Egyptians are taking up the lion’s share of the country’s second home market with foreign investors only accounting for 2%, Invest-Gate reports.
The stats, which comes as part of a report released by global commercial real estate leader Colliers International, emphasize that the market is not highly dependent on international investors and that it appeals more to Egyptians.
The Colliers International report focuses on market supply, demand dynamics, affordability, and desired holiday home spots in Egypt.
The increasing supply of second homes in the Egyptian market is more resembled in the coastline of the country, where the report states that Egyptians prefer that they prefer owning houses rather than renting one.
Popular Egyptian second homes are found in areas such as the Red Sea, South Sinai, the North Coast, and Ain El Sokhna
“As the market has developed, so has the sophistication of the buyers who look to extend either their stay or rental returns from their investment,” says Mansoor Ahmed, Director of Development Solutions, Healthcare, Education and PPP at Colliers International MENA.