50,000 real estates in Egypt .. political stalemate pushes Yemenis to buy residential properties abroad
English - Friday 14 June 2019 الساعة 04:16 pm
Cairo – NewsYemen.net
Egypt was ranked a list of countries most welcoming Yemenis fleeing the war in Yemen, since the Houthi invaded the Capital Sana'a and other province in 2014.
Yemenis have been fleeing largely from areas under held by the Houthi militias in the last four years, in a way that Yemen has not seen before.
The Yemenis did not stop just in a temporary exit out of the country, many Yemenis bought real estate, houses and apartments outside of Yemen, in particular in the Republic Arab of Egypt.
"We are here because of the war of Abdul-Malik al-Houthi and his supporters. We did not expect the war to continue and we were hoping to return, but we are determined and we have decided to settle here," Amin Abdullah told Newsyemen, a Yemeni citizen living in Cairo for three years.
Abdullah said he bought an apartment in Cairo after realizing that the return was difficult to Yemen.
According to reports, a rate of Yemenis who tent to buy residential properties, just apartments and small villas aboard have increased by 60% than it was more than two years ago.
Reports indicated that Egypt, Jordan and Malaysia are the most countries Yemenis are living in and buying residential properties; as well as establishing trade works.
Observers said the main reasons for Yemenis' tendency to this option as a result of continuing war in Yemen, targeting the merchants by the Houthi militias, failing the Legitimacy in managing the situation in the liberated areas.
According to economic reports, Yemenis have bought around 50,000 residential properties in the last five years, including 80% are apartments. According to reports too, there is one million people fled Yemen till mid-2019, especially from areas seized by the Houthi militias.
Buying real estate abroad is not easy. It requires at least $ 50,000 to $ 100,000, which is impossible for everyone, especially with large numbers of fugitives classified as a middle class
Economists estimate the amount spent by Yemenis in purchasing of real estate abroad for the past five years reached $ 360 million at a rate of $ 60 to $ 50,000 per a property, numbers could have been used by the Yemenis to build dozens of cities and residential units in Yemen.
