Prices of Egypt Housing Units Likely to Soar by 30% in 2 Years

Tarek Shoukry, CEO of Arabia Group for Real-Estate Development & Urban Progress expected that the residential units will by increased by 30% within the upcoming two years as results of the higher prices of constructions, labors and building materials, so this year is optimized for the purchase of residential units, noting the continuation of the residential units’ deficit against lack of supply will raise the prices.

The political and security turmoil asserted that the real estate sector is a safe haven for investment, as the last period was the hardest time in real estate’s history, Shoukry added at City Scape Summit 2014 today.

The volume of demand in the Egyptian market is the largest and it is a real demand that won’t base on speculation or investment substantially and this will make the real estate investment in the Egyptian market with a big return in the next stage, Shoukry noted.

The raise of residential units will not benefit the investor but it will make his marketing task so difficult due to the decline of the client’s purchase’s capacity against the unit’s price, pointing out that there is a high demand on the investments from Gulf countries as they know well the benefits of the Egyptian market.

Bureaucracy is not one of the main obstacles which faced by the investment, in addition to the technical qualification for employment dilemma and the decline of Egyptians’ desire for the employment, urging to raise the efficiency of the Egyptian worker and rehabilitation technicians to achieve real economic progress.