Egypt’s real estate performs well in times of crisis: Savills

Egypt’s real estate performs well in times of crisis: Savills

Property prices in Egypt will definitely increase in the coming four months due to growing inflation and price spikes in construction materials, which in turn will force developers to increase the cost of units for sale, Catesby Langer-Paget, Head of Savills Egypt, told Daily News Egypt.

“Egypt’s real estate, as a sector for investment, has generally performed well in times of crisis,” said Langer-Paget.

He noted that the number of branded residences has increased globally, not just in Egypt. It is a global trend and we have seen that Egypt has achieved great success with branded residences in Cairo in the past. However, this type of property still represents a small portion of the upcoming residential supply.

He further pointed out: “There is demand for residential property across all price points in Egypt as the population increases by 2 million every year. That is to say, demand increases in every sector every year. Moreover, there is a great demand for commercial and administrative space from investors, both local and those living abroad, particularly in the New Administrative Capital. Additionally, the opening of the Grand Egyptian Museum will give a boost to the property market in West Cairo as well as Sphinx airport. This