Denmark, Finland, Sweden and Norway have recently decided to change their retractions on travel to South Sinai, including places like Sharm El-Sheikh, Dahab, and St. Catherine.
This change in travel advice means that those countries will no longer have access to travel advice for their people who want to travel to South Sinai and the varying travel destinations.
However, South Sinai is very beautiful. It is the least populated governorate of Egypt, located in the east of the country. Investors are to know that Egypt hotels’ supply has increased by 3% because of a number of high-profile properties that have been streaming the market during last year.
These include the Steigenberger Hotel El Tahrir, Westin Golf Resort, Westin Katameya Dunes, and Nile Ritz-Carlton.
Despite the currency flotation during the end of 2016, hotel average rates declined in the US dollar value when compared to 2015.
There is expected to be a slight increase this year as devaluation marks its impact on the hotel market.
Despite market performance declining in previous years, the occupancy levels trend is expected to shift as travel bans are lifted, according to Colliers International, the commercial real estate leader.
This year is certainly full of changes, for countries all over the world, for tourists and for investors.
Written by Gemma Smith