Although Egypt does border the Mediterranean Sea, Ministers are still confident that the debt problems which has had a negative impact on other nearby European tourism destinations like as Greece has not negatively effected the Egyptian economy.
Talking 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.
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Commenting on these latest numbers, Steven Worboys, MD of the Egypt property experts Experience International, stated …
“The last 12 months has indeed been a more difficult time for Europe. The impact of the global recession has been felt in a lot of countries including Spain, Portugal, Italy and Greece whose economies have a large reliance on tourism.
“Holidaymakers are now seeking the best value offers available, often looking further afield than usual to non euro zone countries like as Egypt where can get more for their money. It’s very encouraging to see that tourism is increasing in that the sector is accounting for 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 touristsso far in 2010 and 15 millions expected in total by December. The majority of visitors come from Britain, Italy, Russia, France and Germany with the Russia showing a 95% rise in the first 3 months of 2010.
Such sustained growth is fueling further demand for good property in prime tourism hot spots across Egypt. With a wealth of history and culture and natural attractions, Egypt affords a myriad of attractions with the Red Sea coast especially popular with individuals, couples and families alike.
So it’s easy to see why Egypt property is such a good investment returning great 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 with entry levels from only £23,400 for a studio apartment with views of the swimming pool and communal roof terrace whilst freehold properties 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 more information about investing in property in Egypt then ask the experts at Experience International call + 44 (0) 207 321 5858 or visit Experience-International.com.
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