NEW OPTIMISM SETTLES OVER EGYPT PROPERTY MARKET
The political reform in Egypt has seen investors attitudes towards the country improve rapidly as experts predict the country will be in a much stronger position.
Whilst investors were concerned by the upheaval Egypt faced in January, a new confidence has spread across the property industry. Egypt has been named as a member of the newly formed CIVETS, one of six countries expected to overtake the BRIC economies in the next few years.
Corrupt deals between local officials and Egypt property developers have made investors hesitant to buy in the past. Now these people are being exposed and dealt with in court, which is reassuring to investors and shows property rights are being valued.
A high level of investor panic was predicted by economists in January, but it turned out the panic levels were much lower than expected. An industry expert commented: “Short term effects were less than expected, with reports stating money transfers leaving Egypt were only around one quarter of that initially estimated.”
The revolution has seen Egypt move further toward democracy and this could mean improved long term benefits for tourism in the country. Overseas investors and businesses could revisit their interest in trade and popular locations within Egypt.
The Egypt property market is set to recover, with experts believing the tourism will not only return to the way it was before, but this time it will have a far more regulated model. Public Prosecutor Hisham Gaafar agrees, commenting: “Everyone is acting differently now”.