The Cityscape Egypt Conference got off to a positive start on Tuesday as experts and government authorities offered updates on major government projects, revealed ongoing progress in the real estate sector, and highlighted opportunities and challenges in the industry.
The conference, which is taking place on Monday and Tuesday, is a prelude to the Cityscape exhibition and calls attention to Egypt’s ongoing efforts to realise its goals and address the sector’s most pressing needs.
Egypt’s government officials and top experts revealed the future of real estate in the country at the opening of seventh edition of Cityscape Egypt Conference.
Looking at the demand from Egyptians, Ian Albert, regional director at real estate consultancy Colliers, said, “the current demand in the Egyptian real estate market is for lifestyle products. Cairenes are looking for secure neighbourhoods complete with community retail facilities, as well as education and healthcare facilities that complement the residential component. Affordability is also of primary concern as consumers are becoming more price sensitive and competition is becoming intense.”
A bright star in Egypt’s real estate sector is the office segment. According to Albert, over the past five years, 90th Street in New Cairo has been rapidly establishing itself as a major commercial hub or strip in the city. “New Cairo has become the focal point for various office developments and business parks. The office market in Greater Cairo has been undersupplied over the past decade. While there was a market gap of 3m sqm NLA in 2017, this gap is expected to exceed 4m sqm NLA by 2022,” he said.