Egypt Tourism Still Thriving Despite Global Economic Downturn
Although Egypt does border the Mediterranean Sea, Ministers are still confident that the debt crisis which has had a negative impact on other nearby European tourism destinations like as Greece has not negatively impacted the Egyptian economy.
Speaking to Reuters, Egypt’s Tourism Minister, Zoheir Garrana, stated 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 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 definitely been a trying time for Europe. The impact of the global recession has been felt in many countries including Italy, Portugal,Greece and Spain whose economies rely heavily on tourism revenues.
“Holidaymakers are now seeking the best offers available, often considering further away 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 contributing 11% of GDP equivalent to 1 in every 8 jobs according to Ministry numbers.”
Visitor numbers to Egypt continue to increase with more than 7 million visitorsso 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 driving further demand for quality property in the tourism hot spots across Egypt. Rich in history, culture and natural wonders, Egypt offers a myriad of attractions with the Red Sea coast especially popular with individuals, couples and families alike.
So it’s simple to see why Egypt property is an excellent investment returning high financial returns in terms of capital appreciation and rental revenue.
Established Sharm el Sheikh property like the new Monna Sharm development remain affordable and start 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 additional information about buying property in Egypt then ask the experts at Experience International call + 44 (0) 207 321 5858 or visit Experience-International.com.
Tags: real estate, property, investment, travel, egypt <BR/>
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