BTL boost for ‘amazing’ Egypt

BTL boost for ‘amazing’ Egypt

Wednesday, May 21, 2008

New figures have revealed the true extent of Egypt’s growing popularity…

Tourism figures in Egypt grew by 20% in 2007 according to the United Nations World Tourism Organisation (UNWTO). In 2007, almost 46 million visited the Middle East, with Egypt receiving around 10 million.

Marion Isom, MD of La Siesta Tourism and Real Estate Services, enthused: “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 14 million visitors by 2011 looks set to be achieved and this seems to be backed by the World Travel and Tourism Council which estimates that tourism into Egypt will grow at the rate of around 6% pa in real terms in the next decade”.

The Government’s keenness to encourage inward foreign investment through reforms is keeping the country’s economic growth on track and according to the Institute of International Finance, the net FDI (foreign direct investment) was 8.2% in 2006/2007 up from 0.5% of GDP in 2004/2005.

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