Museum Quarter Apartment, Al Haram

This is an income property and we will discuss it as one. Two bedrooms, 130 metres, eight minutes from the Grand Egyptian Museum gate, in a building that went up in 2017 with — and this is the reason it is on our books at all — fully registered, unencumbered title.

That last point does most of the work. Clean title near the plateau is scarcer than the listings suggest, and it is the difference between an asset you can finance and resell and one you cannot.

Short-let performance in this pocket has been strong since the museum opened, but the regulatory position on short lets in Egypt continues to move. We would underwrite this on long-let numbers and treat any short-let upside as a bonus rather than the plan.