Spotlight on Egypt’s real estate market one-year after the pandemic
After a year that shook the world, the likelihood of any country emerging as a winner was always slim. But Egypt has crowned itself as an anomaly.
With a robust real estate market, a host of government incentives, and an enviable success in forging ahead with its future cities, not only did its economy weather the COVID-19 pandemic, but it ended up thriving.
Egypt’s economic performance during the coronavirus pandemic has been applauded in the International Monetary Fund’s (IMF) October 2020 Global Economic Outlook. Despite minor signs of activity delays, the country’s economy exceeded expectations, and the IMF revised its 2020 economic growth forecast from 2% to an optimistic 3.5%, making it the only country in the MENA region to register growth.
It’s a positive statement by the IMF: Egypt’s economy has performed better than expected despite the pandemic. Add to that, Egypt’s real estate market has been relatively sound and a stable investment even in a volatile climate. With an increase in population of about 2.5 million people per year, it is unlikely the appetite for real estate across the nation will diminish any time soon — pandemic, or otherwise.
Real estate consultants’ Colliers, together with Cityscape Intelligence, take an in-depth look at the real estate performance of Egypt’s residential, retail, office, and industrial sectors, and explore the country’s ongoing development of its future cities.