Sharm El Sheikh is a popular tourist destination located in the South Sinai Governorate of Egypt. With its warm weather, crystal clear waters, and stunning coastline, it’s no surprise that the resort real estate market in Sharm El Sheikh has attracted a lot of attention over the years. In this article, we’ll take a closer look at the prospects for the resort real estate market in Sharm El Sheikh.
First and foremost, it’s important to note that the resort real estate market in Sharm El Sheikh has seen a decline in recent years due to a number of factors. These include the global financial crisis of 2008, the Arab Spring in 2011, and the decline in tourism following the Russian airplane bombing in 2015. However, the market has been showing signs of recovery in recent years, and there are a number of reasons to believe that it will continue to grow in the coming years.
One of the main drivers of growth in the resort real estate market in Sharm El Sheikh is the government’s commitment to developing the tourism industry. The government has been investing heavily in infrastructure, including the expansion of the airport and the construction of new hotels, to make the destination more accessible to tourists. This is expected to increase the demand for resort real estate in Sharm El Sheikh and drive up property prices.
Another factor that is likely to boost the resort real estate market in Sharm El Sheikh is the growing popularity of eco-tourism. Sharm El Sheikh is home to some of the world’s most beautiful coral reefs, and there is a growing interest in sustainable tourism that focuses on preserving the environment. This is expected to drive demand for eco-friendly resort developments that are designed to have a minimal impact on the environment.
The resort real estate market in Sharm El Sheikh is also expected to benefit from the growing middle class in Egypt. As more and more Egyptians become wealthier, they are expected to start investing in second homes and holiday properties. This is likely to drive up demand for resort real estate in Sharm El Sheikh and push up property prices.
Finally, the resort real estate market in Sharm El Sheikh is expected to benefit from the increasing popularity of Egypt as a destination for medical tourism. With world-class hospitals and medical facilities, Egypt is becoming a popular destination for people seeking medical treatment, and this is expected to drive demand for resort real estate in Sharm El Sheikh.
In conclusion, the prospects for the resort real estate market in Sharm El Sheikh look bright. With a growing economy, a commitment to developing the tourism industry, and a growing interest in eco-tourism and medical tourism, it’s likely that the market will continue to grow in the coming years. However, as with any real estate market, it’s important to do your research and carefully consider the risks and rewards before investing in a property.