More Saudis are encouraged to buy property in Egypt a year after the currency flotation.
As apartment prices start from $80,000, many Saudis found it a good chance to own a property in Egypt, especially those who love to spend their vacations there.
Many also started to buy properties out of Cairo, like the North Coast, El Gouna, Soma Bay and Sahl Hashesh.
Paul Smith, Senior Sales Director at Kinney Smith Prestige Living, 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 Smith.
“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 rise in the real estate prices,” Smith noted.
Dina Fayad, 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 El Gouna, as we love to travel there from time to time. We bought a villa for a reasonable price in the new Tawila Project,” Fayed 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,” Fayed concluded.