Egypt property offers good returns

Egypt property offers good returns
Real estate executives explain project features to visitors at the Nile Property Expo Abu Dhabi 2017.
by

Ashwani Kumar

Published: Tue 19 Dec 2017, 3:20 PM

Last updated: Tue 19 Dec 2017, 5:22 PM

The Egypt real estate market is growing and its investment returns are among the best in the world, property developers and executives said.
Speaking on the sidelines of the Nile Property Expo Abu Dhabi 2017 held this week, Egypt's former minister of investment and ARCO Development chairman Ashraf Salman said in the first nine months of 2017, Egypt's real estate sector has grown 43 per cent compared to 2016 with a compound annual growth rate of 31 per cent between 2013 and 2016.
"The real estate sector accounted for 15 per cent of the total investment in the Egyptian economy in 2017, contributing 10 per cent to the country's overall gross domestic product. These figures rank Egypt second in terms of real estate investment returns, paving the way for more economic prospects in the country," Salman told Khaleej Times.
Salman added that the Egyptian government provides buyers and investors, both locals and expatriates, with new regulations that assure a good investment climate and a good return on investment.
Meanwhile, another official highlighted how the new capital city is driving change in Egypt and why it is the right time to invest in the country.
The Federation of Egyptian Industries board member Ahmed Mashhour said the 'Capital Cairo' - a new global city built with smart, sustainable infrastructure - will be the new home of government departments, ministries and foreign embassies.
"The idea for the new city came from our awareness to relieve congestion in Cairo, which is expected to double in population over the next four years. The Capital Cairo situated along the corridor between Cairo and the Red Sea, features a 700 square kilometre metropolis consisting of facilities, including large malls, a central business district, international airport, medical district, national and international schools, universities and around one million residential units, with an aim to house over five million people. The new city is created to provide a multitude of economic opportunities, with over 490 square km of land still available for development," said Mashhour.
There are some 450,000 Egyptians living in the UAE. Real estate developers said there are huge opportunities available in Egypt for investors.
Companies like ARCO, Palm Hills, El Sallab, Emaar, Porto Group and Capital Group Properties have many residential and commercial projects in Egypt with offers ranging from flexible payment plans to zero per cent down payment and more.
- ashwani@khaleejtimes.com




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