Aug 15 2010
Egypt Unaffected By European Debt Crisis As $5.58 Billion Tourism Revenue Recorded For First Half 2010
Although Egypt does border the Mediterranean Sea, Ministers remain confident that the debt problems which has affected other close European tourism destinations such as Greece has not negatively impacted the Egyptian economy.
Talking to Reuters, Egypt’s Tourism Minister, Zoheir Garrana, revealed that tourism revenues rose by 17.6% to $5.58 billion in the first 6 months of 2010 with the aim of reaching £13 billion by fiscal year end.
Commenting on these latest figures, Steven Worboys, MD of the Egypt property experts Experience International, stated …
“The last year has definitely been a more difficult time for Europe. The impact of the global recession has been felt in a lot of countries including Italy, Portugal,Greece and Spain whose economies rely heavily on tourism.
“Holidaymakers are now focused on finding the best value offers available, often looking further afield than usual to non euro zone countries such as Egypt where their money goes further. It’s very encouraging to see that tourism revenues are up and that the sector is contributing 11% of GDP equivalent to 1 in every 8 jobs according to Ministry figures.”
Visitor arrivals to Egypt continue to grow with more than 7 million visitorsso far in 2010 and 15 millions expected in total by December. The majority of tourists originate from Britain, Italy, Russia, France and Germany with the Russia showing a 95% rise in Q1 2010.
Such sustained growth is fueling more demand for good accommodation in prime tourism hot spots across Egypt. Rich in history, culture and natural attractions, Egypt offers an excellent range of attractions with the Red Sea coast in particular remaining popular with both families and individuals of all ages.
So it’s easy to see why Egypt property is such a good investment delivering great financial returns in terms of capital appreciation and rental revenue.
Established Sharm el Sheikh property such as the new Monna Sharm development are still very affordable and start from only £23,400 for a studio apartment with swimming pool views and communal roof terrace whilst freehold properties such as the studio, 1 and 2 bed apartments at Royal Beach can be purchased in the attractive resort of Hurghada at great value prices.
For more information about investing in property in Egypt then contact the experts at Experience International call + 44 (0) 207 321 5858 or visit Experience-International.com.
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