Egyptian real estate has become a primary attraction for wealthy investors in the GCC, according to recent research. A survey conducted by property consultant Knight Frank found that 94% of GCC investors with more than US$1 million are keen to buy Egyptian property while 56% plan to do so within the year. Furthermore, 40% of those wealth investors plan to spend more than $1 million on their next property purchase. The survey findings underline the growing attraction of Egyptian real estate for both individual and institutional investors. Between 2021 and 2023, GCC institutions invested more than $115 billion in Egypt. Investors from the UAE led the spending and in 2022 accounted for more than 29% of Egypt’s total foreign direct investment. “The UAE’s rising tide of institutional commitments to Egypt is clearly having a positive knock-on impact on individual investor sentiment, with 80% of Emirati’s keen on a real estate acquisition in Egypt, with an average budget of US$ 1.6 million – the highest level in the GCC,” said Faisal Durrani, Kinght Frank partner and head of Mena research. The survey canvassed 258 GCC nationals. © 2023 funds global mena