Organizers at Cityscape, the most influential property exhibition in Egypt, are confident that this year’s event will show the local real estate sector’s appetite to get “back to business,” with several key drivers such as central bank efforts, changing buyer needs, and ongoing investment confidence minimizing the impact of COVID-19 on the market, Invest-Gate reports.
“A number of factors are driving investor confidence in Egypt, including the Central Bank of Egypt’s (CBE) decision to cut interest rates by 3% in March, with further reductions likely to stimulate borrowing, spending, and investment,” read the official press release on November 1.
According to the statement, “A long-term supply gap in residential units, a growing youthful population, and a general desire to buy as an investment or hedge against inflation have also strengthened demand.”
Changing attitudes toward new homes, brought about by social distancing and lockdown earlier this year, are also driving trends in Egypt’s property scene, with a special focus now being placed by investors on increased unit size, greater outdoor space, services, and location features, the statement added.
Exhibition Manager for Cityscape in Egypt Faariss Khalil pointed out, “While the global property market witnessed a slump during the lockdown period, Egypt is still pegged for positive economic growth and investors will see the attraction of great opportunities being presented by leading developers, at a time of reduced interest rates which stimulate activity in the market.”
Despite the effects of the pandemic on all nations, the Egyptian economy has exceeded expectations, according to the IMF’s latest Global Economic Outlook report. World Bank figures have also shown that the domestic economy is still projected to grow 5.8% this fiscal year, in line with its expectations six months ago.
Coming under the auspices of the Ministry of Housing, Utilities, and Urban Communities, Cityscape Egypt will take place from November 4-7 at Egypt International Exhibition Center. The event will host more than 50 developers showcasing new projects and providing special offers for the various residential, commercial, retail, and hospitality developments across the country.