The average house price in Hurghada Egypt is rising as Egypt’s Property Market Emerges Stronger and stronger, a country that witnessed one of the worst chaos during the Arab Spring at the dawn of the decade is witnessing a surge Egypt, a country that witnessed one of the worst chaos during the Arab Spring at the dawn of the decade, is witnessing a surge in interest from global property developers and real estate investors looking for bargains.
‘With confidence in the economy returning, the largest population in the Arab world, demand for housing remaining high at all income levels and tourism growing again’, Ian Albert, regional director of Colliers International and a Sponsor of the Cityscape Egypt exhibition said.
No country embodied the Arab spring better than Egypt. Protest after protest, weeks long sit in at the Tahir Square and with the army were scenes far too common during the 2011 uprising. But since then Egypt’s Property Market Emerges Stronger
Continued power play over the coming months had its cost and real estate investor avoided the north African country like a plague.
Egypt’s Property Market Emerges Stronger and sees growth in Egypt’s property sector
This has however changed in the last three years, says Ayman Sami, head at investment management firm JLL Egypt, who says he’s confident about the growth path the country’s property sector has taken.
‘The primary residential real estate market in Egypt remained strong throughout the past three years with some developments witnessing a 30 per cent year-on-year increase in selling prices. As confidence returns to the market we are now seeing that Hotels, Retail and Offices are beginning to follow suit,’ Ayman, who is also an exhibitor at Cityscape Egypt property event scheduled for September, said in a statement.
Ayam added that historically property investments in Egypt ‘have outperformed many other types of Capital investments making it a primary driver for the continued strong demand.’
An increase in foreign direct investment to Africa in the last couple of years has also helped boost the country’s property market, especially by increased interest by UAE property buyers, who have traditionally been big investors in north Africa, return.
In 2014, Africa celebrated its position as the world’s second-largest destination, after Asia, for global foreign investment with the region accounting for 17 per cent of the world’s FDI.