Middle East investors are set to spend up to US$120 billion on Egypt’s burgeoning real estate sector, according to recently published research.
The 'Africa Horizons 2023/24 Report' from real estate consultancy Knight Frank Mena paints Egypt’s property market as “an alluring prospect” that “resonates strongly with the GCC market”. The report states that investment in Cairo’s real estate sector reached $20 billion in 2022, the majority of which was dedicated to the residential sector. In addition, Knight Frank forecasts that Mena-based sovereign wealth funds have stated plans to invest $120 billion in the country. In 2021, the UAE invested $5.6 billion in 71 different real estate projects in Egypt. According to Faisal Durrani, partner and head of Middle East research at Knight Frank, Egypt’s property market is enjoying a renaissance among GCC buyers. “Clearly, the weakness of the Egyptian pound, the relatively affordable home values when compared to major cities in the Gulf and the pleasant summer climate on the Mediterranean coast are adding to the country’s attractiveness,” said Durrani. “And this renewed demand comes hot on the heels of the US$ 78 billion in investments committed by public and private sector entities from the GCC over the last 18 months or so.” ©2022 funds global mena