Egypt set for ‘fantastic growth’

Egypt ‘s popularity among holidaymakers is boosting its investment potential, claims the ABTA…

Frances Tuke of the Association of British Travel Agents (ABTA) claims that the North African country is ‘likely to attract a significant number of UK tourists in 2008’.

She added: “People who let out property in hotspots such as Sharm el-Sheikh could find their residences are subject to strong demand this year. This could have the positive consequence of boosting its value and allowing investors to collect higher rental returns.

”The growing appeal of Egypt is a reflection of changing habits in consumer’s destination choices. People are becoming very demanding in their holiday choices; they want to be a bit more adventurous.”

David Vaughan of Savills commented: ” Egypt is going to see fantastic growth, but it hasn’t been promoted well until now – and it’s bad luck that it’s starting to emerge at a time that coincides with the credit crunch.

“But Egypt is affordable. There’s very low taxation and the security of purchasing with the euro. Plus you have massive history on your doorstep. People are starting to think why not?”