Sahl Hasheesh - Hurghada - El Gouna

Somabay is a premier coastal town nestled on the Red Sea Riviera in Egypt, boasting a rich history that blends ancient Egyptian heritage with modern opulence. Its strategic geographical location, just 45 kilometers south of Hurghada, offers residents and visitors mesmerizing views and easy access to the serene waters of the Red Sea. The town is dotted with historical sights, including ancient ruins and monuments that reflect Egypt's storied past. The local climate is favorable, with year-round sunshine and mild winters, making it a coveted destination for luxury living and tourism.

The Current Luxury Real Estate Market in Somabay

As of now, the exclusive property market in Somabay is strong, driven by a burgeoning demand for high-end real estate. Luxury homes and apartments are highly sought after, and the supply is meticulously curated to maintain exclusivity. The current political and economic situation in Egypt is stable, fostering a secure environment for real estate investments.

Costs and Considerations for Buying Luxury Estates

When purchasing a luxury home or apartment in Somabay, buyers typically incur additional costs including transfer taxes, realtor commissions, notary fees, and potential legal or construction inspection fees. The average real estate commission for buyers and sellers generally ranges around 2-3% of the property's sale price. The transfer tax on private property stands at approximately 2.5%, while there is no wealth tax applicable. Profits from selling homes used as primary residences are not taxed, though profits from secondary homes are subject to capital gains tax. Corporate profits in Egypt are taxed at 22.5%, and income tax rates for residents can go up to 22.5% based on the individual's income bracket.

Financing Your Luxury Home

Securing a mortgage in Somabay typically requires a combination of own capital and foreign capital, with a general requirement that buyers have a minimum of 20% of the property's value as a down payment. The maximum mortgage one can obtain on the purchase price is generally up to 80%, depending on the buyer’s financial credentials and income stability.

Prime Luxury Residential Areas

Among the most expensive and sought-after residential areas in Somabay are The Reef Town, The Coves, and Marina Residences, known for their stunning vistas and proximity to exclusive amenities. These neighborhoods offer a blend of privacy, luxury, and convenience, affording residents access to world-class facilities.

Accessibility and Connectivity

Somabay is well-served by road and is easily accessible via a network of well-maintained highways. The nearest major city is Hurghada, located approximately 45 kilometers north, offering a plethora of urban amenities and daily necessities. The closest airports are Hurghada International Airport and Marsa Alam International Airport, both providing domestic and international flights, ensuring convenient travel connections.

Educational Institutions

While Somabay itself is primarily a luxury residential and tourist destination, nearby Hurghada hosts a range of reputable schools and higher education institutions such as the German School Hurghada and Hedaya International Academy, catering to the educational needs of resident families.

Naturally Exquisite Environment

Somabay boasts a stunning natural environment characterized by azure waters, pristine beaches, and scenic mountains. Its landscape includes lush golf courses, vibrant marine life-rich coral reefs, and a desert backdrop, making it a picturesque locale.

Recreational Opportunities and Sports Activities

Residents and visitors in Somabay can indulge in a variety of outdoor activities such as golfing at the renowned Cascades Golf Resort, diving and snorkeling at the nearby coral reefs, kitesurfing, and sailing. The town is also celebrated for its luxury spas and wellness centers.

Shopping and Dining

Somabay offers a sophisticated array of luxury lifestyle shops, including high-end boutiques and designer stores. Gourmet dining options abound with prestigious restaurants such as Al Dente and The Club House, offering diverse international cuisines.

Accommodation and Nightlife

For those seeking high-quality hospitality, Somabay features renowned hotels such as The Kempinski Hotel and The Westin Soma Bay Golf Resort & Spa. The nightlife and entertainment scene includes stylish lounges and exclusive beach clubs, providing a vibrant social atmosphere.

Cultural and Sporting Events

Annual events such as the Somabay International Golf Tournament and seasonal beach festivals highlight the town’s social calendar, attracting visitors and enthusiasts from around the world.

Healthcare Facilities

Nearby Hurghada is home to several well-equipped hospitals and clinics, including El Gouna Hospital and Nile Hospital, ensuring residents have access to top-tier medical care.

Infrastructure and Amenities

Somabay's infrastructure is robust, featuring a well-planned road network, reliable public utilities, and comprehensive community amenities, making it an ideal place for luxury living. The town’s development emphasizes sustainability and modern urban planning, enhancing the quality of life for its residents.