Real Estate & Economic News in Egypt from Propertyshowrooms.com

Long-term outlook for Egypt 'positive'

Tue, 12 Apr 2011 00:00:00 GMT

The property market in Cairo has retained the basic fundamentals which made it a success, despite the recent political and social troubles.

According to a recent report by Jones Lang LaSalle (JLL), the Egyptian property market looks set to deliver reasonable returns in the medium to long-term.

The real estate consultancy noted that the North African country could even emerge from the troubles stronger than before as a result of greater market transparency and the introduction of more business friendly policies.

"Despite the negative short term economic impact of the recent revolution, Egypt's economy will continue to grow," Ayman Sami, head of the Egypt office for JLL, said.

"In the short term, real estate activity in Cairo will remain depressed due to the on-going uncertainties dominating the post-revolution period,"

Mr Sami added that local demand was expected to be the primary driver of growth within the market, with the ability to negotiate "more attractive" deals helping to ensure that Cairo remains the "flag bearer" of the country's real estate industry.

Egyptian property market has been given a positive outlook

Thu, 25 Feb 2010 00:00:00 GMT

A new report has predicted "healthy long-term prospects" for the property market in Egypt, it has been announced.

The report, published by Markaz, has said that the lack of mid-price real estate in the country could lead to an overall increase in housing prices.

It looks at the country's economic cycle dating back to 1986, forecasting annual increases of six per cent until 2014-15.

Income growth is cited as the main factor in buoying the real estate market, with more individuals in better paid jobs supporting the rising demand for property.

"After going through the moderate impact of the economic slowdown, Egypt's real estate sector is expected to provide healthy long-term prospects in all of its sub-segments," the report claims.

Earlier this year, real estate and investment firm Jones Lang LaSalle claimed that Cairo's housing market was benefiting from its location and a growing economy.

It also said increasing demand for property was being fuelled by the fact that there is a major shortage of houses.

Egypt could be set for 'massive' growth in 2010

Thu, 4 Feb 2010 00:00:00 GMT

The Egyptian property market is benefitting from a combination of low prices, a weak currency and massive economic growth, it has been claimed.

Property portal Property Abroad has made the claims amid speculation that Egypt is going to be one of the most popular markets in the world in 2010.

The portal say that investors in the country are benefiting from higher yields on property, made available because new resorts - capitalising on the tourism influx - are taking advantage of the increasing demand from overseas.

"Egypt also benefits from the fact that it is a young market, born out of the budget flight-fuelled property and tourism booms," the website reports.

"Emerging regions have also become home to a series of apartment-hotel investment products, which are a proven story in the world of private property investment."

Plans have been announced to build a new terminal at the international airport in the Red Sea resort of Hurghada.

Demand for housing in Egypt could be fuelled by lack of property

Wed, 20 Jan 2010 00:00:00 GMT

The housing market in Egypt is set to grow in the coming year, according to a new report.

Real estate and investment firm Jones Lang LaSalle has claimed that Egypt's capital city Cairo is benefitting from its growing economy and ideal location at the crossroads of Africa, the Middle East and Europe.

The report stated that there is an increasing demand for housing fuelled by the fact that there is a major shortage in all types of property.

"For a growing range of investors, the deregulation of the real estate sector and the increasingly large and affluent middle class population make Cairo an attractive capital destination," it said.

The firm stated that although demand for real estate in Cairo will slow over the coming year, overall it will continue to increase, driven by both individual and corporate investment.

The Egyptian government is currently stalling its plans to implement new property tax laws in the country, according to Middle East business company Zawya.

Egyptian Exchange ends week in green

Fri, 12 Dec 2008 00:00:00 GMT

The Egyptian Exchange ended second day of trading Thursday in the green despite a short week because of Eid Al-Adha holiday...

Credit crunch impact on Egyptian tourism will reduce growth and rental yields

Fri, 21 Nov 2008 00:00:00 GMT

The global credit crunch is expected to have a severe impact on tourism figures in countries where it is a large part of the economy, economists are warning...

Egypt shares bounce back on US rescue moves

Sun, 21 Sep 2008 00:00:00 GMT

Egypt's key CASE-30 stock index soared 8.39 percent on Sunday, the first day of trading since the US said it would pump billions of dollars into the crisis-hit world economy...

National Bank of Abu Dhabi unit acquires 70% stake in Egypt's Al Salam

Wed, 20 Aug 2008 00:00:00 GMT

The National Bank of Abu Dhabi (NBAD) said its equities brokerage unit has successfully completed a deal to acquire 70 per cent shareholding in the Egyptian Al Salam Brokerage firm...

Egyptian house prices praised by expat

Tue, 19 Aug 2008 00:00:00 GMT

An expatriate from the UK has praised the relative affordability of luxury homes in Egypt.

According to Mark Millson, originally from Aberdeen, property buyers can far more for their money in the African nation.

He told the Sunday Mail that a house along the Red Sea coast, complete with a swimming pool, large garden and four bedrooms, can cost about £92,000.

This, he stated, is "just about" the amount that would be needed to buy a one-bedroom ex-council flat in Aberdeen.

Mr Millson commented: "Making a permanent move to Egypt has been one of the best decisions I've ever made.

"I've just fallen in love with the place."

He added that rising house prices in the country mean he is already benefiting from capital appreciation in his home.

Earlier this month, Al-Ahram Weekly revealed that Egypt is attracting more and more interest from second home buyers across the world.

This, it stated, is having a direct impact on house prices in Egypt by fuelling growth in the market.

UK bank gets Egypt investment

Mon, 18 Aug 2008 00:00:00 GMT

Panmure Gordon, the British stockbroker and investment bank, announces a large Egyptian bank will buy a share in its business...

EFG-Hermes Enters Kuwaiti Market

Mon, 18 Aug 2008 00:00:00 GMT

EFG-Hermes, the leading investment bank in the Arab world, announced that it has entered the highly promising Kuwaiti market through a strategic partnership with Kuwait Invest Holding Company whereby it has acquired an equity interest in Offset Holding KSC for approximately KWD 33.42 million (US$ 126 million)...

Egypt 'offers affordable house prices'

Tue, 12 Aug 2008 00:00:00 GMT

Analysts at Amberlamb have praised Egypt for offering relatively low property values.

According to the organisation, foreign property buyers can snap up a residence in Sharm el-Sheikh for as little as £120,000.

The country was described as a "highly affordable" market for overseas investors, partly because the market has so far been largely untapped.

Andrew Williamson, spokesperson for Amberlamb, stated that this is partly because Egypt has received less media coverage than many other investment markets.

This suggests that greater exposure could trigger a surge of interest in the African nation, thereby leading to greater house price inflation.

"Egypt has significant advantages for many would-be property owners," Mr Williamson commented.

"Properties are highly affordable [and] the flight time is a very respectable five hours."

Last week, Al-Ahram Weekly revealed that Egypt is attracting more and more interest from second home buyers across the world.

This, it stated, is having a direct impact on house prices in Egypt by fuelling growth in the market.

House prices on the up in Egypt

Mon, 11 Aug 2008 00:00:00 GMT

Owners of property in Egypt may be able to make a healthy profit if they sell up at a future date.

Al-Ahram Weekly has revealed that the country is attracting more and more interest from second home buyers across the world.

This, it stated, is having a direct impact on house prices in Egypt by fuelling growth in the market.

Therefore, property investors who choose to invest in the country could find that their residence is soon worth more than the amount they first bought it for.

Al-Ahram Weekly added that many foreign buyers are choosing to buy holiday homes along the coastline.

Resorts along the Mediterranean were said to be very popular, as well as towns on Egypt's Red Sea Coast.

According to Property Wire, the African country is proving to be very popular because it offers relatively low house prices.

The news provider said residences in areas such as the Red Sea cost far less than comparable houses in Europe, with some selling for less than £50,000.

Dubai Group Plans More Purchases

Tue, 5 Aug 2008 00:00:00 GMT

The Dubai Group has plans for more regional strategic acquisitions after acquiring a 5.24 per cent stake in Commercial International Bank (CIB) for Dh580 million, Tom Volpe, CEO of Dubai Group, said...

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.

Egypt Plans $7B Foreign Invest In Oil, Gas Exploration -Report

Mon, 4 Aug 2008 00:00:00 GMT

Monday, Aug 04, 2008 BEIRUT (Zawya Dow Jones)--Egypt plans to implement a program for oil and gas exploration and development in fiscal year 2008-2009 with total foreign investments of $7 billion, Cairo-based Al Ahram daily reported Monday citing Abdul Aleem Taha, executive president of the Egyptian General Petroleum Authority. Egypt's confirmed crude...

Egyptian economy tipped to grow

Fri, 25 Jul 2008 00:00:00 GMT

Egypt's gross domestic product (GDP) could increase by as much as 6.8 per cent over the next year, experts have predicted.

Reuters carried out a poll of leading economists in order to determine how much the country's economy is likely to expand in the 2008-09 fiscal year.

The government has forecast an increase of seven per cent during this period, driven by continuing foreign direct investment in the nation.

However, analysts are slightly less optimistic, as the biggest estimate was of 6.8 per cent over the next year.

This suggests that the extent of economic growth in Egypt depends on a number of variable factors, such as the level of foreign investment in the market.

According to Property Wire, the north African country is becoming particularly popular with second home buyers from overseas.

This was said to be partly because of its favourable tax regime, as property owners are not obliged to pay stamp duty and capital gains tax.

Egypt attracts foreign investors

Tue, 22 Jul 2008 00:00:00 GMT

More and more foreign property investors are choosing to enter the Egyptian market, it has been revealed.

According to Property Wire, the African country is proving to be very popular because it offers relatively low house prices.

The news provider said residences in areas such as the Red Sea cost far less than comparable houses in Europe, with some selling for less than £50,000.

Egypt was also praised for offering a favourable tax regime, as property owners are not obliged to pay stamp duty and capital gains tax.

Furthermore, the country does require foreign nationals to pay inheritance tax if a residence is left to a relative.

As a result, Egypt is becoming increasingly popular with property buyers who wish to invest overseas.

Property Wire commented: "The country's real estate sector is growing at an estimated rate of 15 per cent annually."

This comes after Homes Overseas described property prices in Egypt as "unbelievably low".

Britons seek good value in Egypt

Wed, 16 Jul 2008 00:00:00 GMT

Egypt is widely seen as a good value alternative to traditional holiday spots in Europe, it has been revealed.

Online travel agency Lastminute.com has seen a surge in the number of bookings to the north African country in the last few months, which it believes is partly due to the strong euro, reports Holiday Extras.

Indeed, the British pound is now at a record low against the single European currency, which means people from the UK are finding trips to places such as Italy more expensive.

As a result, the number of people booking trips to Egypt has gone up by 14 per cent in the last year, as it offers more favourable exchange rates with Britain.

John Bevan, managing director of Lastminute.com, remarked: "This summer our customers are going where their pound will take them further and where good bargains are to be had."

The resort of Sharm El Sheikh was recently named as one of this year's top ten tourism hotspots by Co-operative Travel.

UK tourists flock to Egypt

Wed, 9 Jul 2008 00:00:00 GMT

Overseas property investors could find themselves in line to benefit from growth in the Egyptian rental market.

According to Co-operative Travel, the north African country is becoming more and more popular with holidaymakers from the UK.

The organisation said this is partly because it offers much better value for money than many European nations, as exchange rates are more favourable.

As a result, people who visit Egypt will be able to get more for their money during their trip.

Co-operative Travel stated that Sharm El Sheikh is proving to be especially popular, as it is one of the top ten tourism hotspots for 2007.

The group added that the number of bookings for the Egyptian resort is 38 per cent up on last year.

This comes after Paul Collins of the BuyAssociation website revealed that the amount of interest in tourist property in Egypt is increasing all the time, particularly in areas such as Sharm El Sheikh.

Egypt's CIB to take full ownership of CI Capital

Sun, 29 Jun 2008 00:00:00 GMT

[ARABIC] Commercial International Bank will acquire 50% of shares in CI Capital to become the full owner of the company...

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.