Public and private investments in the property market totalled EGP 47.5bn ($5.3bn) in the fiscal year (FY) 2014/2015, contributing to around 5% to GDP, according to Oxford Business Group (OBG).
OBG issued a report on the real estate market in Egypt at the end of May, saying that Egypt’s residential real estate market has recorded impressive results thanks to persistently high demand.
The report highlighted that Egyptian expatriates look to capitalise on the weaker Egyptian pound, noting that investment properties are particularly popular for resale or rental.
The report pointed out that the current market environment is drawing a range of domestic and international investors such as Palm Hills that has seen success with its Palm Valley West Cairo project and expects to deliver a total of 1,800 housing units in the current year.
“Many private sector developers; however, will likely continue to target the higher end of the market, underscoring the importance of government-led efforts to incentivise social housing,” the report read.