Culture is a very unique feature for each nation. therefore, it contributes strongly in all apects of nation lives. However, each culture has its own stories that led to those specific acts that people traditionally follow subconciously, nations can share some features. Egypt, in the past century, witnessed a huge immigration groups from Upper egypt to Nile delta. Those people from Upper Egypt used to have their own homes because of the agricultural nature of Upper Egypt, which allows man to build a multi-story building, behind his field, for his whole family. So, when they came to search for another jobs in Delta cities, they kept their habbits within their mind. So it became very popular in all Egyptian cities to own their own homes.
By time, with the extremely increase in construction costs, people became more familiar with owning one flat other than a whole building. In fact, and in more comprehensive view, either renting or owning a property has its own advantages and disadvantages. One notable advantage for owning a home is the resulting sensation of confidence and piece, that no one can ask you to leave your property for any reason. Another advantage is the economic factor that home-owners always think that their money is conserved in this property against inflation and they can sell it anytime without any losing.
In contrast to those who prefer to own properties, Another type of people see some good points in renting rather than owning. Renters usually think about the economic factor in a different way. They prefer to pay a relatively small amount of money monthly rather than paying a huge amount of money to own a home. Those who prefer to rent can be divided mainly into two categories: 1- those who don’t have enough money to own a proberty, 2- and those who use their money for some business.
In my personal opinion, I would prefer to own a home, even if i would not live in. This is a simple way to preserve the value of my money against the deteriorising economic situations in Egypt.