The future looks bright for Egypt property sector
Evidence is mounting to suggest that Egypt is ‘the next big thing’ in the property sector according to a recent article by Arabian Business.
The article published at the weekend cites several factors as to why Egypt’s property industry is attracting such attention.
These include the country’s large population which currently stands at more than 81.5 million according to the World Bank and alongside an annual growth of over 1 million people comes a natural rise in demand for completed Egypt property.
Established names from the Emirates’ property industry are also making their presence felt in Egypt including Al Futtaim, set to build a Mall of the Emirates clone as well as Emaar Misr who currently have 3 projects underway in the country.
The article quotes Emaar Misr’s general manager Hazem Ashry, who claims the ‘dynamism’ of Egypt’s property sector means competitive prices from construction companies.
Furthermore, the Egyptian government is investing heavily in infrastructure in order to support private enterprise and attract foreign investment, confirmed by Osama Saleh, Chairman of GAFI, the General Investment Authority for Egypt:
“In total, there are 47 projects in the public utilities and infrastructure sector in Egypt worth $25 billion, which provide ample scope for foreign investors to come and share their expertise and knowledge”.
Egypt is also working hard to bolster its GDP. As well as its huge population providing a massive natural resource, the country is also breaking into new commercial sectors such as outsourcing.
Taking all of these factors into account, from steady demand to competitive construction prices combined with the strong backing of its government, the future certainly looks bright for Egypt’s property industry.
Source: Arabian Business