Overseas buyer enquiries for Egyptian holiday homes nosedived after Cairo's citizens took to the streets in February, but there's plenty of money flowing out of the country.
Wealthy Egyptians are suddenly more prevalent in luxury home markets abroad. A London estate agent says businessmen with a “loose association” to the former Mubarak regime are keen to invest.
Wealthy individuals from other turbulent Middle Eastern states want London property brochures too. Demand focuses on properties in the GBP4 million to GBP10 million range, but some want super-prime GBP20 million residences. And these buyers are not hanging around. One individual has bought a home through London estate agents Kay&Co without even visiting it. The enterprising estate agency sent one of its partners to Cairo during the protests who came back with a dozen clients eager to buy.
Meanwhile, back in Egypt, observers consider property fortunes may be made and lost in the coming months as investors either bag a bargain or lose their shirt buying into chaos.
All the Worlds a Home
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