Egypt tipped for bright winter

Egypt has been tipped to be a success story in this winter's tourist market, something that may encourage those thinking of investing in tourist rental property there.

Reporting on the country's prospects, travel portal TTG Live noted that there has been a 15 per cent rise in holiday bookings for the winter season from last year and said that despite the "very high" summer temperatures the country is now a year-round attraction.

UK director of the Egyptian State Tourist Office Khaled Ramy told the website: "We have the nearest coral reef to the UK and you can swim in the Red Sea even in the middle of winter."

Sharm el Sheikh may be one resort that Britons are keen to invest in, as the portal noted that British Airways is to start a service there from Gatwick that flies three times each week.

Long-term demographic trends will help increase property values in Egypt, chairman of developer Palm Hills Yasseen Mansour told Reuters earlier this summer.

He said developments in the east and west of Cairo the firm is involved in as the city expands are already costing 1.5 times as much as existing property in the capital itself.

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