Increase in Red Sea visitor figures catch the eye of property investors
The economic uncertainty of the past twelve months has had a considerable impact on the overseas property market, as many investors have fled from the falling prices being experienced in the more traditional property investment markets in southern and Eastern Europe. Further afield however, around the clear blue waters of the Red Sea, a new and highly successful property market has been emerging.
Not long ago, the shores of the Red Sea had experienced little property development, and the modern resorts more closely resembled the image of the traditional Egyptian fishing villages. Today however, the demand for Red Sea property is higher than ever, and increasing numbers of high quality and well though out developments can be found throughout the more popular resort areas.
This new and highly dynamic property market is located between the hugely popular resort of Sharm el Sheikh on the southern tip of the Sinai Peninsula, down the Egyptian coast to the southern resorts of Marsa Alam and Berenice. Within this region, a number of popular tourism resorts have emerged in recent years, and today destinations such as Hurghada, El Gouna, Marsa Alam and the Sahl Hasheesh have become some of the most visited destinations for the huge European package holiday sector.
At the centre of this increased demand for property in the Red Sea, is the regions hugely successful tourism industry, which currently focuses around the popular resorts of Sharm El Sheikh and Hurghada, but which is steadily incorporating resorts further afield such as El Quseir and Marsa Alam. On top of the existing destinations, new resorts have also been developed throughout the region, and destinations such as Sahl Hasheesh and El Gouna are now high on the property investor’s agenda.
Approximately 75% of the visitors to the Red Sea region come from the major European travel markets of the UK, Germany and France, although recent years have seen increasing numbers of visitors from the rapidly expanding Russian tourism market. The increasing numbers of visitors to the region, attracted by the superb water-sports, cheap flights, year round sunshine and low cost of living have made the Red Sea one of the worlds top tourist destinations in 2009. This trend shows no signs of abating at present, especially given the higher costs of holiday throughout the traditional euro zone destinations such as Spain, Italy and France.
Despite the recent economic uncertainty, there has been a continued rise in the demand for Red Sea property, particularly in the newer resorts of Hurghada, El Gouna and Marsa Alam. With this year looking set to see record numbers of visitors to the region, it seems likely that this demand for property will only increase in the years to come.
About the Author
Mark Burns works for Offplanworld.tv, a UK based real estate consultancy specialising in investment property in Hurghada and who offer a wide portfolio of off-plan property in Egypt.
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