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Originally Posted by Peter Mitry
The following article from World of Property might give you a clue - with such a vast increase in tourism expected do you think that the airline industry will not take note? Its still hard to get flights to Morocco but the new resorts are selling out fast and new airports are under construction. Egypt already has the airports - we just need more and cheaper flights.
Recent Article by Nick Clarke from World of Property Magazine
Egypt provides visitors with year-round sun, a stunning wealth of history, world–class resorts and attractions such as cruising and diving. The country also has low stamp duty, death succession duty of 7 per cent and no capital gains tax payable on the sale of property. Egypt's economy grew by 6 per cent in 2006. The anticipated growth this year is 7 per cent. And all of this is accessible via a five-hour flight from the UK.
Given these features, it is perhaps unsurprising that Egypt's property market is booming. Last year over a million UK holidaymakers visited Egypt. This was a 25 per cent increase from 2005. The country is on course to welcome 16 million visitors from around the world by 2014.
Reflecting this increase in popularity, property prices in Egypt have surged and are now showing some of the highest appreciation values in the world. The average property price rose by 50 per cent in the last two years, according to the Egyptian tourism authority. Egypt also offers the potential for high returns on investment, with rental yields sometimes reaching 11 per cent, compared with a UK average of four to six per cent.
Despite this recent boom, current prices still reflect Egypt's status as a new player in the property market. A two-bedroom apartment in a popular tourist resort will cost on average about £37,000. However, prices aren't expected to remain at these levels for long. Approximately 2,000 properties were purchased by overseas buyers in 2006 and this figure is expected to double in 2007 and reach 10,000 by 2010, pushing prices up by as much as 20 per cent per annum for the next three years.
If any airline execs are out there your comments would be much appreciated!! My company plan to take between 500 & 1000 clients on inspection flights this year (out and back in 3/4 days). Any suggestions on suitable carriers would be very welcome...
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Peter you are wrong Morocco has many low cost flights i.e Easy Jet / Ryan Air
and you can enter via Malaga or Gibraltar so its much cheaper to get to then Egypt.
Dont get me wrong I do like Egypt as a investment but it a much longer term investment.