Despite the challenges posed by the COVID-19 pandemic, the real estate sector in Egypt is on track to become the country’s largest source of GDP within 15 years, according to some industry experts.
FAST TRACKED CITY PLANNING
There is a growing sense of optimism in the country’s real estate market, buoyed by both increased demand and government investment. Indeed, urban development is a key pillar in the government’s Vision 2030 project, which has seen the robust fast-tracked planning and development across many of the country’s key hubs. As a result, urban areas in the country are expected to nearly double in the next 30 years, from 7% to 12% by 2040.
NEW REAL ESTATE LAWS
Several industry experts have pointed to the country’s New Investment Law, as a key boon for growth in the industry. The law - which was first introduced in 2019 - removed much of the red tape that previously limited foreign investment in the country’s real estate market. Growth is expected to increase further, with the Federation of Real Estate Developers Law currently being discussed by Egypt’s government. The new law will focus on market regulation, which will no doubt help to further build confidence in the country’s market.
EXPAND YOUR REAL ESTATE KNOWLEDGE ON THE EGYPTIAN MARKET by attending The Cityscape Egypt 2021 virtual conference. Under the theme: Reset, Recovery & Rebound: A Plan for the Next Decade; local and international real estate experts will provide insights into Egypt’s future economy, the challenges and opportunities with Egypt’s New Cities, technology’s disruption of the real estate sector, role of co-working spaces in Egypt, the future metropolitan experience, architecture and built environment... To know more and register click here
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