{"id":646908,"date":"2024-10-03T00:00:00","date_gmt":"2024-10-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/03\/a-look-into-egypts-real-estate-market\/"},"modified":"2024-10-03T00:00:00","modified_gmt":"2024-10-03T00:00:00","slug":"a-look-into-egypts-real-estate-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/03\/a-look-into-egypts-real-estate-market\/","title":{"rendered":"A look into Egypt\u2019s real estate market"},"content":{"rendered":"

Dema<\/strong>nd for real estate assets in Egypt is real.<\/strong> Whether it is for hedging, investment or personal use, Egyptians like to buy property and the proof is in the paper. As of late, the luxury market too is seeing a surge in activity, with both local and Gulf investors driving sales \u2014 and prices \u2014 up. But, as construction costs rise, inflation bites, and the threat of further currency depreciation looms, can the real estate sector sustain its momentum while overcoming these economic pressures? Are we looking at the early signs of a potential bubble? And, can developers keep pace with hot demand while addressing affordability and pricing challenges? <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

We gathered a number of key real estate players during this year\u2019s EnterpriseAM Finance <\/strong>Forum<\/strong> \u2014 we spoke to Ayman Amer<\/strong>, general manager of SODIC, Dasha Badrawi<\/strong>, executive vice chairman of Marakez, and Ibrahim El Missiri<\/strong>, CEO of Somabay, about the ins and outs of the Egyptian real estate market.<\/p>\n

Ras El Hekma has been a game-changer for Egypt\u2019s real estate market<\/strong>. This year, brokers from the UAE and Saudi Arabia ramped up efforts to market and sell their projects here, Amer said. \u201cAfter the announcement of Ras El Hekma, everything changed. The focus of the whole world has shifted to the North Coast.\u201d Badrawi echoed this sentiment, noting that Ras El Hekma is one of the \u201ctwo big events the North Coast has seen this summer,\u201d which alongside the TMG project, significantly boosted demand for property in the coastal city. <\/p>\n

The North Coast\u2019s growing appeal to Gulf investors has <\/strong>brought with it skyrocketing prices. <\/strong>Property rates have surged to dizzying heights, with Ras El Hekma driving much of the upward momentum.\u201cRoom rates have jumped to USD 3k or more per night for some villas,\u201d Amer said, pointing to the influx of foreigners driving up demand for luxury spots along the coast, with some villas going for USD 11k-14k per night, he added. <\/p>\n

Rest assured, there is no bubble: <\/strong>Despite perennial concerns about a potential real estate bubble, our panelists were quick to dispel the idea. \u201cThere\u2019s no bubble for too many reasons,\u201d Amer said, citing a significant mismatch between supply and demand. Developers are struggling to deliver enough units to keep up with the country\u2019s housing needs. El Missiri agreed, adding that while there had been a \u201cdemand bubble\u201d fueled by speculative investments, the market has since shifted back to real, sustainable demand. Population growth, limited supply, and steady purchasing power continue to support the market\u2019s upward trajectory, leaving little room for a price bubble. <\/p>\n

The demand metrics are solid:<\/strong> Egypt\u2019s real estate market is propelled by a powerful combination of cultural and economic dynamics. \u201cWith a population of 120 mn, people are constantly looking to buy real estate, not just for themselves but for their children as well,\u201d Amer said. Throw in a rapidly growing population to the mix, and the demand metrics are pretty solid.<\/p>\n

Prices vs. affordability: <\/strong>As prices continue to rise, so do concerns over affordability. According to Amer, \u201cprices have increased between 200% and 300% over the last three years,\u201d and that\u2019s got buyers and developers feeling the pinch. Inflation and rising construction costs are at the root of these massive hikes. But there\u2019s another kicker, \u201clocal salaries haven\u2019t kept up with the float of the EGP,\u201d Badrawi said. This mismatch between earnings and property prices is making it tough for many Egyptians to keep up, prompting more people to consider extended payment plays \u2014 or join the growing crowd of renters. <\/p>\n

Renting may just be the new buying: <\/strong>Long-term rentals are becoming an increasingly common option for Egyptians who can no longer afford to buy property. \u201cTwenty percent of properties in West and East Cairo are now rented, which is a significant shift,\u201d Amer said, adding that some renters are shelling up to EGP 35k per month for homes, while bigger houses are renting for up to EGP 150k. <\/p>\n

Look<\/strong>ing from the outside in:<\/strong> Both Amer and El Missiri pointed out that Egyptian real estate remains relatively affordable compared to international markets. We\u2019re still far behind in terms of price per square meter compared to global markers, El Missiri said. While the average price per square meter in Egypt is USD 2-3k, it\u2019s between EUR 5-18k in Greece, El Missiri said \u2014 \u201cWe have a long way to go in terms of price points.\u201d More can be done to make Egypt more attractive to foreign tourists and investors, Badrawi said, pointing to better infrastructure, hospitality, and transport services.<\/p>\n

Time to look abroad: <\/strong>\u201cAnywhere between 30% to 35% of our homeowners [in Somabay] are from abroad \u2014 not just Egyptian expats but also foreigners,\u201d El Missiri added. The region\u2019s proximity to Saudi Arabia and potential to attract international buyers could significantly boost Egypt\u2019s real estate sector in the coming years.<\/p>\n

Now is the Red Sea\u2019s moment to shine: <\/strong>The Red Sea region is poised to become Egypt's next major real estate hotspot. \u201cThe Red Sea is coming,\u201d El Missiri said, predicting that developers will soon begin acquiring land there due to its superior infrastructure and connections compared to the North Coast. <\/p>\n

The institutional investment gap:<\/strong> While individual and Gulf buyers continue to drive demand in some places, institutional investment remains a largely untapped opportunity in Egypt\u2019s real estate sector. \u201cThere are simply not enough institutional opportunities,\u201d Badrawi said, pointing to the lack of recurring revenue assets and regulatory hurdles preventing institutional investors from fully engaging with the market. Amer also called for more regulation and transparency to attract larger pools of institutional capital. We need to create a more transparent and competitive environment if we want to attract significant institutional investment, he said.<\/p>\n

Is luxury the new hot ticket?<\/strong> Egypt\u2019s luxury market is growing across the board, with respect to different buyer profiles and price points, according to Amer. High-end products accounted for some 70% of SODIC\u2019s sales this year, he said. \u201cThere are many buyers who can afford these high-end products, and they are actively seeking them out when the right unique selling propositions are in place.\u201d This trend is borne out by the numbers \u2014 SODIC\u2019s latest luxury development on the North Coast, Ogami, raked in a record EGP 20 bn in sales within just a week of its launch. <\/p>\n

The challenges are just as real as the demand: <\/strong>Rising construction costs, inflation, and potential fuel price hikes could disrupt the sector\u2019s momentum. \u201cIf the USD stabilizes at EGP 50-55, then real estate prices will rise by around 12% to 15% \u2014 something we expect as part of the normal course of the market,\u201d Amer said. But, as El Missiri warned, if subsidies on fuel are removed, \u201cconstruction costs could go through the roof.\u201d To cope with these pressures, developers will need to adopt flexible pricing models and adjust to the shifting economic landscape.<\/p>\n

About the secondary market: <\/strong>In addition to inflationary pressures, the secondary real estate market faces its own set of challenges, according to Badrawi. Secondary unit holders are struggling to compete with developers who offer extended payment plans, putting strain on individual sellers. \u201cThe units that do move in the secondary market are usually in communities that are already built and thriving,\u201d Badrawi said, pointing out the liquidity issues and payment term competition could force many to liquidate properties, further flooding the secondary market. <\/p>\n

The long-term outlook for Egypt\u2019s real estate sector remains positive. <\/strong>El Missiri stressed that the fundamental demand for housing will persist as Egypt\u2019s population grows and income levels adjust to new economic realities. \u201cWe\u2019re going back to real demand,\u201d he said, \u201cand as people\u2019s incomes adjust, the market will stabilize.\u201d Ayman reinforced this optimism noting that with a shortage of supply and a growing middle class, there is little reason to believe that the sector is facing a bubble. <\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

We gathered a number of key real estate players during this year\u2019s EnterpriseAM Finance Forum<\/p>\n","protected":false},"author":1,"featured_media":646909,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7318],"tags":[130,7317,72,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-646908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-finance-forum","tag-construction","tag-enterprise-finance-forum","tag-enterpriseam","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"5257df93-1524-42f7-87a2-35a865c0e808","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/246.jpg","photo_position":"above","homepage_title":"","full_issue_title":"A look into Egypt\u2019s real estate market","related_issue":[646903],"teaser":"We gathered a number of key real estate players during this year\u2019s EnterpriseAM Finance Forum","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.c9e9f1fd-dd3e-4ca8-9d79-2f70a32f49a2.mp3"},"yoast_head":"\nA look into Egypt\u2019s real estate market - 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Redcon \u2014 the parent company to a group of 10 firms in several sectors including construction, real estate, aluminum, and facility management \u2014 had been\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/76.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599036,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/17\/real-estate-afcon-dominate-the-airwaves\/","url_meta":{"origin":646908,"position":1},"title":"Real estate, Afcon dominate the airwaves","author":"enterpriseam admin","date":"17 June 2019","format":false,"excerpt":"Gov\u2019t keen on supporting real estate sector: Prime Minister Moustafa Madbouly\u2019s speech at the Benaa Misr forum was the highlight of Al Hayah Al Youm with Khaled Abu Bakr (watch, runtime: 03:01). Madbouly said that the government is keen on supporting the real estate industry and urged developers to work\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574137,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/naguib-sawiris-owned-ora-looks-to-debt-market-to-finance-projects\/","url_meta":{"origin":646908,"position":2},"title":"Naguib Sawiris-owned Ora looks to debt market to finance projects","author":"enterpriseam admin","date":"31 August 2020","format":false,"excerpt":"DEBT WATCH- Naguib Sawiris\u2019 Ora Developers is looking to issue bonds and take out more loans to finance its real estate projects, the b\u2019naire told Hapi Journal, without specifying how much the company wants to raise or the type of debt securities it will use. Ora already acquired a EGP\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":583704,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/20\/two-state-owned-real-estate-players-want-to-bring-in-strategic-investors\/","url_meta":{"origin":646908,"position":3},"title":"Two state-owned real estate players want to bring in strategic investors","author":"enterpriseam admin","date":"20 March 2023","format":false,"excerpt":"Both firms are on the list of 32 companies earmarked for privatization","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/New-Cairo-Rehab-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592578,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/08\/shoukry-heads-to-tunis-plus-more-gulf-real-estate-investment-on-the-horizon\/","url_meta":{"origin":646908,"position":4},"title":"Shoukry heads to Tunis. PLUS: More Gulf real estate investment on the horizon?","author":"enterpriseam admin","date":"8 August 2023","format":false,"excerpt":"The news cycle is picking up slightly as we slide into the midweek","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/359.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574690,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/17\/whos-in-the-market-for-debt-rooya-egypt-kuwait-holdings-nile-wood\/","url_meta":{"origin":646908,"position":5},"title":"Who\u2019s in the market for debt: Rooya + Egypt Kuwait Holding\u2019s Nile Wood","author":"enterpriseam admin","date":"17 September 2020","format":false,"excerpt":"The National Bank of Egypt (NBE) and Egypt Kuwait Holding\u2019s (EKH) Nile Wood have signed a EGP 794 mn loan agreement to finance the construction of a planned EGP 1.37 bn factory in Sadat City to produce medium-density fibreboard, NBE Vice President Yehia Aboul Fotouh said, according to Al Masry\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/646908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=646908"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/646908\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/646903"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/646909"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=646908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=646908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=646908"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=646908"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=646908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}