Prime Minister Mostafa Madbuli urged Egyptian businesses and citizens to “use the wealth of Egypt’s modern real estate” to “maximize individual tourism.” According to his estimates, this method can quickly double the number of tourist beds and ensure cheap and private tourism.
Egypt is trying to “rediscover” tourism in apartments and short-term letting of real estate to tourists, long mastered by European cities – so much so that some do not know how to deal with it. And in Egypt, the authorities are still tasked with “making the best use of the wealth of modern real estate in Egypt’s tourist and new cities, turning these assets into tourist facilities and hotel rooms to maximize individual tourism.” According to the Egyptian media, in Madbuli’s view, such an approach “will benefit the owners, who will be able to rent out their premises and make a profit, and will also benefit the state by attracting more tourists.”
“Many foreign families will be looking to spend their holidays in these units with more privacy,” said Madbuli. He also expressed confidence that the move would positively impact other commercial activities near the units such as restaurants and shopping malls.
It should be noted that earlier the Minister of Tourism Ahmed Issa stated that although Egypt hopes to double the number of tourists to 25-30 million by 2028, currently it can attract no more than 14-15 million tourists annually – there are simply no places in hotels for a more significant number. Therefore, to double that number, Issa added, Egypt needs to double hotel rooms, offer low-cost flights, and diversify its tourism products. Offering tourists “a wealth of modern real estate” is supposed to be one of the solutions.