Egypt Offers Protection From Credit Crunch

01.11.2008

As the world experiences credit crunch, Egypt's coastal resorts are forecast to continue strong tourism growth.

For investors this is good news. Low property prices From £15,650 offer investors an affordable entry point. Being outside the euro zone makes it a very attractive emerging real estate market to consider.

Its physical location too means that it is a prime winter sun destination giving the country year round tourism appeal. 

The World Travel and Tourism Council (WTTC) saw a steady growth of tourism in Egypt in 2007 and in a recent report has stated that the expected growth for the travel and tourism economy for the country in 2008 is expected to be 5.5%.

increasing number of people taking the step and investing in its strong economy, its stable political system and stable currency.  

The increase in the number of visitors to Egypt has boosted the country as a whole with the travel and tourism sector seeing rapid growth.

The WTTC reports that it expects to see a rise in the number of people employed as a direct result of tourism in Egypt, hitting a record of 1 in every 6.9 jobs by 2018. Currently the figure is 1 in 7.4 jobs with 2,833,000 people being employed in the tourism sector. 
 
In a recent article published on Arabianbusiness.com Ahmed El-Nahas the chairman of the Egyptian Tourism Federation (ETF) commented on Egypt's current position: "The past couple of years have been very positive for Egypt. We have seen a major increase in tourist arrivals.

In 2006, we had over 9 million tourists visit Egypt. The plan was an annual increase of 1 million, which was surpassed in 2007 when the arrival figures reached 11 million tourists. The ongoing efforts of the Ministry of Tourism and the Egyptian Tourist Authority will hopefully reap 14 million tourist arrivals by the end of 2008."
 
The Jones Lang LaSalle's most recent report, Global Real Estate Transparency Index, shows that Egypt is now 59th out of the 82 countries and in the top 10 most improved countries around the world.

Its practices, integrity and the opportunities available to investors to get a good deal have all been factors in its move up the table.

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