is to entrust the apartment to a real estate agency or «management company».
You can charge a higher rent if you provide tenants with a fully or partially furnished apartment, rather than “bare walls”.
The prestige of the area where your property is located also affects the rental price. But here a lot also depends on who exactly will live in your apartment. If these are tourists who have come for recreation, then proximity to the sea and beaches is more important to them. And if you rent an apartment to a family living and working in Hurghada, then the proximity of the sea is far from the fundamental factor when choosing a home.
Short or long term rentals?
For short-term rentals, the greatest profit can be obtained during the velvet season or during the holidays. At this time, the cost of renting housing can be several times higher.
Long-term rentals usually bring smaller but more stable profits. Owners of studios in residential complexes can receive about $ 200 monthly, 1 bedroom apartments $ 300-350. Less often in demand are apartments with two or more bedrooms, which are more interested in locals than tourists. But there is also a steady demand for such apartments.
In general, the popularity of renting apartments in Hurghada is growing every year. Currently, there are more and more people who love Hurghada and prefer to rent apartments to hotel vacations. A vacation in a rented apartment is much more profitable if it lasts more than two weeks.
For any questions regarding the PURCHASE and selection of real estate in Hurghada, you can always consult with our specialists who have up-to-date information and will help you make the right choice
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