Real Estate Exports Boost Egypt's Economy, Cityscape Panel Reveals

(MENAFN- Daily News Egypt) The Egyptian Real estate market is one of the most resilient and expanding markets in the region, with the success of real estate exports boosting the country's foreign currency reserves, according to a panel discussion at the Cityscape exhibition. The panel, titled“Challenges and Opportunities in the Egyptian Real Estate Market”, explored the prospects and strategies of the sector, as well as the key components and investment opportunities.

In the session, Khaled Abbas, Chairperson and Managing Director of the Administrative Capital for Urban Development (ACUD), emphasized that the Egyptian real estate market stands as one of the most robust markets experiencing substantial expansion.

Abbas further disclosed that in the year 2024, the ACUD is planning to provide land parcels to real estate developers with a unique incentive – these lands will be made available through fixed, interest-free installment plans spanning four years. This move is aimed at fostering and encouraging real estate development in the region. Moreover, the company announced an international competition for the planning of the second and third phases of the New Administrative Capital, underscoring the remarkable progress of this urban endeavor. Notably, the New Administrative Capital has already evolved into a thriving reality, accommodating a daily workforce of 45,000 individuals across various government ministries. It serves as the meeting place for the Council of Ministers, and the House of Representatives is set to convene its sessions in its administrative hub.

Abbas also highlighted the achievements of the ACUD in streamlining processes for developers.

He mentioned the company's capability to swiftly issue the required licenses, thanks to the presence of dedicated offices for all relevant authorities. Additionally, he hinted at forthcoming announcements regarding various contributions and initiatives.

Al Ahly Sabbour Developments' Chairperson Ahmed Sabbour underlined that the prosperity of real estate developers is synonymous with success for the entire national economy. He expressed the view that, despite the significant support already offered to the sector, there remains a need for additional facilitation and measures to attain even greater levels of success. This perspective underscores the ongoing efforts required to bolster the real estate industry's positive contributions to the broader national economy.

President and CEO of Madinet Masr Abdallah Sallam echoed these sentiments, highlighting sustainability as a multidimensional imperative encompassing environmental, social, and economic dimensions.

He emphasized that the urgency to adopt sustainability is heightened due to the drastic climate changes that the world is experiencing. Salam anticipated a notable shift in the industry towards sustainability, expecting all real estate developers to align with this paradigm shift soon.

CEO of Iwan Developments Waleed Mokhtar highlighted the significant surge in the Egyptian real estate market. He attributed this growth to the government's unwavering commitment to urban development and the comprehensive improvement of infrastructure throughout the country's various governorates, with a particular focus on the creation of smart cities. He underscored the paramount importance of technology in the real estate sector, emphasizing how digitalization and the dissemination of information about the real estate industry play a pivotal role in advancing the operations of Egyptian real estate companies. Ultimately, these efforts contribute to an expansion in real estate production and provide substantial support to the overall Egyptian economy.

Meanwhile, the CEO of CRED Development Ahmed Mansour highlighted the robust state of the Egyptian real estate market, noting that it is currently experiencing growing demand. He emphasized that this demand serves as a testament to the sector's strength and its capacity to overcome various challenges. He further pointed out that the market successfully navigated the challenges posed by global circumstances that affected the entire world in recent times, demonstrating its resilience and adaptability.

CEO of Akam AlRajhi Developments Edrees Mohamed emphasized that the Egyptian real estate market has the potential to compete on a global scale. He highlighted that it offers high and consistent returns, making it an attractive destination for real estate investment funds to generate substantial profits. He emphasized the importance of ensuring that Egyptian real estate meets the standards of quality and competitiveness seen in global properties across Europe, Asia, and all regions worldwide. This commitment to excellence positions Egypt as an appealing and competitive option for international investors seeking real estate opportunities.

The 12th edition of Cityscape Egypt, the largest and most significant real estate exhibition in Egypt and Africa, was launched during the period from 20 to 23 September, with substantial participation from major real estate companies in Egypt and worldwide, along with a considerable number of investors, real estate developers, experts, and visitors keen on real estate. The exhibition is organized by Informa Markets and is under the patronage of the Ministry of Housing, Utilities, and Urban Communities. The twelfth edition of the exhibition includes the organization of the Cityscape Talks platform, aiming to discuss the most critical developments in the sector among experts from the public and private sectors.


Daily News Egypt

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