CAIRO, EGYPT: Property Finder has announced the findings of its latest Egypt Market Watch Report for 2023, recording key transaction trends and insights for the country’s dynamic real estate sector. In 2022/2023, the real-estate activities and construction sectors together contributed to nearly 18.5% of Egypt's total GDP.

This uptrend can be attributed to several large-scale government projects implemented in recent years, including the new monorail, the development of the New Capital, and various other initiatives aimed at enhancing the country's infrastructure. A result of these, Egypt’s real estate sector shows a strong potential for new developments alongside a rising demand for ownership, set to shape the future of real estate in the country.

Ongoing projects: The residential and mixed-use real estate sector recorded a total of 543 ongoing projects worth USD 363 Billion. These projects accounted for approximately 49% of the total number of projects and constituted approximately 82% of the total investments. The market was also dominated by private sector development contributing to 86% of the total number of ongoing projects till the end of Q4 2023 and almost 69% of the total investments. Cairo and Giza remained key investment destinations in the country.

Ongoing Projects - 2023

Value of ongoing projects -  2023

Launched projects: 2023 saw the commencement of construction for approximately 58 projects across eight governorates, with an estimated total cost of USD 13.1 Billion compared to 128 projects worth USD 57.7 Billion in 2022. It is noteworthy that all projects launched in 2023 were exclusively driven by the private sector, in contrast to 84% of projects launched in 2022. This observation signals a clear shift in the government's strategy, emphasizing the intention to allocate a greater share of the real estate market to the private sector.

Delivered projects: During 2023, a total of 43 projects were successfully delivered in Egypt, amounting to a combined value of USD 3.2 Billion. Among these projects, approximately 40% were located in Cairo, distributed over 6 main areas, most importantly, New Cairo and New Administrative Capital (NAC) accounted for 75% of delivered projects, representing 82% of the total investments in Cairo.Overall, 2023 witnessed a successful delivery of multiple real estate projects across Egypt, with New Administrative Capital, New Cairo, 6th of October City and Zahraa Maadi cities being key areas of focus. Prominent developers such as Palm Hills Developments (PHD), Cairo Investment and Real Estate Development (CIRA) and Memaar Al Morshedy played instrumental roles in driving these successful deliveries.

Growth in the New Administrative Capital (NAC): As of Q4 2023, the ongoing real estate projects in NAC spanned 100 projects and reached advanced stages of development. Out of these projects, approximately 71% have surpassed the halfway mark, 9% of the projects are nearing completion, and over 90% of the construction is already finished. Another 25% of the projects are currently between 75% and less than 90% complete. Four projects worth USD 260 Million were launched in 2023 in the New Capital, compared to 11 projects worth USD 1,162 Million in 2022. With an investment of USD 190 Million, Talah Compound by New Plan Development and Oaks Egypt Hotel contributed to a significant amount of the total investment in NAC.

Top areas in focus: Property Finder’s proprietary data revealed that 6th of October City, El Maadi, Nasr City, New Cairo City, Madinaty, Shorouk City and Sheikh Zayed City were popular choices for apartment and villa rentals as well as ownership, across investment or residential purposes.

Nervein Magdy, Managing Director, Property Finder Egypt, said: “2023 revealed new scope in Egypt’s real estate sector with significant momentum maintained throughout the year, especially with the uptake in ongoing projects. The future seems to hold immense potential for growth and evolution, with interest from investors and new projects entering the country. As a leading proptech portal committed to enabling seamless search journeys for property seekers, we look forward to supporting Egypt’s wider ambitions through our comprehensive platform and 360 degree insights for greater trust and transparency.”

The detailed Property Finder Egypt Market Watch Report for 2023 is available for download here.

About Property Finder

A pioneering property portal in the Middle East and North Africa (MENA) region, Property Finder is on a mission to motivate and inspire consumers to get living the life they deserve. Connecting millions of property seekers with thousands of real estate professionals every day, Property Finder is a go-to place for a seamless and enriching house-hunting and finance-finding journey for both buyers and renters.

Since its inception in 2007, Property Finder has evolved into a trusted platform for developers, real estate brokers and property seekers to make informed decisions on all things real estate.

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