Real Estate & Construction News in Egypt from Propertyshowrooms.com

Shortfall of affordable housing in Egypt

Tue, 20 Sep 2011 00:00:00 GMT

A new survey of the Middle East and North Africa (MENA) region has revealed that Egypt has a chronic shortage of affordable housing.

The nation was named as having the greatest lack of supply of this kind of property by Jones Lang LaSalle, with the firm estimating that a further 1.5 million such homes are required to meet the needs of the country's population.

Craig Plumb, head of research MENA at the company, told Arabian Business that "this is the greatest opportunity that the development industry has at the moment".

He explained that more public private partnerships could help boost the supply of affordable properties in Egypt, stressing that more developers in the Gulf region are likely to get involved in such projects.

The Jones Lang LaSalle report cited several factors that are holding back development at the bottom end of the housing market, including the relatively low returns compared to the luxury real estate sector, as well as the scarcity of affordable land, limited access to finance for low-income households and the expense of installing infrastructure and public transport networks.

Egyptian development gets go-ahead

Wed, 8 Jun 2011 00:00:00 GMT

Demand for property in Egypt could be set to rise following news that a major developer in the country is planning to push ahead with plans to build a new 3.5 million square metre housing project.

Named Tigan, the development is worth approximately $3.4 billion and will be completed by Nasr City Housing.

The project went on hold during the recent political uprising in Egypt, but is now about to go back into action, Overseas Property Professional reports.

Meanwhile, it was recently claimed that savvy investors are looking to take advantage of the opportunities that have presented themselves within the Egyptian property market.

Steven Worboys, managing director of Experience International, explained that in the wake of recent political upheaval in the country, buyers are finding that they can purchase real estate within popular tourist resorts at a reduced cost.

"The most long-sighted investors will turn events as have occurred in Egypt into an opportunity," he noted.

Armani will design villas for Dubai developer’s project in Egypt

Wed, 3 Sep 2008 00:00:00 GMT

Giorgio Armani’s next project with Emaar Properties will be the Armani Residences in Marassi, the Dubai-based developer’s massive master-planned project in Egypt. A $1.74 billion residential development on the north coast, about a two hour drive from Cairo, Marassi will eventually cover more than 1,500 acres and include a marina, golf course, retail space and...

Egypt to establish steel and cement companies

Tue, 5 Aug 2008 00:00:00 GMT

(Arabic) Egypt has allocated EGP35 billion to establish steel and cement companies...

Besix Awarded Wastewater Plants In Abu Dhabi

Mon, 4 Aug 2008 00:00:00 GMT

(Arabic) Orascom's Besix has signed a EUR525 million JV with VEOLA water to construct and operate two new wastewater treatment plants for Abu Dhabi and Al Ain in the UAE...

Sorouh and OCI to establish a new construction firm

Wed, 16 Jul 2008 00:00:00 GMT

(Arabic) UAE' Sorouh Real Estate has entered into a $80 million JV with Egypt's Orascom Construction Industries and will own 50% of its stake...

Egypt attracts Christmas tourists

Fri, 21 Dec 2007 00:00:00 GMT

Overseas property investors could be set to benefit from a strong tourist trade in Egypt over Christmas.

According to Chris Sanders, head of aviation development at Newcastle Airport, the north African country is highly popular among Britons.

Speaking to the Northumberland Gazette, he stated people from the UK were increasingly opting to spend the Christmas period in an exotic and sunny location overseas.

Egypt was named as one of the most popular tourist spots at this time of year, which suggests that holiday accommodation is in strong demand over the festive season.

Mr Sanders commented: "More and more people are choosing to go away for Christmas and the New Year, whether it be to join friends and family or simply to catch some winter sun."

The good weather in Egypt was recently cited by BuyAssociation as one of the main reasons for its appeal to tourists and property buyers.

According to the web portal, the climate is "virtually guaranteed" to be warm and sunny.

Egypt an 'emerging market' for investors

Wed, 21 Mar 2007 00:00:00 GMT

Investors looking to make a healthy profit from overseas property investment should look to newly developing markets where demand outweighs supply, such as Egypt.

This is the view of Adrian McDermott, managing director of Escapes2, who said that countries where the economy is expanding and the government welcomes foreign investment represent the best opportunities for buyers.

"Every market has supply and demand cycles. So the key for investors is the need to spot a country where demand is rising and supply is limited," he commented.

He said that Egypt is one of these emerging markets and remarked that investors have been keen to return to that country to augment their portfolios.

"If you can find a country such as that, get in there in the early stages and then you will tend to make a good return on your capital in the majority of cases," he added.

Experts at the recent Homebuyer Show said that the most popular location in Egypt for investors is along the Red Sea coast, especially Sharm El Sheikh.