Egyptian real estate sector grows 11.6% in 9 months: minister

Egyptian real estate sector is growing rapidly since it grew 11.6 percent within the first nine months of fiscal year 2014-15, Investment Minister Ashraf Salman announced Sunday.

Salman made these remarks during The Real Estate Industry in Egypt: Challenges and Opportunities conference held Sunday and organised by the American Chamber of Commerce in Egypt.  The conference was attended by Anis A. Aclimandos -chamber’s president- and members of chamber.

He clarified that real estate sector has contributed to the GDP by 4.7 percent in fiscal year 2013-14 while it contributed by 4.1 percent of state’s GDP within the first nine months of fiscal year 2014-15. Hence, the sector plays an important role in Egypt’s economic development.

The conference was also attended by a large number of workers in real estate sector besides representatives of public and private real estate firms working in the Egyptian market.

It discussed the role of real estate sector and how it influence the Egyptian economy as well as the challenges that face the sector and the available opportunities in it.

Minister Salman said that real estate sector is one of the attractive sectors to investments since it seized 13.7 percent of the total executed investments from July 2014 to March 2015.

Moreover, Salman added that real estate sector captures 11.42 percent of the total volume of labour in Egypt.