Egypt may indeed border the Mediterranean Sea, Ministers remain confident that the debt problems which has had a negative impact on other close European tourism destinations like as Greece has not negatively effected the Egyptian economy.

Talking to Reuters, Egypt’s Tourism Minister, Zoheir Garrana, stated that tourism revenues increased by 17.6% to $5.58 billion in the first half of 2010 with the target ofincreasing to ?13 billion by fiscal year end.

Commenting on these latest numbers, Steven Worboys, MD of the Egypt property experts Experience International, remarks …

“The last 12 months has definitely been a more difficult time for Europe. The effect of the global recession has been felt in a lot of countries including Italy, Portugal,Greece and Spain whose economies have a large reliance on tourism revenues.

“Holidaymakers are now seeking the best offers available, often considering further afield than usual to non euro zone countries like as Egypt where their money goes further. It’s certainly 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 numbers.”

Visitor arrivals

to Egypt continue to grow with in excess of 7 million touristsso far in 2010 and 15 millions expected in total by December. The majority of tourists originate from Britain, Germany, France, Italy and Russia with the Russia showing a 95% increase in Q1 2010.

Such sustained growth is driving further demand for good accommodation in prime tourism hot spots across Egypt. With a wealth of history and culture and natural wonders, Egypt offers a myriad of attractions with the Red Sea coast especially popular with individuals, couples and families alike.

So it’s easy to see why Egypt property is an excellent investment delivering great financial returns in terms of rental income and capital growth.

Established Sharm el Sheikh property like the new Monna Sharm development are still very affordable with entry levels from as little as ?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 brought in the attractive resort of Hurghada for low costs also.

For more details about buying property in Egypt then ask the experts at Experience International call + 44 (0) 207 321 5858 or go to Experience-International.com.

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