Egypt real estate market needs 900,000 units annually: official

Egypt should establish 900,000 housing units annually to meet real estate market’s needs, Director of development solutions at Colliers International Mansoor Ahmed said Monday.

The Egyptian real estate market has witnessed an overall growth in rent average of commercial projects by 6% during fiscal year 2014/2015.

During the session on real estate supply and demand structure at Cityscape’s Egypt Real Estate Summit, Mansour stated that Egypt is in want of implementing 20,000 hotel rooms by 2020.

He added that studies show that the demand on housing units in 6th of October city, Mohandessin and Heliopolis is expected to increase.

In 2014, The overall number of offered housing units has exceeded  5.2 million.

In addition, sales rate of apartments and villas has increased by 27% and 64 % respectively during the last three years , Mansoor stated.

Moreover, he clarified that the apartments rent rates have increased by 14 % during the last three year, while villas rent rates have decreased by 4 %.

 Cityscape Egypt Exhibition is taking place from Sept. 16-19 at the Cairo International Convention Centre.

Cityscape’s exhibitions, conferences and seminars are the leading events that bring together key industry decision makers, international investors, developers, government and investment authorities, leading architects, designers, and consultants active in the design and construction of real estate.