Ahmed El Tayebi, Chairperson of the The Land Developers, said, “Some sectors witnessed a slowdown in performance related to the drop in the value of the Egyptian Pound in late 2016, but the real estate sector managed to preserve its stability. The real estate market is one of the fastest-growing sectors in Egypt and investments by the private sector have increased to EGP 62.5bn in fiscal year 2017-2018 compared to EGP 31.43bn in the previous period.”
He added that, despite the increase in unit supply in the local market, real estate companies continued to be successful during the first quarter of 2019 due to the increase in local and foreign demand for properties in Egypt.
“Government entities in charge of the real estate sector are continuing their efforts to boost public-private partnership, and carry out joint development projects to increase supply in the market. This is part of a strategic plan that will provide additional housing projects to keep up with the rapid increase in population, particularly in major cities,” he explained.
Ahmed Hossein, Deputy Chairperson of Zahraa El Maadi for Investment and Construction, said “The government has established a legislative system that supports the enhanced performance of the real estate sector, and sustains the boom driven by end-user demand trends.
Hossein added that the real estate sector in Egypt continues to grow as developers shift their focus to affordable projects and housing which will meet growing consumer demand.
“We also expect real estate financing programmes to come into effect and offer rates between 10% and 12%, which will contribute to increasing sale,” he elaborated.
For his part, Alexander Edwards, Sales Director of NextMove, said: “The local real estate market is witnessing a marked maturity in the consumer behavior which is represented by a demand for real estate units that combine luxury housing standards and affordable properties to suit all price points. This gives developers the opportunity to provide the local real estate market with more creative and competitive housing solutions, and this is a positive sign which confirms that the sector continues to meet demand and preserve growth, ensuring its sustainability.”
