Articles
Egypt's property market to benefit from growing tourism
As published by Homes Overseas
Date: May 2008
Demand for property in Egypt to both buy and rent is rising, on the back of growing tourism levels.
Fresh research conducted by the United Nations' World Tourism Organisation (UNWTO) reveals that tourism figures in Egypt grew by 20% in 2007.
The increase in tourism has caught the attention of a growing number of buy-to-let investors looking to cater for the growing influx of travellers, with around 10m tourists visiting the country last year.
Marion Isom of La Siesta Tourism and Real Estate Services said: "This is excellent news for the buy to let market.
"Tourism figures always have an effect on the property market of a region and this rapid growth in interest in this amazing country is a welcome step forward."
The Egyptian government's aim of achieving 14m visitors by 2011 now looks to be achievable. The World Travel and Tourism Council estimates tourism to Egypt will grow at a rate of around 6% annually in real terms over the next decade.
The country's government is also keen to encourage investment from abroad, and as a consequence are offering foreigners various tax incentives.
The net foreign direct investment (FDI) to Egypt was 8.2% in 2006/2007, according to the Institute of International Finance (IIF), the net foreign direct investment (FDI) to Egypt was 8.2 per cent in 2006/2007. This is up from 0.5% of GDP in 2004/2005.