Egypt’s 29% Tourism Growth Bucks the Global Trend
By Advisor. Filed in Florida |
The traditionally popular holiday destination of Egypt is bucking the lowering global tourism trend by seeing a 29% increase in tourist arrivals and 24% increase in tourism revenue in the first quarter of this year, 2010.
In contrast to the overall say 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 per day (International Air Transport Association), Egypt appears to be getting stronger and stronger.
However it isn’t the case that Egypt was totally unaffected by the economic downturn of 2009 but with 3.46 million tourists arriving between January and March 2010 generating a revenue of $2.7 billion, the nation has “completely rebounded” according to Tourism Minister, Zoheir Garranah.
Tourism plays an very important part in the Egyptian economy, which at the moment is growing at an impressive 5.1%, responsible 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 drawing millions each year to its white sandy beaches and clear warm waters and reliable 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 popular holiday and 2nd home destinations in the world with over 1 millions Britons visiting annually. The combination of easy, cheap and swift access from the UK, inexpensive property prices and good weather all year round has ensured that Egypt and specifically the Red Sea coast nearly 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 luxury studio and 1 bedroom apartments are available from only 59,300 Euros, provide a guaranteed return for a minimum of 8 years and are certainly worthy of consideration in 2010.
Predictions for the rest of 2010 are positive with a minimum 5% economic growth expected and a target of increasing tourism revenue of $11.5 billion. Identifying 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 the majority of the funds going into infrastructure projects.
For additional information about investing in the booming tourism hotspot of Egypt contact the experts at Experience International on + 44 (0) 207 321 5858 or visit experience-international.com.
