International property advisor Savills has kicked off its operations in Egypt and appointed Catesby Langer-Paget as the new head of Egypt, aiming to expand “its regional presence into Egypt at a time where an influx of industry reports is emerging to highlight the great growth potential of the Egyptian real estate market,” Invest-Gate reports.
The move is part of Savills’ “ambitious expansion plan” to extend its presence in the Middle East and North Africa (MENA) and the announcement follows its acquisition of Cluttons Middle East, according to a released statement on December 24.
According to the statement, Savills is working on growing its regional capabilities “to play a key role in Egypt through catering to different stakeholders within the real estate market and supporting the property project lifecycle with a robust service offering.”
Commenting on the new branch, Savills Middle East CEO Steven Morgan said his company was determined to “be at the forefront of the resurgence of the Egyptian real estate market.”
He described the agency’s debut in Egypt as a “key part” of Savills’ regional development strategy.
“With a historic, accountable track record across the region and a great deal of experience accumulated across different countries, we believe Catesby Langer-Paget is the ideal man to lead the growth of our business in Egypt,” Morgan stated.
For his part, Paget said, “We’re looking forward to an exciting year in 2019, starting with the launch of One Zamalek, a Savills-managed building on the northern tip of Zamalek, featuring 21 exclusive apartments available for sale and they are already attracting a lot of interest. The commercial real estate market will also be a key focus for us with several major announcements expected next year.”
Savills operates from more than 600 owned and associate offices and employs over 30,000 people in over 60 countries, with expertise including valuation, building consultancy, project management, as well as environmental consultancy, planning, and research.