Now is Right Time for Real Estate Investment in Egypt
International property advisor Savills has emphasized that now is the right time for real estate investment in Egypt, pointing out that the Egyptian economy is booming and progressing and investments in the country’s property sector are growing at a fast pace, Invest-Gate reports.
The Egyptian real estate market is considered one of the biggest in the MENA region. It is capable of absorbing the largest number of projects and investments, Savills’ officials underlined during a seminar held at the Egyptian pavilion on March 12, on the sidelines of MIPIM 2019, one of the biggest real estate exhibitions held from March 12 to 15 in France’s Cannes, according to a ministerial statement.
In addition, the officials expressed their constant desire to invest in Egypt’s housing projects, as well as, participate in various projects across the country. They also presented indicators of investment progress in Egypt and referred to some of the new cities that boast fruitful investment climates such as the New Administrative Capital (NAC), which is gearing to feature the tallest tower in Africa, Iconic Tower.
For his part, Khaled Abbas, deputy minister of housing for national projects, said real estate investment in Egypt is one of the promising sectors, citing the new cities being implemented by the state, including the NAC, New Alamein, New Mansoura, El Galala City, amongst others.
Abbas also noted that Egypt is currently seeking to expand its real estate exports, while offering a number of incentives foreign investors.