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The Knight Frank MENA report highlights a renewed interest in Egypt's real estate market. Major global players like the US, UK, UAE, Saudi Arabia, and more are committing substantial investments. Despite the pandemic, Africa is experiencing increased attention, with investments in hub cities like Lagos, Nairobi, and Cairo.
The report focuses on Egypt, particularly Cairo, as a prime investment opportunity. Added to Knight Frank's Africa network, Egypt's market shines as a rising star in North Africa. Middle East sovereign wealth funds are planning to invest up to $120 billion, showing confidence in Egypt's market growth.
Zeinab Adel, Head of Egypt Office at Knight Frank, said, "Egypt's allure is strong, with its rich history, strategic location, and growing economy. It's a top choice for the GCC market and Middle Eastern buyers." Cairo, a bustling city of over 20 million people, offers immense potential with around 2 billion square feet of active real estate.
Cairo's real estate landscape centres on a thriving residential sector. In 2022, total investments reached $20 billion, $16 billions of which went to residential projects, reflecting high demand. Average residential property prices also rose by about 10% in the same year.
In 2021, the UAE invested $5.6 billion in 71 projects, including The Agtech Park in Egypt. This park, backed by UAE's Abu Dhabi Fund for Development (ADFD), enhances Egypt's agricultural productivity and innovation. Egypt's North Coast is drawing attention as a second home market, with sustained demand. Factors like potential capital appreciation, attractive rental yields in foreign currencies, and growing interest from GCC buyers contribute to this trend.
In conclusion, Egypt's real estate market is experiencing a resurgence in global interest, with major players committing substantial investments. Cairo's thriving residential sector and the North Coast's allure as a second home market contribute to this trend. The renewed demand, coupled with the investments, positions Egypt as an attractive destination for investors from across the globe.
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