Market Watch Q1 2024: Egypt Real Estate Dynamics, Trends, and Investments Prospects
∙ The real estate market in Egypt during the first quarter of 2024 had around 600 active projects with a value of $309,629 million in the residential and mixed-use sectors.
∙ These projects constitute around 51.1% of the total number of projects and 69.8% of the total investments.
∙ In Q1 2024, the private sector was the dominant market player, with more than 68.9% of all investments in ongoing residential projects valued at $213,240 million, representing 86.5% of all residential projects by the end of Q1 2024.
∙ These projects constitute around 51.1% of the total number of projects and 69.8% of the total investments.
∙ In Q1 2024, the private sector was the dominant market player, with more than 68.9% of all investments in ongoing residential projects valued at $213,240 million, representing 86.5% of all residential projects by the end of Q1 2024.
Market Prospects
∙ During the previous period, the Egyptian economy faced many challenges, including currency devaluation, which led to soaring inflation rates, heavy reliance on imports, and a decrease in purchase activity.
In addition to this, the Suez Canal's revenues were negatively impacted by Yemeni Houthi attacks on shipping in the Red Sea and Gulf of Aden.
∙ Despite these challenges, Egypt’s GDP achieved a real growth rate of 3.8% and it’s expected to grow at a rate of 2.6%.
Q1 2024 witnessed two major agreements in Egypt; firstly, the Emirati investment of $35 billion in Ras Al Hekma.
∙ Secondly, an agreement with the IMF to increase the extended fund facility (EFF) from $3 billion to $8 billion
∙ Although the decline in real growth rates that the real estate activities and construction sectors experienced, with -3.14% and -4.6%, respectively, they’re expected to experience a rise in the future, projected to grow at 2.58% and 2.43%, respectively, in 2024.
In addition to this, the Suez Canal's revenues were negatively impacted by Yemeni Houthi attacks on shipping in the Red Sea and Gulf of Aden.
∙ Despite these challenges, Egypt’s GDP achieved a real growth rate of 3.8% and it’s expected to grow at a rate of 2.6%.
Q1 2024 witnessed two major agreements in Egypt; firstly, the Emirati investment of $35 billion in Ras Al Hekma.
∙ Secondly, an agreement with the IMF to increase the extended fund facility (EFF) from $3 billion to $8 billion
∙ Although the decline in real growth rates that the real estate activities and construction sectors experienced, with -3.14% and -4.6%, respectively, they’re expected to experience a rise in the future, projected to grow at 2.58% and 2.43%, respectively, in 2024.
