Prices of residential properties in Egypt are set to continue hiking in 2019, despite the rising trends geared towards decreasing prices, including the provision of smaller properties, more flexible payment methods, and the emerging demand on Egyptian real estate from foreign buyers, Invest-Gate reports.
Founder of Mena Group Fathallah Fawzi said 2019 is expected to usher local and foreign real estate investment into the north African country, thanks to the recently adopted economic reforms, as well as, growth in the Egyptian property sector, according to an official statement by Cityscape Egypt on March 5.
“Government plans and the unprecedented development in the real estate sector over the past four years in President Sisi’s era should encourage more companies to get involved in achieving the country’s plan for urban development,” said Fawzi.
Overseas investment demand is also anticipated to be spurred by a recent ranking forecast for Egypt by Standard Chartered Bank, which places the north African country as the world’s seventh largest economy by 2030.
These trends, among others, are to be spotlighted at Cityscape Egypt – the largest networking exhibition and conference on property development – which will be held at Egypt International Exhibition Center (EIEC) from March 27-30, hosting over 60 developers to tender competitive offerings to a market with an annual residential demand in excess of 900,000 units.
Egyptian participating developers include Hyde Park Developments, Palm Hills Developments, Iwan Developments, Talaat Mostafa Group Holding (TMG Holding), Tatweer Misr, Emaar Misr, City Edge Developments, Orascom Development Egypt, to name a few, the statement revealed.
“We are pulling together the most knowledgeable minds in the business to pursue the answers to pressing issues … All the big names are committed to the show and we anticipate high demand for the projects with apartments below 120 square meters, targeting the more youthful, middle-income groups,” explained Exhibition Director at Cityscape Egypt Chris Speller.
The mega event will kick off after holding Cityscape Egypt Conference, which will run at Four Seasons Hotel Cairo from March 24-25, under the theme “Energizing the Market and Re-Instating Confidence.”
Set to attract over 250 top-level industry professionals to exchange knowledge, information, trends, and business opportunities, Cityscape Egypt Conference will be divided into two distinct categories – one to address the overall market strategy, while the other will focus on the architecture, design, and technology influencing Egyptian development.