Red Sea – Tourism still on the up
The popularity of Egypt’s Red Sea coastline is still growing & tourism figures are showing a year on year increase with predictions for the trend to continue. There are many contributing factors to the popularity of the Red Sea as a superior holiday destination:
- Spectacular sightseeing & diving
- 12 month holiday season
- Close proximity to Europe
- Low cost of living
These factors make the area very popular with investors, whether they are looking for a holiday or retirement home or rental opportunuties, the right property selection in the right location can still be purchased for a very reasonable price in comparison to the popular European destinations.
The Red Sea has much more to offer than the artefacts normally associated with Egypt, the coastline is famous for it’s spectacular coral reefs & marine life making it a world class diving destination. Golf is a sport not normally associated with Egypt but it has been played here for hundreds of years & is becoming increasingly popular with many new championship courses being built. And of course the exceptional climate, stunning beaches & wonderful food make it very appealing for the less energetic!
The increase in tourism figures; 20-25% per annum from Britain alone over the last few years means more jobs in the area leading to an increase in demand for rental property from residents. The Egyptian government are expecting the population of Hurghada to increase from 200,000 to 1 million in the future.
Egypt is a stable country & the fact that the mortgage market is only just developing has meant that it was shielded from the global crisis. It is strategically placed with direct access to Europe, Africa, Asia & the Middle East & there is a high level of foreign investment.
The increase in tourist numbers has led to the construction of a new terminal at Hurghada International airport costing £66 million. This will increase the capacity of passengers from 6.7 million to 7.5 million & will open later this year.
All in all the future of tourism in Egypt looks very secure & there can be no better investment than in real estate.
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