The popular holiday destination of Egypt is going against the declining global tourism trend by seeing a 29% increase in visitor arrivals and 24% increase in tourism revenue in Q1 2010.
In contrast to the condition of the worlds tourism industry which is trying to recover from
“one of the most difficult years” (2009, WTO) and currently experiencing another set back from the Icelandic volcano crisis, predicted to be setting back airlines up to $400 million per day (International Air Transport Association), Egypt appears to be getting stronger and stronger.
However it is not the case that Egypt was totally unaffected by the economic downturn of the last 12 months but with 3.46 million visitors arriving from January and March 2010 generating a $2.7 billion revenue, the nation has “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 Ministry of Tourism. The traditional historical and cultural attractions such as the Pyramids of Giza and Luxor remain highly popular but also getting very popular the Red Sea coast is drawing millions every year to its white sandy beaches and clear warm waters and year round sunshine.
Steven Worboys, MD of Egypt property experts Experience International, with over 5000 properties along the Red Sea, commented:
“Egyptis consistently one of the most sought-after holiday and second home locations in the world attracting over 1 millions Britons visiting annually. The combination of easy, cheap and quick access from the UK, affordable 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 not least due 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 only 59,300 Euros, offer a guaranteed return for a minimum of 8 years and are certainly worth further consideration.
Predictions 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. AAcknowledging the importance of investment the government also has plans to increase spending by 11.2 billion Egyptian pounds ($2 billion) to support the economy, with most of the funds going into infrastructure projects.
For additional 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.