EGYPT PROPERTY MARKET GAINS FRESH ATTENTION FROM INVESTORS
Now that Egypt’s political landscape is settling, investors are returning to the country’s property market full of optimism.
News agency The Daily News Egypt has reported the spotlight is back on Egypt’s real estate sector now that property prices are stabilising and developers are recovering from disruptions last year.
Harshjit Oza, real estate specialist at Beltone Investment Bank, commented on the news that investors are returning, “Prices are starting to stabilise again, the confidence is back.” He added that as the political risk subsides, Egypt’s real estate sector can expect to see positive effects in the third and fourth quarters of 2012.
Egypt has started the year positively by celebrating the one year anniversary of the revolution and holding peaceful elections to select a new government. Nominations for the presidential election are expected to start in March, which will lead to a new president in June this year.
Chris Jolly, chief executive of retail real estate fund Pradera, has been visiting Egypt for two years and plans to invest in the country despite its problems last year, “Egypt is too big for investors to resist, which sets it apart from several other markets in the Middle East region.”
You can see why investors are attracted to Egypt. The country has a youth segment making up 50 percent of society, has a growing middle class and a population of 80 million people. Jolly comments: “There are fundamentals that attracted us, in spite of what happened a year or so ago, there is a very large number of people in Egypt, Cairo alone is one of the largest cities in the world.”
Property investors have a positive outlook on Egypt and experts have said areas such as Sahl Hasheesh and Hurghada are becoming very popular. The country has been seen to have high potential after its successful handling of the January 25 revolution and is expected to have a bright future.
Once Egypt has more clarity and stability after the elections are over, experts including Karim Helal from Egyptian investment bank CI Capital believe Egypt’s real estate sector will be one of the fastest sectors to recover because the demand for property is so great in the country.
Rivermead Global are still seeing high levels of enquiries and property sales in Egypt, we are also looking at a couple of new developments, one is almost beach-front in Al Ahyaa which we are working with the developers on making it a Kite Surfing Resort. More details to come soon.
Source: The Daily News Egypt