The popular holiday destination of Egypt is going against the lowering global tourism trend by recording a 29% increase in tourist arrivals and 24% increase in tourism revenue in Q1 2010.
In stark contrast to the overall state of the global tourist industry which is struggling to bounce back from “one of the most difficult years” (2009, WTO) and currently suffering another blow from the Icelandic volcano crisis, estimating to be costing airlines up to $400 million each day (International Air Transport Association), the north African nation looks like it is getting stronger and stronger.
It cannot be said that Egypt was totally unaffected by the economic slump of the last 12 months but with 3.46 million tourists arriving between January and March 2010 generating a $2.7 billion revenue, Egypt “completely rebounded” according to Tourism Minister, Zoheir Garranah.
Tourism plays an increasingly important part in the Egyptian economy, currently growing at an impressive 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 attracting millions every year to its white sandy beaches and clear warm waters 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 sought-after holiday and second home locations in the world attracting over 1 millions people from the UK each year. The mix of easy, cheap and quick access from the UK, value for money property prices and a reliable climate has ensured that Egypt and the Red Sea coast in particular almost irresistible.”
One particular property for sale in Egypt which is seeing increased interest also thanks to its exclusive SIPP eligibility is the Samra Bay Marina & Spa Resort marketed through Experience International. Affording a true frontline location on the “Golden Mile” of Hurghada, these luxurious studio and 1 bedroom apartments are available from as little as 59,300 Euros, provide a guaranteed return for a minimum of 8 years and are definitely worthy of consideration in 2010.
Forecasts for the rest of 2010 are positive with a minimum 5% economic growth expected and a target of increasing tourism receipts to $11.5 billion. Acknowledging 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 the majority of the money going into infrastructure projects.
For more information about buying in the thriving tourism hotspot of Egypt contact the experts at Experience International on + 44 (0) 207 321 5858 or visit experience-international.com.
