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.
So, How Many Own a Second Home?
Egypt’s second home market is promising as only 20% of the population, according to our sample study, own a second home and seemingly it is the wealthy among them who enjoy this luxury, with 80% of owners spending more than one month in their properties.
Based on the study conducted, it is those among middle-higher income bracket, who can afford a second home among the Egyptian population at an average of more than EGP 20,000 monthly income.
Traditionally, a second home among Egyptians is more of a family house, where at least three generations get together for long breaks over the year to enjoy quality time with their first or second-degree family relatives. According to our study, the age range of the second home buyers is between 40 to 49 years old and they consume 44%.
Classified by Gender
The gender of second home buyers of both males and females is equally divided of 20% each, according to our conducted study.
Read more on second home buyers’ characteristics and behavior on pages no. 26-34 at Invest-Gate’s July report/issue.