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The real estate sector and tourism players return to Egypt! Rewards

As different governments around the world during the crisis in Egypt have placed restrictions on travel to Egypt, Orbit Alliance, commercial Orbit Group, monitored the tourism field and noted " concrete signs that the decline in tourism had its day and that tourist activity will resume instantly, without having to write down the prices of holidays or resort ".

Exclusively for Opp, the marketing director of Orbit Alliance Barry Clark has been monitoring all the major hotels in Hurghada during the past week and "after speaking with the manager of the resort and check their employment rate, Steigenberger, Hilton, Intercontinental and Grand Plaza now have an employment rate of between 12% and 18%. "

These resorts "are adjacent to your building project Orbit on the Golden Mile," says Clark, and "Serenity Hotel, which also is part of Orbit Group, has an occupation of 14% and is selling very well. We expect that this percentage increase does little for the end of the month. "

All hotels and resorts in the area have registered last week, an average occupancy rate of 14%, up 8% data in mid-February. All are feeling the return of normal levels.

The company then conducted a survey on the current economic situation in Egypt , even from the side of real estate, and the view is good .

" Egypt has a proven track record in recovering strongly after the events to the detriment of tourism " says Orbit.

"... There have been several attacks in 1997, 2004 and 2005, respectively, in Luxor, Taba, Sharm El Sheikh and Cairo. Each time the numbers related to tourism have rushed, but always returned to their usual levels in a short time after the events. "

" Even during the crisis of 2008, a time when tourism has been one of the sectors have suffered most, arrivals in Hurghada remained stable, registering a decline of only 0.02%.

"The percentages of employment in the second half of 2009 were 80% in Hurghada and it is also worth remembering that during the protests in Cairo, Hurghada and the Red Sea were not involved in any way."

Anyway, Orbit says that "in the near future, we can expect that the profitability for hotel room to decline slightly, since hotels may charge reasonable prices to the tourists can not resist."

But how uncertainty may be of interest to the point of view of a real estate investor who wants to buy in project in Hurghada Orbit?

"In terms of profitability ," says Orbit, "we expect more in the near future the option chosen by all investors will be protected by bank guarantee pension ."

"In terms of price " the company adds, "we offer repurchase contractually guaranteed to +125% at the end of eight years."

The economic landscape Orbit says general is improving. "Before March was expected that the GDP of the country come down from 6% to 3.5% or 4%," says the company. "But the latest figures show registered a GDP of 4.3% ... almost 1% more than you expected. This not only increased confidence in tourism, but also and above all real estate investors keen to buy into the Red Sea . "

Egypt has hosted more than 14.7 million tourists in 2010, numbers increased 50% in the last 7 years despite various events such as the second Gulf War and the terrorist attacks occurred in the same period. "Egypt today is attracting a new type of sophisticated investor looking for an investment in a strong economy and rising "says Orbit.

Even officials of ETA, Tourism Authority in Egypt, providing a faster recovery of the country.

Elsayed Khalifa, Consul-Director in New York, said that although there has been a sharp decline of tourists in recent weeks, the situation will reverse anytime soon.

"Looking at past crises that have affected the tourism industry in Egypt over the past ten years, one can safely say that the current crisis, despite the negative effects on sector, will be the fastest to dissolve and will be one that will have less damaging effects on the tourism sector, "says Khalifa.

And, with regard to the political situation in the country, Khalifa added, "the political forces and the Government are establishing a dialogue between them, which to evolve a national consensus that will allow Egypt to emerge from this crisis strengthened and even more attractive to tourists from around the world . "

In 2010, tourism revenues have exceeded the $ 11 billion, and the tourism industry has taken advantage of 2 million Egyptian workers , the Authority for Tourism. How can it not recover?

And another good news is that the draft of Hurghada Orbit has received the long awaited approval which SIPP investment (type reserved for citizens of Great Britain).

Well, finally a wave of positivity from Egypt!

Want information on the project in Hurghada? Click HERE!