Real Estate & Other News in Egypt from Propertyshowrooms.com

Egypt property prices 'stabilising'

Wed, 22 Feb 2012 00:00:00 GMT

A degree of stability is returning to Egypt's real estate sector, with property prices beginning to recover.

This is the opinion of Harshjit Oza, a real estate analyst at Beltone Investment Bank, who told Daily News Egypt many of the nation's biggest developers have dealt with problems relating to the acquisition of land under former president Hosni Mubarak's government.

"Prices are starting to stabilise again, the confidence is back and land issues are being resolved. TMG (Talaat Moustafa Group) is fairly out of its land disputes and that was a big relief for them, as well as the whole sector and investors," Mr Oza stated.

TMG is one of the country's largest property developers and has been involved in numerous large-scale residential projects, such as the construction of the 10 million sq m scheme Al-Rehab City, which is situated 20 minutes away from downtown Cairo.

Mr Oza went on to predict there will be a rise in the level of sales completed in 2012, compared to 2011, with the final two quarters of this year expected to be particularly strong.

Egyptian property market to be 'subdued' in 2011

Wed, 13 Apr 2011 00:00:00 GMT

Recent political upheaval in Egypt means that the country's property market is unlikely to attract a great deal of foreign investment in 2011.

But the long-term outlook for the market is more positive, the latest report from consultancy Jones Lang LaSalle (JLL) has claimed.

JLL explained that short-term activity in Cairo will remain subdued, with much uncertainty remaining in the market post-revolution. However, analysts are more upbeat about the medium to long-term forecast.

"2011 could therefore represent something of a lost year with decisions to lease or purchase real estate delayed until the 'dust settles' and greater certainty returns to the market after the elections later in the year," the consultancy said.

Indeed, with the first half of the year expected to yield little activity, JLL has claimed that the tourism industry will lead the rebound.

"Egypt was and will remain as one of the most attractive real estate markets in the MENA region in terms of its potential long term opportunities, growth and diversity," it added.

Egypt set for post-Mubarak growth

Thu, 10 Mar 2011 00:00:00 GMT

Demand for property in Egypt could be set to rise as economic growth flourishes in a post-Mubarak era, it has been claimed.

This is according to Larry Seruma, managing principal at Nile Capital Management, who believes that a new regime will lead to an increase in market transparency.

His comments follow the knee-jerk reaction of many investors to sell the assets they held in the country fearing the worst at the height of the political crisis.

"There will be democracy and transparency and these changes will lead to more economic growth," Mr Seruma told Select Property. "It's a great opportunity to invest in Egypt."

Indeed, the news provider noted that the unrest in Egypt has in fact presented savvy investors with a great opportunity to buy.

"The immediate effect of the revolution was for share prices to drop, which some savvy investors have used to their advantage to buy up stocks in emerging market funds to pre-empt the predicted Egyptian growth," the article stated.

Egypt has 'lots of potential'

Tue, 14 Dec 2010 00:00:00 GMT

There is still room for growth in the Egyptian property market, according to a leading developer in the country.

Speaking to Overseas Property Professional, Orascom has suggested that the sector is still an emerging market and has a lot more "potential".

Samih Sawiris, chief executive officer of the company, explained to the news provider that the mismatch between supply and demand in the country meant that developers have not really suffered from the global economic crisis.

"While in the Red Sea area we have a 12-month season, the second home market outside of the Red Sea is totally underdeveloped. If you compare it with Morocco, Tunisia and Turkey you can see the market is a long way from saturation," he said.

Mr Sawiris added that the lack of mortgage availability was also a blessing in disguise, as it meant that the market was not flooded with distressed homes from people defaulting on them, as has happened in Spain and the US.

Calzaghe seeks capital gains abroad

Tue, 5 Aug 2008 00:00:00 GMT

Boxing star Joe Calzaghe has revealed his intention to collect strong capital gains from his foreign investments.

The Welsh sportsman, who has held the WBO super-middleweight belt for more than a decade, has built up an extensive portfolio of overseas properties in recent years.

Speaking to the Sunday Times, he said he is using them mainly for investment rather than lifestyle purposes.

He commented: "I missed the property boom over here, but I like to visit new places and I find property investment fascinating."

Calzaghe stated that he now has so many foreign residences that he is unsure as to the exact number he owns, although he said his management keeps track of what is going on.

The boxer added that following his retirement, which is expected to come before the end of the year, he will devote more time to developing his portfolio even further.

Last year's winner of the BBC Sports Personality of the Year award now owns properties in countries as diverse as Turkey, Venezuela, Mexico, Egypt and the UK.