Sharm El Sheikh is not only one of the world's leading tourist destinations, it is also at the forefront of the rapidly expanding Red Sea property market. We take a closer look at Sharm El Sheikh, to establish why this resort has become so popular with overseas property investors in recent years.
Over the past few years the resorts surrounding the Red Sea have witnessed a property boom which parallels those of Spain and Dubai in recent times. At the forefront of this increase in demand is the resort of Sharm El Sheikh, ideally situated on the southernmost tip of the Sinai Peninsula. Buoyed by a rapidly expanding tourist industry, Sharm El Sheikh is today one of the most popular destinations for people looking to purchase a property in Egypt.
Before we look at the various reasons for this increase in demand, it is important to fully understand Sharm El Sheikh's position within the Red Sea resorts, to establish why this resort in particular has proven so popular with tourists from as far away as Russia, the Far East and the United States. Without doubt, the visitor figures for Sharm El Sheikh far outweigh those of any other Red Sea resorts including Hurghada, Dahab and Marsa Alam. In fact, this week saw a major UK tour operator announce figures showing a year on year increase of over 140% for holidays in Sharm El Sheikh, with bookings showing no signs of slowing.
Through its gradual evolution from a sleepy fishing village, Sharm El Sheikh has rapidly expanded, and was one of the first of the Red Sea resorts to embrace ‘package holiday’ style tourism. Accessed through the major international airport just north of the main town, Sharm El Sheikh was successfully presented to the large European package travel industry as the 'Gateway to the Red Sea.' A direct result of successful marketing initiatives throughout Europe, increasing numbers of tourists have travelled to the region over the past 10-15 years, many of whom chose to return time and again.
So what is it about Sharm El Sheikh that proves so popular? Indeed why do so many visitors choose to return to the resort on a regular basis, often choosing to buy property in Sharm El Sheikh? The bulk of the regions success should undoubtedly be attributed to the superb all year climate which Sharm benefits from. Offering residents year round sunshine, with temperatures only dipping to a comfortable 24 degrees in the winter, it is easy to see why so many visitors eventually choose to purchase holiday or retirement homes in the region.
As important is the location of the resort, and in particular the accessibility it offers to the clear blue waters and coral reefs of the Red Sea. From the clean, white sand beaches, through to the world class scuba diving sites, Sharm El Sheikh is a haven for the water sports enthusiast. In fact, ever since Jacques Cousteau unearthed the Red Sea, the region has acquired almost legendary status amongst the scuba diving fraternity. Today, large numbers of dive boats travel to and from the small harbour just south of the main town, offering divers access to the famous dive sites such as the Thistlegorm Wreck, the Straits of Tiran and Ras Mohammed National Park.
Traditionally, Sharm El Sheikh has offered investors the opportunities for considerable returns on their investments, and despite the increases of the past couple of years, Egypt still offers value for money for people looking to purchase property. With the price of property in Sharm El Sheikh currently increasing by almost 30% year on year, it is easy to see why the region is considered to be one of the leading property investments available at present.
On the back of the increasing demand for high quality property in Sharm El Sheikh, new regions such as the luxury resort at Nabq Bay have evolved in the last year, and already the developments there are proving to be commercially successful for both developers and investors alike.
Given the increasing value of the Euro, coupled with the increased accessibility to Sharm El Sheikh through cheap flights, it seems likely that the demand for property in the region will continue for the foreseeable future. For people looking to purchase a property in the Red Sea, Sharm El Sheikh is well worthy of lengthy consideration, and genuinely deserves its reputation as the 'Gateway to the Red Sea.'
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