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    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

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    $36mln contract for construction of Duqm fisheries complex

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    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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      Profits at top Saudi banks jump 17.6% in Q1

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Egypt’s real estate sector remains buoyant

              OBG

              June 6, 2016
              in Infrastructure, Real Estate
              0

              Egypt’s residential real estate market has recorded impressive results thanks to persistently high demand.

              Investment is being fueled by Egypt’s fast-growing population of around 90m – which increases by approximately 2.2% each year, according to the World Bank – as well as interest from abroad, as Egyptian expatriates look to capitalize on the weaker Egyptian pound.

              For many Egyptians, property is seen as one of the safest investments, particularly with the country’s currency under pressure, as well as a hedge against inflation, which has historically been a problem. Investment properties are particularly popular for resale or rental at a later date.

              Public and private investments in the property market totaled LE47.5bn ($5.3bn) in FY 2014/15, which ended in June 2015, contributing around 5% to GDP. A decade earlier investments stood at LE6.58bn ($741m) for the fiscal year ending in June 2005, according to Ministry of Housing (MoH) figures.

              Investor interest
              The current market environment is also drawing a range of domestic and international investors, including local developer Palm Hills – which has seen success with its Palm Valley West Cairo project and expects to deliver a total of 1800 housing units this year – and Dubai-based Emaar Properties, which has sold over 2150 units in Egypt to date.

              Currency depreciation, combined with greater political stability, also draws interest from Egyptians abroad, who are looking to invest in second properties, Nick Maclean, managing director for the Middle East at CBRE, told local media.

              Maclean highlighted the success of developments around Cairo, such as Pyramids Heights, Smart City and Cairo Festival City, which have drawn interest from the international market.

              Well-off expatriates tend to prefer houses in these kinds of gated communities or compounds, and prefer paying in instalments, which are offered by many developers, rather than taking out mortgages, according to Ismail Yehia, CEO of Trends Real Estate, an Egyptian real estate company.

              “The market will pick up in June when many Egyptian expatriates living in the Gulf return for Ramadan and look for investments in the country,” Yehia told OBG.

              Rental prices of apartments and villas in New Cairo, for example, a growing suburb popular with the upwardly mobile, rose by 10% last year, according to JLL’s “Q3 2015 Cairo Real Estate Market Overview”.
              “To a great extent, the price increases reflect the falling Egyptian pound and broader inflation, but demand is certainly strong,” Magued Sherif, managing director of Sixth of October Development and Investment Company (SODIC), told OBG. “Housing units are selling as fast as they can be built with pre-sales for developers as high as 70-80%.”

              As a result, property prices could rise by between 20-30% this year, according to media reports.

              There are some concerns that too many investors piling into the property market at a time when Egypt’s economy is still somewhat fragile may lead to oversupply or an asset bubble.

              Affordability gap
              The country’s yearly weddings – nearly 900,000 – are also a major driver of demand, as newly married couples look to move into their own homes and invest in property for the future, according to SODIC’s Sherif.

              He estimates that Egypt’s housing gap – long a major issue in the country – is nearing 3m units. "Private developers collectively provide about 20,000 units per year, but this barely scratches the surface of the housing gap,” Sherif added.

              According to forecasts from Colliers, a real estate services company, an extra 90,000 to 100,000 units will be needed per year through to 2020 to meet demand, which is well above the annual average of 45,000 units that have come on-line in recent years.

              Major developers continue to focus on more affluent segments of the population, which are seen as yielding higher profits, rather than the poor and low-middle income groups, for whom the current housing shortage is most pressing.

              The majority of Cairenes, or about 52%, are able to afford units in the $26,000-to-$35,000 range, but there is little to no supply offered by the private sector at this price point, according to a 2016 report on Cairo’s real estate market by Colliers.

              The most affordable private developments, such as a 130-sq-metre unit in 6th of October City, tend to sell in the $60,000-to-$65,000 range.

              The government is looking to address the shortfall in affordable housing partly through partnerships with the private sector.

              In mid-May local press reported that the MoH was in talks with Kuwaiti investment company Al Juwisry to develop a social housing project on a 14,000-sq-metre plot in 6th of October City, as part of a larger $800m investment program.

              Many private sector developers, however, will likely continue to target the higher end of the market, underscoring the importance of government-led efforts to incentivize social housing.
              Oxford Business Group
              6 June 

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