Oh man, my first investment and the best! helped me a lot in my start and still doing whenever I come a cross a good deal. happens all the time there, I can confirm. I am an Egyptian lawyer, drafted many contracts between partners vs real estate and construction companies. Basically, 2-4 partners collect specific amount together to buy a land or old house. Take it down and partner up with a real estate construction company to build a big building and do the rest so they do not get bothered with workers. 10-13 floors each floor with 2-4 flats depends on area budget to sell the apartments fast and split profit 60/40 between land owners and construction company. 150-200% profit back even before the building is over and finished because many buyers prefer to deposit 50-70% and pay the rest monthly for one year max which what it takes for the building to be finished and when its finished they just move there to live in their new apartments.

Very good business though, and better than US & EU since laws much easier not strict. I live in Sweden now and I though about doing it here but kinda hard with all the laws and regulations must own a big land and build many houses not big building with flats unless the government is the one building or special contracts to special companies , etc so in the end kinda like a monopoly. hard for small-medium investors to get in.

But in middle east much easier