Tourism Continuing To Rise In Egypt

May 24, 2008 11:23 a.m. EST

Cairo, Egypt (AHN) - 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.