Cityscape Egypt, which kicks off next month, looks to spur more real estate investment opportunities for both local and foreign investors, amid growing evidence that Egypt’s economy has started turning a corner.
Ayman Sami, Country Head for the Egypt office of property consultant JLL, believes that Egypt has already started to become more attractive to foreign real estate investors.
“Those reforms created a shock to the market as we saw the exchange rate jump from 8.8 to 18 or 19, including an Egyptian living abroad, of which there are an estimated 4.3 million, is looking to buy a residential unit in Egypt and will find it at least 30 to 50 percent cheaper than pre- floatation,” Sami said.
“Local brands starting to thrive and expand is a result of the increased demand on local products due to them being more affordable. We will start seeing local businesses expand,” Sami added.
“Another positive impact will be on the hotels, since Egypt has become a very cheap destination and this will definitely drive the growth of tourism or foreign visitors. It is already starting to become evident with average occupancy levels around Cairo reaching 60 percent for the first time in years,” Sami noted.
While consumer demand has declined somewhat among Egyptians, the government reached international bond markets for the first time since 2015 and local financial markets have attracted investments.
The changes are attributed to the removal of restrictions on the pound, subsidy cuts and $12 billion loan from the International Monetary Fund, in addition to $4 billion Eurobond issuance in January, which boosted reserves to the highest level in more than five years and is expected to bridge the funding gap for the financial year.
The overhaul of the country’s economy has prompted the IMF to state that Egypt’s currency will strengthen after a period of overshooting since last year’s float, maintaining that the pound-dollar rate has reached a genuine equilibrium.
It’s a good sign for foreign investors and Egyptians living abroad looking at the Egyptian market, especially with Cityscape Egypt signing more than 93 regional and international exhibitors already, with more expected over the coming month.
Cityscape Egypt will take place from March 31st until April 3rd at the Cairo International Convention Centre.
It will feature a range of local and international exhibitors who will launch new real estate projects and highlight the progress of ongoing construction developments, both in the private and government sector.
“Over the last few months, the Egyptian economy has undergone a complete overhaul to fuel investment into the market, as a result, investors are looking at the market with a renewed interest,” said Tom Rhodes, Cityscape Egypt Event Director.
“Cityscape Egypt is ideally positioned to facilitate capital chasing investment opportunities during this pertinent time in Egypt,” Rhodes added.
One of the exhibitors participating at this year’s Cityscape Egypt is PACT- Egypt-based developer- who will showcase its range of White Bay homes.
Ahmed Hesham, Marketing and Business Development Head for PACT and the developer’s objective at Cityscape, is to be made more reachable and closer to potential clients, as well as becoming present among real estate industry peers in a healthy business environment.
“White Bay is Located in Sidi Heneish, White Bay takes its name from the untouched sprawling white sandy beaches that are rare in the North Coast,” Hesham said
He clarified that White Bay is a mixed used, residential destination that provides something for everyone, from international retail brands and a business centre to daily water sports, a children’s park and a spa.
“Modern amenities, smart homes, housekeeping, and property management make White Bay the perfect choice for the modern family,” Hesham noted.
The show will also see the return of the Cityscape Egypt Conference which will precede the exhibition, taking place from March 29th until 30th at the Royal Maxim Palace Kempinski, Cairo.
The agenda- a roadmap to innovation- tackles project financing, marketing, and design to prosper, will explore emerging trends that are redefining investment opportunities in Egypt.
With panel discussions from Egypt’s leading government and private sector thought-leaders, the Conference panel discussions include Egypt’s Vision 2030; Progress and achievements in urban development.
The discussions also involve tourism, agriculture, and industrial sectors; the private sector vision towards achieving sustainable development and reducing construction costs and increasing efficiency to overcome the financial crunch.
Key speakers at this year’s Conference include Fathallah Fawzy, Co-Founder Mena Group, Egypt and Sherif Samy, Chairman Egyptian Financial Supervisory Authority, Egypt.
The conference also involves Mohamed Khodeir, CEO General Authority for Investment and Free Zones, Egypt, and Nihal El Megharbel, Deputy Minister of Planning, Ministry of Planning, Egypt, as well as Yousef Ahmed Baselaib, Executive Director, Sustainable Real Estate, MASDAR Real Estate Division, UAE.
Some of the exhibitors at this year’s Cityscape Egypt include Al Arabia Real Estate Development (ARCO), Aldau Heights, Aloula Tameer for Mortgage Finance, and Aristo Developers, as well as Beta Egypt for Urban Development, in addition to Brouj Property Management.
Cityscape Egypt invlove Capital Group Properties, CBRE, Dar Al Maghraby, Egyptian Engineering Development and Real Estate Investment, and El-Batal Group, alongside Emirates Heights.
Hyde Park Properties for Development, Invest4Land (API Investment), Madaar Development, Pandora Investments Public Ltd-Leptos Estates, Tatweer Misr, and Trends Real Estate, as well as Wadi Degla Developments are set to attend Cityscape Egypt.
Cityscape Egypt is owned by Informa Exhibitions. Informa Exhibitions delivers over 220 trade and consumer exhibitions annually across the globe. Cityscape first took place in 2002 in Dubai .
Cityscapee Egypt it has grown to be the largest property event brand globally, with events taking place across the GCC, Middle East, Asia, and Turkey.
Since its launch, Cityscape has welcomed more than 500,000 real estate professionals and investors from over 160 countries.