(REUTERS/Amr Abdallah Dalsh)
By Egypt Business Directory
Propertyfinder.eg, Egypt’s leading property portal, has released its first quarter 2014 real estate report covering the latest trends in residential sale and leasing markets in the country.
Statistics derived from visitor behaviour and properties viewed and listed at propertyfinder.eg, show that Al Tagammu – also known as Fifth Settlement – was the most attractive community for real estate buyers in Q1, leading the list with 31% of the property views. The community, located in New Cairo, was followed by Al Qatameya and 6th of October City – Cairo’s main satellite city where the majority of stock in Q4 2013 was delivered.
Maadi took the lead in the top rental neighbourhoods with 26%, followed by Al Tagammu and Zamalek.
“The improved political and security situation has revived investor confidence and spending,” said Mohamed Hammad, country manager, Egypt. “With the GDP expected to accelerate over 2014 and 2015, financial support from the Gulf Cooperation Council countries trickling in and the Central Bank of Egypt’s recent decision to allocate EGP 10bn to affordable housing units, the real estate market is gradually recovering.”
Egypt’s cabinet recently approved the implementation of infrastructure projects worth over EGP 390m and Arabtec Holding is getting ready to sign a $40bn contract to build a million low-cost homes.
With the construction of more projects gathering pace, the government is exerting tremendous effort to boost Egypt’s property market through construction and mortgage law amendments,” stated Hammad.
