Real estate sector grows by 10.8% in nine months: Egypt’s minister

Egypt’s real estate sector was the fastest growing sector in the Egyptian economy during the first three quarters of 2017, growing by 10.8 percent over the nine-month period, Minister of Investment and International Cooperation Sahar Nasr said on Sunday.

The minister made the comments during the Real Estate Debate 2017, a Cairo conference aimed at formulating a strategy to develop the nation’s real-estate industry.

Nasr said the Egyptian real-estate sector comprises 18.5 percent of the overall investments in Egypt since the start of 2017.

She added that Egyptian real estate faces fierce competition from foreign markets, with various countries seeking to provide an environment that attracts developers.

“Thus, real estate is one of the sectors that is most supported by the investment law,” Nasr said.

Cairo has been seeking to attract more foreign direct investment in recent years, with an investment target of $10 billion this year. Source: Ahram online