The traditionally popular holiday destination of Egypt is bucking the lowering global tourism trend by seeing a 29% increase in visitor arrivals and 24% increase revenue generated from tourism in the first quarter of this year, 2010.
In stark contrast to the condition of the global tourist industry which is trying to recover from “one of the most difficult years” (2009, WTO) and currently suffering another blow from the Icelandic volcano crisis, estimating to be setting back airlines up to $400 million each day (International Air Transport Association), the north African nation looks like it is going from strength to strength.
It cannot be said that Egypt was totally unaffected by the economic slump of 2009 but with 3.46 million tourists arriving from January and March 2010 generating a revenue of $2.7 billion, Egypt “completely rebounded” according to Tourism Minister, Zoheir Garranah.
Tourism plays an increasingly important part in the Egyptian economy, currently growing at note worthy 5.1%, accounting for more than 12% of jobs and generating $10.76 billion in 2009 according to the Tourism Ministry. The traditional historical and cultural attractions such as the Pyramids of Giza and Luxor remain highly popular but also getting very popular is the Red Sea coast is drawing millions each year to its clear warm waters, white sandy beaches and reliable sunshine.
Steven Worboys, MD of Egypt property experts Experience International, with over 5000 properties along the Red Sea, commented:
“Egypt remains one of the most popular holiday and second home locations in the world attracting over 1 millions people from the UK each year. The mix of easy, cheap and direct access from the UK, value for money property prices and a reliable climate has made Egypt and the Red Sea coast in particular almost irresistible.”
One particular property for sale in Egypt which is receiving increased interest also thanks to its exclusive SIPP eligibility is the Samra Bay Marina & Spa Resort marketed through Experience International. Providing a true frontline location on the “Golden Mile” of Hurghada, these luxurious studio and 1 bedroom apartments are available from only 59,300 Euros, offer a guaranteed income for a minimum of 8 years and are definitely worth further consideration.
Forecasts for the remainder of 2010 are positive with a minimum 5% economic growth expected and a target of increasing tourism revenue of $11.5 billion. Identifying the importance of investment the Egyptian government also plans to increase spending by 11.2 billion Egyptian pounds ($2 billion) to support the economy, with most of the funds to be spent on infrastructure projects.
For more information about investing in the thriving tourism hotspot of Egypt contact the experts at Experience International on + 44 (0) 207 321 5858 or visit experience-international.com.
