Egypt's Approval of Property Ownership by Foreigners Boosts Real Estate Sector: ReportSource: www.export-egypt.com 10/30/2023, Location: Africa |
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Egypt's efforts to open up residential property ownership to foreign individuals have yielded success in the third quarter of 2023 (3Q 2023).
A report by JLL MENA, a prominent property consultancy firm, shows the transformations in Cairo's real estate market in 3Q 2023. The report attributes the positive developments in the real estate sector to the government's endeavours to attract greater foreign currency inflows and promote investment. Residential sector The residential sector in Cairo saw the handover of approximately 7,000 units in 3Q 2023, with expectations to deliver nearly 9,000 more units in the fourth quarter of the same year. The report highlights that the surge in demand for new residential units has driven their prices significantly higher, resulting in an increase of 40 percent to 45 percent in 6 October city and New Cairo during the last quarter. Rental rates have continued to rise at a swift pace, with annual increases of 22 percent. "Despite the significant price increases, the residential market has been gaining momentum," the report added. Looking forward, the report anticipates the attraction of more investors to the Egyptian residential market in the coming period, particularly from Gulf countries, where there is a keen interest in acquiring residential units in Egypt for use as secondary residences or holiday retreats. Various sectors Cairo's hospitality market is poised for growth by the end of the current quarter, following four consecutive quarters of stability, the report expects. This year has seen significant interest from major developers and operators in launching new hotel projects, including the partnership between SODIC and Nobu to introduce the first Nobu Hotel and Residences in West Cairo. Over the next two to three years, the office market is expected to see the completion of several grade-A projects to meet the rising demand. This expectation is supported by the partnership between Magnum Properties and Forbes to construct the first zero-carbon commercial tower in the New Administrative Capital. The report notes that despite the wave of inflation, the retail sector has not been severely affected and is projected to make a recovery in the coming period. In July, the cabinet issued a decree that simplifies property purchases by foreigners, allowing them to buy real estate without restrictions while requiring payment in hard currency. This decision represents one of Egypt's recent initiatives to secure additional foreign currency and attract foreign investments. Egypt came in second in the value of real estate projects in the Middle East and North Africa (MENA) region in the first half of 2023, boasting a total of $500 billion worth of projects. In the first half of 2023, Egypt launched $771 million worth of residential real estate projects. |
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