Hi Everyone,

Let's have a quick look at the real estate market in Egypt, a Middle Eastern country, as Russian buyers of international real estate have switched their interest to this region, since sanctions closed many European and North American destinations for their investment purposes.

The most influential Russian business newspaper Kommersant reports that in the first half of 2023 the Russians bought twice as many properties in Egypt than in the last year. Now Egypt belongs to the top 10 preferred destinations for the Russian investors for the first time in the history of international real estate purchases by Russian-speaking buyers (includes those from Russia, Ukraine, Belarus and Kazakhstan).

The reasons for the growing popularity? Low real estate prices and good immigration programs. Although most Russians are not probably going to live permanently in Egypt, but having the Egyptian passport allows easiness of banking without sanctions, international financial transactions and participating in many programs of the third countries.

There are about 400 Egyptian properties advertised on one of the most popular international real estate portals in Russian at the time of my quick search: from a little studio in a sea-resort area from $15k to a working business for $2mln, and luxury villas and condos are also available. Many ads say: remote presentation and closing possible, citizenship may be received, pay in Russian rubles, too.

In general, the Middle Eastern real estate grows in popularity for the Russian buyers. We have talked about Turkey which has been even more popular than Egypt so far, and about Dubai, UAE which represents mostly not budget, but luxury real estate segment, and we'll keep looking at other countries here and updates as well.

Feel free to ask questions and send suggestions for topics of your interest. Thanks!

To your best business success,

Sincerely,