“About 60 percent of apartments owned by Saudis are concentrated in Cairo while 20 percent are found in Alexandria and 10 percent in resort districts on the northern coast.
The remaining 10 percent is distributed in other parts of the country,” the report said.
“The Saudi tendency to buy properties in Egypt is a boost to the tourism and travel industry,” Egypt’s Tourism Minister Zuhayr Garanah said while commenting on the Saudi preference for the Egyptian homes.
The minister said Saudis turned to buying apartments in Egypt in large numbers particularly after the travel regulations for Saudis to the US and Europe became tougher.
He said Saudis bought 25,000 apartments in Cairo in 2007, especially in October 6 City, New Cairo and Nasr City.
An earlier study conducted by the Riyadh Chamber of Commerce and Industry noted that Saudis prefer the real estate sector when investing outside the Kingdom.
The investors believe that investment in buildings and apartments are safer than in other sectors.
Adnan Baadib, a Saudi working in media, said he rents out his apartment in Cairo 10 months of the year. He also lives there with his family during the remaining two months.
Apart from saving on rents, the value of his property had doubled since he bought it a few years ago, he said.
Saeed Al-Balwi, another Saudi said he bought an expensive apartment in Cairo.
“Now I don’t have to worry about hotel bookings and prices when we go to stay in Cairo, particularly during school vacations.”
