A new report by the United Nations World Tourism Organization has said that tourism is rising in Egypt. The report also said that investing in property in the North African nation “could be good news.”
According to the U.N. tourism organization, tourism in the country increased by 20 percent during 2007, which in turn has seen a rise in property demands.
“This is excellent news for the buy-to-let market,” said Marion Isom in a statement on behalf of La Siesta Tourism and Real Estate Services.
“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,” Isom added.
Tax incentives for foreign investment put forth by the Egyptian government could benefit the continued rise of Egypt’s most lucrative industry, the U.N. report said. It added that Cairo is doing a lot to encourage international companies and individuals to take advantage of the new tax laws to purchase properties here.
Cairo, the Red Sea resorts of Sharm El Sheikh and Hurghada remain the top spots for foreign travelers.
May 24th, 2008 at 7:00 pm
Nice writing. You are on my RSS reader now so I can read more from you down the road.
Allen Taylor
May 26th, 2008 at 8:38 am
I thought it was really goode, but was just wondering if their are any site of which i can find more detailed information on the Tourism stats for Egypt??
June 11th, 2008 at 7:25 am
Really nice report on tourism. Foreign investment refers to investing wealth in foreign countries apart from individual’s country. This type of investment is most common ways to reduce the extreme tax burdens.