- With apartment prices starting from SR300,000 ($80,000), many Saudis are buying property in Egypt.
- Cities of interest to Saudis include Cairo, Ain Sokhna, North Coast and Sharm El Sheikh.
- Many Saudis bought a property in Egypt after the currency flotation that occurred last year.
- Saudis are not only buying apartments, but also villas.
More Saudis are encouraged to buy property in Egypt a year after the currency flotation.
As apartment prices start from SR300,000 ($80,000), many Saudis found it a good chance to own a property in Egypt, especially those who love to spend their vacations there.
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Many also started to buy properties out of Cairo, like Ain Sokhna, North Coast and Sharm El Sheikh.
Mohammed Shahin, Property Sales Consultant, said that the real estate is a fast-growing market in Egypt.
“The real estate market is booming despite all the ups and downs in the economy. It could be the only stable market in Egypt. People who benefit from this market recently are those Egyptians who live abroad. Currency flotation makes the prices affordable for them. There are some apartments with prices that start from $40,000 in some areas,” said Shahin.
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“The other category that also benefit are non-Egyptians who are seeking to buy a property in Egypt. I know many Saudis who bought a property in Egypt after the currency floating, not only apartments but also villas. They usually buy in the new cities like New Cairo. Some of them buy as an investment, like renting, while some buy to spend their vacation in it when they come to Egypt. In both cases they benefit because the property prices are increased,” he added.
“Property is a long run investment. I believe that 2018 will witness a raise in the real estate prices,” Shahin noted.
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Sulaf Saleh, a 30-year-old Saudi, who bought a villa in Egypt after the currency floating, said that her relatives have homes as well.
“After the currency floating, I convinced my husband to buy a home in Cairo, as we love to travel there from time to time. We bought a villa for a reasonable price in Sheikh Zayed District,” Saleh said.
“My relatives already have houses in Egypt since years, and they encouraged me to take this step,” she said.
“I consider it as an investment, because if we want to sell it anytime, it will be sold for a higher price,” Saleh concluded.
By Renad Ghanem
