Chairperson of Administrative Capital for Urban Development (ACUD) Khaled Abbas stated in a conference on Saturday that Egypt’s real estate market represents more than 20% of the country’s GDP.
He also announced that the second and third phases of the New Administrative Capital (NAC) will be launched by the beginning of 2023 and that more than 50,000 employees will be transferred to the government district by the end of this year.
He added that it is scheduled to offer investment lands in the second phase of the NAC early next year, noting that utility work for the second phase will also begin at the same time, provided that investment lands are ready to be built by investors.
Abbas further noted that development on the first phase is currently ahead of schedule, indicating that some projects have been completed, including the third residential district and the Government District.
Additionally, he pointed out that ACUD is the largest real estate developer in Egypt with a real estate portfolio estimated at 230,000 feddans, adding that the NAC has provided millions of job opportunities in addition to opening up areas for many industries that serve the construction sector.
He also highlighted that there will be a large volume of investments in the NAC during the coming period, affirming that partnerships will be made with the private sector in the upcoming projects.
Furthermore, Abbas explained that there a governmental directive has been issued to use international consulting firms in order to develop a plan for the second and third phases of the NAC after the completion of the first phase. The use of external offices is considered a great opportunity that will contribute to the promotion of the NAC.
Moreover, Egyptian consultancy offices can implement the general plan, but global consulting offices will be introduced to exchange experiences with the Egyptian side, Abbas concluded.
For his part, Ahmed Zaki — Managing Director at The Board Consulting — said that there currently are 28 developers operating in the North Coast area with sales exceeding EGP 70bn, added that Emaar is at the top of the list in terms of sales revenues with EGP 16bn in the North Coast.
Cityscape Egypt — the largest real estate investment and development platform in Egypt — concluded its 2022 conference on Saturday, which was held under the theme of ‘Egypt – At the forefront of change.’
The event was held under the patronage and support of the Ministry of Housing, Utilities, and Urban Communities and provided an unparalleled platform where developers and real estate experts engaged in meaningful discussions while learning about the latest investment opportunities, market trends, and to discuss the future of Egypt’s real estate property market.
The panelists discussed Egyptian real estate investment policies, ensuring strict regulations for the sale of housing units still under construction, activating real estate funds, and regulating the real estate ownership for non-Egyptians to attract foreign currency at Cityscape Egypt.
Additionally, the national strategic plan for sustainable development was emphasised, indicating how urban expansion increased from 7% to 14% through the implementation of 37 new urban communities and 22 other communities that are still under construction.
Finally, the discussions urged policymakers to re-examine real estate financing laws and the replacement of tax breaks within a safe and stable climate for investment.
Following the conference, the Cityscape Expo is set to take place from 21 to 24 September at the Egypt International Exhibition Centre (EIEC) in New Cairo. The event will present over 70+ local and international developers, brokers, and citizenship by investment companies aiming to cater to all levels of property buyers in the region.
