By: Hadeel Abdelmottaleb & Aya Rady
With the most exciting season approaching, we look into the second homes market to identify consumers’ behavior, nature, and characteristics to see where it is going … who buys what, where, and how? Invest-Gate’s team put together a summarized wrap up on that special niche market.
Where do Second Homeowners Buy?
A total of 50% of the surveyed second homeowners are located on the North Coast, followed equally by Ain Sokhna and other coastal cities.
Locations of Second Homeowners by Gender and Income
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- The North Coast, as expected, tops all charts between male and female owners by 40% and 60%, respectively.
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- A total of 50% of each category (monthly income: EGP 20k-30k, EGP 30k-50k, and EGP 50k+) own a second home on the North Coast, while a total of 50% of those earning more than EGP 50k own a second home in New Alamein. Those earning less than EGP 15k don’t own a second home yet.
Where Would Non-owners Invest?
As for the non-owners, here is where they would consider investing in second homes.
Around 34% of non-owners in this sample prefer to buy a second home on the North Coast, followed by Ain Sokhna with 24%.
Willingness to Buy Second Homes
Our non-owners survey shows that 50% of them are willing to buy a second home.
Summary:
The Egyptian second home market sees a great demand, opening up many opportunities for real estate developers, especially among the prime locations, including North Coast and Ain Sokhna.
A total of 50% of owners chose the North Coast, whereas 34% of non-owners also prefer the North Coast. We see that the market should cater to the middle class to broaden up the second home market across Egypt, and not just the North Coast.
Also, 80% of second homeowners, as per this study, either invest in or are willing to invest in the second home market for personal use.
Find out more on second-home buyers’ characteristics, behavior, and preferred locations on pages no. 26-34 at Invest-Gate’s July report/issue.
