Egypt’s 29% Tourism Growth Bucks the Global Trend

The traditionally popular holiday destination of Egypt is bucking the declining 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 condition of the global tourism industry which is trying to recover from “one of the most difficult years” (2009, WTO) and currently suffering another set back from the Icelandic volcano crisis, estimating to be setting back airlines up to $400 million per day (International Air Transport Association), the north African nation appears to be getting stronger and stronger.

It cannot be said that Egypt was totally unaffected by the economic downturn of 2009 but with 3.46 million tourists arriving from January and March 2010 generating a revenue of $2.7 billion, Egypt “completely rebounded” according to Tourism Minister, Zoheir Garranah.

Tourism plays an very important part in the Egyptian economy, currently growing at note worthy 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 increasingly 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 popular holiday and second home destinations in the world with over 1 millions people from the UK each year. The combination of easy, cheap and direct access from the UK, affordable property prices and good weather all year round has ensured that Egypt and specifically the Red Sea coast almost irresistible.”

One particular property for sale in Egypt which is seeing increased interest also thanks to its exclusive SIPP eligibility is the Samra Bay Marina & Spa Resort marketed through Experience International. Providing a true frontline location on the “Golden Mile” of Hurghada, these luxurious studio and 1 bedroom apartments are available from only 59,300 Euros, provide a guaranteed return for a minimum of 8 years and are definitely worth further consideration.

Forecasts for the rest of 2010 are positive with 5% economic growth expected and a target of increasing tourism receipts to $11.5 billion. Acknowledging the importance of investment the Egyptian government also plans to increase spending by 11.2 billion Egyptian pounds ($2 billion) to support the economy, with the majority of the money going into infrastructure projects.

For more 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.