The real estate market is full of changes that affect the prices, the behavior of buyers or renters, the flow of investments, and most importantly our decisions.
When seeking insights about the market, one may acquire preliminary information from magazines or through informal channels such as friends. Nevertheless, decision-making necessitates reliance on evidence and data-driven analysis.
This is where Market Watch report by Property Finder emerges as a reliable resource. It brings you a full analysis and insights about Egypt’s market in Q1 2023, according to our data.
Highlights
Find below the highlights of the market during the first quarter of 2023.
- Egypt witnessed a rising demand for property ownership, driven by currency devaluation and construction costs.
- The residential and mixed-use real estate sector recorded 522 ongoing projects worth USD 309.9 billion
- 17 projects with a combined value of USD 1.304 billion were delivered in Q1 2023
- According to Property Finder’s findings for Q1 2023.
Investments Inflow in Property Development.
There are major investments that are taking place in the market, which reflect how the property sector is still developing. This is according to Property Finder’s data; find below the detailed insights.
- The residential and mixed-use real estate sector recorded 522 ongoing projects worth USD 309.9 billion.
- The ongoing real estate projects in Egypt across 21 governorates; not just that, they have reached advanced stages of development, with roughly 52% halfway through.
- There are key investment destinations in the country like Cairo and Gize. Each has attracted residential real estate investments with varying percentages.
- Cairo: 59%
- Giza: 15%
- Q1 2023 saw eight developers starting construction on 9 projects in 4 different cities with an estimated total cost of USD 1 billion; it’s expected to increase to 15 projects in the next quarter.
- The majority (44%) of the new projects are located in Cairo, while Giza is home to 33%, mainly in New Zayed City.
- During Q1 2023, Egypt witnessed the delivery of 17 projects with a combined value of USD 1,304 million. This represents a 31% increase in terms of volume and a 32% hike in value compared to Q1 2022.
Around 24% of these projects are located in Cairo, with New Cairo being the focal point of development; this is because it has 50% of the city’s delivered projects and contributes an impressive 92% to their total value.
- Giza Governorate is home to 18% of the delivered projects with a total value of USD 108.5 million.
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