Egypt may indeed border the Mediterranean Sea, Ministers remain confident that the debt problems which has affected other nearby European tourism destinations like as Greece has not negatively impacted the Egyptian economy.
Talking to Reuters, Egypt’s Tourism Minister, Zoheir Garrana, revealed that tourism revenues rose by 17.6% to $5.58 billion in the first half of 2010 with the aim ofincreasing to £13 billion by fiscal year end.
Commenting on these latest figures, Steven Worboys, MD of the Egypt property experts Experience International, stated …
“The previous 12 months has definitely been a more difficult time for Europe. The effect of the global recession has been felt in many countries including Italy, Portugal,Greece and Spain whose economies rely heavily on tourism.
“Holidaymakers are now seeking the best deals 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 revenues are up and that the sector is accounting for 11% of GDP equivalent to 1 in every 8 jobs according to Ministry figures.”
Visitor arrivals to Egypt continue to increase with in excess of 7 million visitorsso far in 2010 and 15 millions expected in total by December. The majority of tourists come from The UK, Germany, France, Italy and Russia with the Russia showing a 95% rise in Q1 2010.
Such sustained growth is fueling further demand for good property in the tourism hot spots in Egypt. Rich in history, culture and natural attractions, Egypt affords an excellent range of attractions with the Red Sea coast especially popular with individuals, couples and families alike.
So it’s simple to see why property in Egypt is an excellent investment delivering great financial returns in terms of rental income and capital growth.
Established Sharm el Sheikh property such as the new Monna Sharm development are still very affordable and start from only £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 purchased in the up and coming resort of Hurghada at great value prices.
For additional information about buying property in Egypt then contact the experts at Experience International on + 44 (0) 207 321 5858 or go to Experience-International.com.