According to the inaugural “Destination Egypt” report by Knight Frank, a global real estate consulting company, 94% of investors in the Gulf Cooperation Council (GCC) countries who possess more than USD 1 mn in investment assets express interest in purchasing real estate in Egypt, and 56% of these investors intend to make their purchases during 2023, Invest-Gate reports.

Knight Frank, in cooperation with YouGov, conducted a survey that included 258 investors from GCC countries to understand their aspirations and attitudes toward investing in Egypt. The net worth of the survey participants ranged from USD 100,000 to more than USD 1 mn.

Knight Frank points to the fact that 16% of Egypt’s GDP depends on real estate and construction activities, making the sector particularly vital alongside oil and gas (24% of GDP), and tourism and hospitality (12% of GDP), coinciding with the exit from the economic challenges the world faced.

Faisal Durrani, Partner and Head of Research in the Middle East and North Africa region, said: “It is not surprising that the residential sector is the preferred sector for GCC investors, as 68% of them are keen to buy a home in Egypt”. He added: “This market is considered a proven experience for many investors, as 60% of GCC investors own at least one home in Egypt.”

Durrani mentioned that 72% of GCC investors focusing on purchasing a second home or purchasing a holiday home in Egypt, and 49% of them expected to transact within the next 12 months.

In terms of overall target locations, Greater Cairo, which includes New Cairo, Downtown Cairo, Sheikh Zayed City, and the New Administrative Capital (NAC), was ranked as the best area attracting the interest of GCC investors, with a rate of 73%. The North Coast is a focal point for Saudi investors, with a rate of 41%, and Qatari investors by 41% as well.