Egypt’s property market has made a speedy return over the last few weeks, with holiday home buyers returning to the market and property investors impressed by Egypt’s rapid democratic progress.
A temporary shift in currency rates has created a window of opportunity for buyers outside of Egypt, particularly for those in the UK, Eurozone and surrounding Middle East. Initially, this could save as a much as 8% on the sterling price of a property. With rapid currency recovery expected over the next few months, owners would stand in a very positive position, irrespective of the predicted price growth within the Egyptian Market.
Some Gulf States have been the first to invest in the recovering Egyptian market, highlighting the potential growth of the country given the new political system. The Kuwait Investment Authority have recently launched a company with $168 million in capital to invest in Egypt, while an unnamed Saudi developer has announced plans to inject a further $7 billion into the country’s real estate sector.
Wael Tawil the CEO of the Abu Dhabi based real estate firm, Baniyas Investment and Development Company, said
“We do feel Egypt will be a strong magnet for investment across the board,” He added that state backed firms, especially from Asia are very interested in Egypt’s investment opportunities.
These opportunities are said to extend across the entire real estate sector including commercial property according to analysts. Faisal Khan of Abraaj Capital said
“Looking at the fundamentals, Egypt, in the medium to long-term, has very strong fundamentals,”
“The Grade A supply of office space is roughly 700,000 sq m and the demand today is 4.2 million m2,”
He added that “Egypt remains a really attractive place to invest.”
Source: Arabian Business