Egypt Real Estate Projects Tie for Second Highest Value in MENA: ReportSource: www.export-egypt.com 10/11/2023, Location: Africa |
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Egypt and the UAE shared the second place spot for value of ongoing real estate projects in the Middle East and North Africa (MENA) region in the first half (H1) of 2023, with both countries having $500 billion worth of projects, according to a report by global property intelligence JLL.
Saudi Arabia came first with a value of $1.3 trillion. Collectively, Egypt, Saudi Arabia, and the UAE accounted for 60 percent of total projects under construction in the MENA region during the same perood, JLL’s report showed. The recent figures show Egyptian real estate market performing positively despite the current economic crisis in the country. The value of real estate projects launched in Egypt is expected to grow by an average annual rate of nine percent between 2024 and 2027, per the JLL report. JLL’s data expects the Saudi and Emirati construction markets to grow at an average annual rate of four percent and three percent, respectively, between 2024 and 2027. In the first half of 2023, $771 million worth of residential real estate projects were launched in Egypt, the report said. A large portion of real estate projects in Egypt are conducted by private developers, as the country is trying to encourage greater private involvement in the economy. The Egyptian private real estate sector is developing $180 billion in real estate projects, accounting for 66 percent of total investments in the sector and 85 percent of all ongoing real estate projects in the country, according to a report by Property Finder. |
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