Is this the right time to sell property in Egypt?
Yes, this is probably the right time to get involved in the Egyptian property market whether you want to sell or check property for sale in Egypt. Many experts, especially foreign investors, who were negative about Egypt have turned cautiously optimistic in recent years.
As Mohamed Banany, senior vice president at Coldwell Banker , “The market is expected to continue to operate normally being a safe investment haven to many buyers, but some components may differ in 2018, for example there is a growing demand on the Administrative Capital city that will continue to rise in 2018.”
Ahmed Shalaby, who heads the top real estate developing company Tatweer Misr, adds, “Generally it is not really a matter of what to invest in, the question is rather whether there is another safe investment that will ensure that the value of your money will not depreciate other than real estate.”
Another major real estate developer, Abdel Rahman, co-chief executive officer of Palm Hills Developments, that overseas investors are back in Egypt and form 16% of his clients.
Mr. Rahman says, “This is massive demand. Many of these people also want to move out of Cairo and live in new communities [on the outskirts]. At the start, it was just the rich who did that. But now schools and places of work are also moving out, so many people want to be there to cut commuting time.”
“People are buying property before it gets more expensive, and whoever has some extra cash is placing some in real estate and holding some as dollars,” he adds.
There are, of course, challenges ahead. The situation in the Middle East continues to be as fragile as ever. Anytime now, a war can break out between Iran and the United States plus Israel and that can affect the entire region, including Egypt. That is certainly a risk that foreign investors face when they invest in Egypt.
Fortunately, the political situation in Egypt itself as stabilised. There is a stable government in power in Egypt and so far they have done a good job of managing the economy. That has certainly calmed the nerves of many foreign investors.
Foreign investors look for properties not only in Cairo, but also in resort areas located in Giza, the Red Sea, Suez and Alexandria. There is a lot of interest in some of the prime areas in Cairo such as New Cairo, Nasr City, Helioplis, Maadi, Sheikh Zayed and Sixth of October.
Egypt is a country with a fast rising population. Over 60% of Egypt’s population is under the age of 35. So there is a real demand for housing in Egypt. The housing shortage is so serious that more than 3.5 million families are in the market, looking for a house.
While there are more than 5.5 million vacant properties, most of them are out of reach of the mostly lower middle class and middle class population. Still, this is a good time to be involved in the Egyptian property market.