With consumer confidence returning to Egypt’s residential sector, Egyptians are exploring their next real estate opportunity.
According to experts, while conditions remain challenging, investors and developers are responding to the country’s resilience by continuing with existing projects and launching several new ones.
Elevated interest from investors & developers
Developers are expected to exhibit a range of real estate products at this year’s Next Move Egypt – powered by Cityscape Egypt – a consumer-based exhibition, which aims to connect the country’s residential developers with potential homebuyers. Set to take place from December 14th – 16th at the Cairo International Convention Centre (CICC), from 12 – 10pm on Thursday and Friday and from 12 – 8pm on Saturday, the event will feature projects from across the country, which will include villas, townhouses, apartments, and gated communities, ranging between 500,000 to 3,000,000 Egyptian pounds.
“Elevated interest from major investors and developers suggests the residential sector is close to the bottom of its current cycle, indicating a potential improvement in some areas in 2018,” reads JLL’s latest Cairo report for Q3.
Demand for property is central issue
“The demand for housing in Egypt remains a central issue,” says Tom Rhodes, Exhibition Director for Next Move Egypt and Cityscape Egypt. “Due to Greater Cairo’s burgeoning population of more than 20 million, for example, – roughly a quarter of Egypt’s total population – demand for housing in the capital area continues to outstrip supply. There are many Egyptians who need quality housing from developers in the country and Next Move Egypt will look at filling this gap.”
With the market looking up following the pound devaluation and the impact on the economy, consumers are now more than ever looking at the real estate industry.
The Egyptian residential sector is being driven by a strong demand from a young and continuously growing population who are looking to purchase their own homes. Housing has risen to the top of the policy agenda and the country’s New Capital City, located 28 miles into the desert of East Cairo, is expected to absorb a large portion of the population, especially with extensive government efforts to accelerate the completion of projects aimed at accommodating shortages in affordable housing units for middle-income households.
Exhibitors to offer exclusive discounts
Visitors to this year’s Next Move Egypt, powered by Cityscape Egypt, will be able to avail a multitude of real estate opportunities that include special offers and discount prices on townhouses, villas, apartments, and coastal homes across Egypt.
Developers at this year’s event include: Porto Group, Memaar Al Morshedy Prime Properties, Porto V, La Mirada, OUD, Diarna Real Estate, Heliopolis Developers Group, Amlak Masr Real Estate Investment, IC Group, Integrated Solution, Cecilia Lagoons, First Group, Al Safwa Real Estate, Zahraa El Maadi Investment & Development Company, Gardens (Emerald City), to name a few.