Aug 3 2010
Egypt Tourism Revenue And Property Market Stronger Than Ever
Egypt may indeed border the Mediterranean Sea, Ministers remain confident that the debt crisis which has affected other nearby European tourism places such as Greece has not negatively impacted the Egyptian economy.
Speaking to Reuters, Egypt’s Tourism Minister, Zoheir Garrana, stated that tourism revenues increased by 17.6% to $5.58 billion in the first half of 2010 with the target ofincreasing to £13 billion by the end of the financial year.
Commenting on these latest numbers, Steven Worboys, MD of the Egypt property experts Experience International, remarks …
“The previous year has indeed been a more difficult time for Europe. The impact of the global financial downturn has had a negative impact in many countries including Spain, Portugal, Italy and Greece whose economies rely heavily on tourism revenues.
“Holidaymakers are now focused on finding the best value offers available, often looking further away than usual to non euro zone countries such as Egypt where their money goes further. It’s very encouraging to see that tourism revenues are up and that the sector is contributing 11% of GDP equivalent to 1 in every 8 jobs according to Ministry numbers.”
Visitor numbers to Egypt continue to grow with more than 7 million visitorsto date in 2010 and 15 millions predicted in total by December. The majority of visitors originate from The UK, Germany, France, Italy and Russia with the Russia showing a 95% rise in the first 3 months of 2010.
Such sustained growth is driving further demand for quality accommodation in the tourism hot spots in Egypt. Rich in history, culture and natural attractions, Egypt offers an excellent range of attractions with the Red Sea coast in particular remaining popular with individuals, couples and families alike.
So it’s easy to see why property in Egypt is such a good investment delivering high financial returns in terms of capital appreciation and rental revenue.
Established Sharm el Sheikh property like the new Monna Sharm development are still very affordable and start from as little as £23,400 for a studio apartment with swimming pool views and communal roof terrace whilst freehold property such as the studio, 1 and 2 bed apartments at Royal Beach can be brought in the attractive resort of Hurghada for low costs also.
For additional details about investing in property in Egypt then ask the experts at Experience International on + 44 (0) 207 321 5858 or go to Experience-International.com.
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