With an undersupplied market, there is an ever increasing opportunity to interduce new real estate products within second home developments that focuse on diversity and support.
Egypt, Cairo, 29 March, 2017 – Colliers International, The Global Commercial Real Estate Leader, released its latest white paper, this time focusing on the Egyptian Second Home Market. The publication examines current market supply, demand dynamics, affordability and key desirable holiday home spots in Egypt. Unlike other popular second home destinations such as the Seychelles, Morocco, Malta, France and Spain. Egypt’s second home market is not dependent on international investors and appeals primarily to Egyptians, as only 2% are foreign investors.
The report examines the increase in supply for second homes in Egypt along the coastline which is the most popular destination for holiday makers who prefer staying at their own homes instead of renting a unit or staying at a hotel. The most popular hotspots for second homes are the Red sea, South Sinai, Northwest Coast and Ain Sokhna. The paper reviews each hotspot destination based on the factors affecting the demand in those locations. It also focuses on the growth in second homes, especially within the coastal areas, as both a luxury and an investment vehicle. The paper covers the Who, What, Why, Where, Costs and Investment Returns.
“As the market has developed, so has the sophistication of the buyers who look to extend either their stay or rental returns from their investment” commented Mansoor Ahmed, Director of Development Solutions, Healthcare, Education and PPP at Colliers International MENA. He added “To attract these buyers, developers need to look beyond the limited retail and F&B offerings, creating Pull Factors. These include Boarding Schools, Hospitals and clinics, Educational Facilities, Retirement Communities, Fitness & Skill Retreats and Rehabilitation Centers”.
Colliers International is working alongside developers on creating pull factor principles which add additional revenue whilst also increasing price premium and off plan sales.