If you’re curious about how the performance and trends of Egypt’s real estate market in 2023, the annual edition of the Market Watch report is just here!
You will have a full overview of the market in 2023, know about its trends and prices, and also how it performed. This quick guide is packed with all the data and insights you need; let’s get into the details!
Economic Overview
- At the end of 2022/2023, Egypt’s real GDP achieved a 3.6% growth with a total of EGP 9,646 Billion.
- This economic growth has been constrained by the currency devaluation which has struck the country. It caused a decrease of almost 50% in the local currency value during 2023.
It’s also expected that 2024 will witness a more decrease in the value of local currency; hopefully, a recovery is expected to take place in 2025.
- The real estate activities and construction sectors both contributed to about 18.5% of Egypt’s total GDP.
- Furthermore, Egypt’s construction industry would expand by 6.8% in 2023 on a YoY basis. From 2024 to 2027, the anticipated growth might reach an average rate of 7.4% annually.
Market Prospects
- In 2023, the number of ongoing projects in the residential and mixed-use real estate sector reached 543 projects worth USD 363 Million. They constitute approximately 49% of the total number of projects and 82% of the total investments.
- The private sector developments also showed a domination in the market, contributing to 86% of the total number of ongoing projects till the end of Q4 2023.
- Also, the ongoing projects by the private sector had a share of almost 69% of the total investments.
- On the governmental side, the ongoing projects till the end of Q4 2023 took place in 13 governorates, while the private sector covered 20 governorates.
- Cairo and Giza had the biggest share in the private sector, with 79% of the total investments.
- On the other hand, 55% of the total governmental investment took place in Cairo, while 23% was the Suez governorate share because of the industrial and commercial development of the Suez Canal.
Cairo
- Most of the real estate investments in 2023 took place in Cairo, with a share of 58% of the total investment. This percentage represents around 254 projects, covering 22 different areas and communities.
- Additionally, 39% of Cairo’s total investments took place in the New Administrative Capital and 22% in New Cairo.
Giza
- The real estate investments in Giza reached 15% of the total investments in the ongoing projects sector; they cover 8 areas, including October City which has the biggest share of 58% of the total investments, followed by Sheikh Zayed City with 24%.
According to these data, the real estate market in Egypt shows promising aspects, with the ongoing projects having a role in driving this growth.
Ongoing Projects Progress
- Till the end of 2024, the ongoing projects in Egypt span over 21 governorates, reaching advanced stages of development.
- 53% of them crossed their halfway mark
- 10% with a completion rate over 90%
- 18% are between 75% and 90% of their completion status
Cairo
The construction of the projects in the capital is showing notable progress; find more details about their construction status below.
- About 61% of them have surpassed the halfway point
- 11% are in their final stages towards completion
- 29% are between 50% to 75% of completion
- 21% are complete, with a percentage from 75% to 90%
Launched Projects in 2023
- When it comes to the newly launched projects in Egypt, 2023 witnessed a 55% decline when compared to 2022. This could be due to:
- The increasing rise of construction costs starting from Q4 2022.
- The government’s direction towards finishing the ongoing projects before starting new ones due to the currency devaluation and the shortage of hard currency.
Despite these challenges, in 2023, 58 projects were launched across eight cities with an approximate cost of USD 13.1 billion; while in 2022, 128 projects worth USD 57.7 billion were launched.
- Significantly, every initiated project in 2023 was supervised solely by the private sector, a great contrast to the 84% in 2022. This reflects the change in government strategy, allocating a greater share of the real estate market to the private sector.
- In 2023, 49 developers launched around 58 new projects, compared to 103 developers in 2022.
- The General Authority for the Suez Canal Economic Zone & El Sewedy Industrial Development invested an amount of USD 3 Billion in a project, namely Sokhna 360 Industrial City.
This represents around 23% of the total investment in 2023.
- Emaar Misr Developments & Eagle Hills together investment amount reached USD 2.9 Billion for two projects in Ras El Hekma and Matruh, representing around 22% of the total investments in 2023.
Cairo
- In the capital of Egypt, 18 new projects were launched, representing 19% of the total investments.
- New Cairo witnessed the initiation of 10 projects, constituting 80% of the total investments in Cairo worth USD 2 Billion.
- In 2023, four new projects were launched in the New Administrative Capital (NAC), with total investments of USD 260 Million.
Giza
- In 2023, Giza had 20 new projects, which constituted 16% of the total investments in 2023. New Zayed City had a share of 6 projects with an amount of USD 829 Million, while Sheikh Zayed City witnessed the launch of 4 new projects worth USD 399 Million.
Delivered Projects in 2023
- 2023 witnessed the successful delivery of 43 projects with a value of USD 3.2 Billion. This shows a significant decline of 17% in terms of the projects’ volume compared to 2022.
In terms of value, there is a 34% decrease compared to the same period.
- 35 out of 43 projects with the amount of USD 2.58 Billion were by private developers across 9 governorates. Cairo only had a share of 63% of the total investments in the private sector.
- On the other side, the governmental sector delivered 8 projects in 6 governorates, amounting to USD 630 Million, while Cairo contributed to 59% of the total investments.
- In 2023, Egypt saw the successful completion of numerous real estate projects, especially in prime locations like the New Administrative Capital, New Cairo, 6th of October, and Zahraa Maadi.
- Leading the charge were notable developers such as Palm Hills Developments, Cairo Investment and Real Estate Development, and Memaar Al Morshedy. Their dedication and expertise were key to bringing these projects to life.
Cairo
In 2023, 40% of the developed projects were in Cairo across 6 various communities. Additionally, New Cairo and NAC had 75% of the delivered projects, which is 82% of the total investment in Cairo.
Giza
Giza had 19% of the delivered projects with a value of USD 591 Million; they span across three main areas: 6th of October City, October Gardens, and Sheikh Zayed City.
The New Administrative Capital (NAC)
This is considered one of the biggest projects in the country as it’s envisioned to become the nation’s economic powerhouse. It will serve as a hub for ministers, public sector organisations, and private companies.
Here are more highlights of NAC:
- NAC has a prime location along the Suez road in the east of Cairo.
- It spans over an area of 30 square miles, equal to Singapore’s size.
- This great project is planned to accommodate 6.5 Million citizens.
- NAC also boasts a green belt that is twice the size of New York’s Central Park, making it an iconic project.
In addition, it’s surrounded by well-integrated urban communities with unique architecture and digital infrastructure.
- In 2023, 23% of the total investments in Egypt was in the New Administrative Capital; this includes 100 ongoing projects worth USD 68,912 Million.
- The Governmental investment share in the ongoing projects in 2023 was almost 73% of the total investment in the New Capital across 16 projects.
- On the other hand, the private sector had 84 ongoing projects, which is 27% of the total investment in NAC.
- In Q4 2023, the ongoing projects in NAC spanned 100 projects and reached advanced stages of development; here are more details
- 71% have surpassed the halfway mark
- 9% are near completion and above 90% of their construction is already done
- 25% of the projects are now between 75% and less than 90% complete.
In 2023, 4 projects were launched in NAC with a value of USD 260 Million, compared to 11 projects worth USD 1,162 Million in 2022.
High-in-Demand Areas for Rent and Sale
| Apartments for Sale | Villas for Sale | Apartments for Rent | Villas for Rent |
| 6th of October City | 6th of October City | 6th of October City | 6th of October City |
| El Maadi | Madinaty | El Maadi | El Maadi |
| Nasr City | New Cairo City | Nasr City | Madinaty |
| New Cairo City | Sheikh Zayed City | New Cairo City | New Cairo City |
| Sheikh Zayed City | Shorouk City | Sheikh Zayed City | Sheikh Zayed City |
Property Sale Prices in Egypt
The table below shows the average asking prices for apartments in Egypt in 2023:
| Area | One Bedroom | Two Bedrooms | Three Bedrooms |
| 6th of October City | EGP 1,300,000 | EGP 1,600,000 | EGP 3,200,000 |
| El Maadi | EGP 1,600,000 | EGP 1,800,000 | EGP 2,300,000 |
| Nasr City | EGP 1,200,000 | EGP 1,450,000 | EGP 2,400,000 |
| New Cairo City | EGP 2,750,000 | EGP 3,000,000 | EGP 3,500,000 |
| Sheikh Zayed City | EGP 3,400,000 | EGP 3,900,000 | EGP 4,200,000 |
The table below shows the average asking prices for villas in Egypt in 2023:
| Area | Three Bedroom | Four Bedroom | Five Bedroom |
| 6th of October City | EGP 7,000,000 | EGP 10,000,000 | EGP 14,000,000 |
| Madinaty | EGP 10,000,000 | EGP 19,000,000 | EGP 24,000,000 |
| New Cairo City | EGP 8,000,000 | EGP 14,000,000 | EGP 18,000,000 |
| Sheikh Zayed City | EGP 8,500,000 | EGP 13,000,000 | EGP 16,000,000 |
| Shorouk City | EGP 6,750,000 | EGP 8,000,000 | EGP 11,000,000 |
Property Rent Prices in Egypt
The table below shows the average rental prices for apartments in Egypt in 2023:
| Area | One Bedroom | Two Bedrooms | Three Bedrooms |
| 6th of October City | EGP 7,500 | EGP 10,000 | EGP 14,000 |
| El Maadi | EGP 8,600 | EGP 11,000 | EGP 14,000 |
| Nasr City | EGP 7,500 | EGP 9,500 | EGP 13,000 |
| New Cairo City | EGP 15,000 | EGP 16,000 | EGP 19,000 |
| Sheikh Zayed City | EGP 15,000 | EGP 17,000 | EGP 18,000 |
The table below shows the average rental prices for villas in Egypt in 2023:
| Area | Three Bedroom | Four Bedroom | Five Bedroom |
| 6th of October City | EGP 37,000 | EGP 40,000 | EGP 50,000 |
| El Maadi | EGP 53,000 | EGP 56,000 | EGP 60,000 |
| Madinaty | EGP 40,000 | EGP 45,000 | EGP 60,000 |
| New Cairo City | EGP 35,000 | EGP 42,000 | EGP 47,100 |
| Sheikh Zayed City | EGP 40,000 | EGP 44,000 | EGP 55,000 |
That’s a wrap for Egypt’s real estate market performance during 2023; if you want to delve into more details, download the full Market Watch annual report below.
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