Egypt bucks global trend as 29% increase in tourism recorded
The popular holiday destination of Egypt is bucking the declining global tourism trend by recording a 29% increase in tourist arrivals and 24% increase in tourism revenue in Q1 2010.
In stark contrast to the overall state of the global 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, estimating to be costing airlines up to $400 million per day (International Air Transport Association), the north African nation appears to be going from strength to strength.
It cannot be said that Egypt was totally unaffected by the economic slump of the last 12 months but with 3.46 million visitors 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 increasingly important role 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 Tourism Ministry. The traditional historical and cultural attractions such as the Pyramids of Giza and Luxor remain highly popular but increasingly the Red Sea coast is drawing millions each year to its clear warm waters, white sandy beaches and reliable sunshine.
Steven Worboys, MD of Egyptian property experts Experience International, with over 5000 properties along the Red Sea, commented:
“Egypt remains one of the most sought-after holiday and second home destinations in the world with over 1 millions Britons visiting annually. The combination of easy, cheap and direct access from the UK, affordable property prices and a reliable climate has made Egypt and the Red Sea coast in particular almost irresistible.”
One particular property development which is seeing increased interest not least due to its exclusive SIPP eligibility is the Samra Bay Marina & Spa Resort available through Experience International. Affording a true frontline location on the “Golden Mile” of Hurghada, these luxury studio and 1 bedroom apartments are available from as little as 59,300 Euros, offer a guaranteed income for a minimum of 8 years and are certainly worthy of consideration in 2010.
Forecasts for the remainder 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 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 more information about buying in booming tourism hotspot of Egypt contact the experts at Experience International on + 44 (0) 207 321 5858 or visit www.experience-international.com.