Egypt’s 29% Tourism Growth Bucks the Global Trend
The popular holiday destination of Egypt is bucking the lowering global tourism trend by seeing a 29% increase in visitor arrivals and 24% increase in tourism revenue in Q1 2010.
In contrast to the overall state of the worlds tourism industry which is struggling to recover from “one of the most difficult years” (2009, WTO) and currently suffering another blow from the Icelandic volcano crisis, predicted 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.
However it is not the case that Egypt was totally unaffected by the economic slump of the last 12 months but with 3.46 million tourists 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 very important role in the Egyptian economy, which at the moment is growing at an impressive 5.1%, accounting for more than 12% of employment and contributing $10.76 billion in 2009 according to the Tourism Ministry. The traditional historical and cultural attractions such as the Pyramids of Giza and Luxor are still extremely 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 year round sunshine.
Steven Worboys, MD of Egypt property experts Experience International, whom market over 5000 properties along the Red Sea, commented:
“Egypt is consistently one of the most sought-after holiday and 2nd home destinations in the world with over 1 millions people from the UK each year. The combination of easy, cheap and quick access from the UK, affordable property prices and good weather all year round has ensured that 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 available through Experience International. Providing a true frontline location on the “Golden Mile” of Hurghada, these luxurious studio and 1 bedroom units are available from only 59,300 Euros, provide 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. Acknowledging 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 money 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.
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