Egypt is truly a magnet for investors from Gulf Cooperation Council (GCC) countries lately. Knight Frank reports that currently, 94% of wealthy GCC investors with more than $1 million in assets want to buy real estate in Egypt. And what is particularly interesting is that 56% of them intend to realize these plans in the future.

From 2021 to 2023, GCC countries invested more than $115 billion in Egypt's economy. The United Arab Emirates led the investment with $75 million, followed by Saudi Arabia with $30 million.

Zeinab Adel, head of Knight Frank Egypt, emphasizes that recent changes in legislation allowing foreigners to purchase real estate in Egypt without hindrance have contributed to increased activity in this market. Among GCC investors, Emiratis and Qataris are already the largest property owners. This demand has led to an increase in housing prices. In terms of GCC investors' preferences, the residential sector stands out, with 68% of investors focusing on it.

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Prices in different areas of Egypt are different. In New Cairo, the price per square meter of apartments is now $450 (an increase of 24%), and villas—$690 per “square” (an increase of 8.5%). In the city of Sheikh Zuweid, the cost per square meter of apartments is $430 (an increase of 27.8%), and villas—$625 per “square” (an increase of 2.1%).

The priority of most investors from the UAE is New Cairo and the New Administrative Capital; and for Saudi Arabians, Sharm el-Sheikh and the North Coast.

The Northern Coast of Egypt is particularly popular with GCC nationals, with investment assets ranging from $500,000 to $1 million. Its white-sand beaches and colorful festivals make it a very attractive investment destination.

In terms of construction plans and prospects, the UAE plans to invest US$35 billion in Egypt by 2025. Already in 2022, the United Arab Emirates topped the list of GCC countries in terms of investment in Egypt with a total investment of $5.7 billion, representing approximately 29% of total foreign direct investment in the country. Saudi Arabia trails behind with an investment of $2.1 billion.

Among other plans are the building of 300,000 new real estate units in more than 40 projects as early as 2028 and the construction of 3,000 apartments in 10 projects on the Red Sea coast by 2026.