Amr Mahmoud, an Egyptian pharmacist who lives in Saudi Arabia, bought an apartment back home five years ago and doesn’t rule out the possibility of purchasing more properties in Egypt.
The flat is located in Cairo’s eastern outskirts, where many relatively new areas, mostly allotted to the middle-upper class and well-off citizens, have sprung up over the past couple of decades.
Having paid the apartment’s last instalment in 2018, Mahmoud says the reason for buying this house is to enable him to settle down in the Egyptian capital at some point in the future.
He says he could purchase another flat as a form of investment, a move many Egyptians would opt for, as they consider real estate a safe haven, irrespective of how battered the economy is. “Real estate remains one of the best investments in Egypt,” Mahmoud tells The Africa Report, adding that property value is constantly stable
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