Egypt property prices 'stabilising'

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.

Like this? Then share with your friends and colleagues!