HIGH DEMAND FOR EGYPT PROPERTY FROM OVERSEAS PROPERTY INVESTORS
Property buyers and investment companies are seeing Egypt’s democratic revolution as a good opportunity to invest ahead of future demand for residential and commercial properties.
Property experts have said Egypt’s economy will achieve strong and steady growth rates in the long term and will put Egypt in a good position amongst up and coming markets.
News agency Reuters revealed this week a Saudi developer has ensured to invest $7 billion to create 200,000 residential properties for low and middle-income Egyptian buyers.
The news agency also reported that the Kuwait Investment Authority (KIA) has opened a new company with a capital of $168 million to invest in Egypt property and commercial projects.
The news has shown Egypt is on track to recovery and the country’s positive factors remain appealing to foreign investments.
Chairman of the General Authority for Investment and Free Zones (GAIF), Osama Saleh, commented: “The aftermath of the 25 January revolution is expected to create more investment opportunities and launch a package of comprehensive long-term economic reforms enabling the Egyptian economy to register an average annual growth rate of 5% in the long term.”
Property analysts have said Egypt’s real estate industry need to concentrate on tourist houses and middle-income properties to secure long term survival.
Agents have reported an increase of interest from overseas investors, particularly in the Red Sea resorts of Hurghada and Sharm el-Sheikh.
The decrease in the Egyptian pound has seen many buyers look at desirable properties that are reasonably priced, knowing in the future the investment will be worthwhile when the Egyptian pound rises again.
Source: Reuters & Menafm.com