Egypt Real Estate News

By: Raya Shokatfard

     Egypt has witnessed an astonishing growth in the real estate industry similar to that of the West. As the cities get over crowded with the population, urban sprawl reaches to its highest growth Egypt has ever witnessed.
    Many new cities are being built outside of Cairo(the Capital) to accommodate the ever increasing population growth. It is likely that eventually these cities will all join as the demand increases.
    Some examples are New Cairo which includes town like, Tajammu 1st, 3rd and 5th.  Prices of  Lands and Apartments for sale are on the rise monthly with no slow down in the horizon. In 5th Tajammu, one may find the most expensive homes (villas) in Egypt. Some homes have sold as high as 80 million USD in this area. Buildings are being erected every where and the properties for sale are in high demand.
    6th October City is also another new sprawl growth city accommodating much of the Egyptian population as well as TV and Satellite industries.
    The 6th of October city-based Media Production City (MPC) covers an area of about 35 million square meters, and is the biggest ever built information and media complex, which, together with the Egyptian satellite "Nile Sat", will allow Egypt to compete with many Middle Eastern countries in this field.
One may find flats (apartments) for sale in Egypt as low as a few thousand dollars and as high as millions. It all is the matter of supply and demand and location.

Real Estate Foreign Investment Potential in Egypt

    Since Egypt opened the door to foreign investment, many local and foreign investors have taken advantage of low prices and great investment opportunities in various parts of Egypt.  Many of the attractive real estate zones in Egypt are located on the Red Sea. However, the foreign investors seeking growth and income potential are considering various parts of Egypt and actively seek advice from local real estate experts for types and locations of suitable investments in Egypt.
    Many international companies also have relocated their firms and staff to Egypt to take advantage of lower labor and tax rates. These companies are dependent on the local real estate firms to supply their employees%u2019 accommodations and needs.
    It is noteworthy to mention that after Saudi Arabia, Egypt ranks the second largest recipient of foreign Direct Investment (FDI). Egypt is receiving over a $billion in FDI, and thus attracting overseas interest in real estate. Also Emaar Misr, a subsidiary of Dubai based Emaar Properties signed a contract worth about 4 billion USD to develop an exclusive and iconic series of villages in Cairo in 2005. Similar developments are being made by various overseas firms in Egypt today.