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Increased tourism drives property market in Egypt

Already considered one of the world's leading tourist destinations, Egypt is beginning to experience a boom in the tourism market as well as the property rental markets.

In 2007 the Middle East was up 46 million tourists over 2006. UNWTO has previously stated that while areas in the Middle East are still considered developing, these figures prove that there is a growing desire to visit the region. Markets with a more mature tourist market are seeing increases as well, but the growth doesn't compare to the Middle East. This emerging market is led in part by Egypt and Saudi Arabia. There is no worry that this growth is fleeting. Since the year 2000, Africa is averaging a 7% growth each year. These numbers are expected to continue up as South Africa gears up for the FIFA Soccer World Cup in 2010.

Families are beginning to get more adventurous in choosing their holiday destinations. Despite the global sub prime credit crunch, the number of tourists this year is expected to increase worldwide, but especially in the Middle East. Surveys have found that many families will cut back on home improvements or purchasing newer vehicles in order to take an exotic holiday. Another factor that may be encouraging more to travel is global climate change. UK residents stated that the the countries wet climate has led them to look for more temperate locales.

Destinations in the Middle East like Egypt and Morocco are beginning to embrace package deals which is making travel plans to the country that much easier. Property investors in Egypt and Morocco are expecting low vacancy for rentals in prime locations. With the number of visitors expected to rise steadily for the next three years, the property market has proved successful for many owners.

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