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Population growth 'aiding Egypt's property market'

Date : (News Section: Egypt)

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Population growth 'aiding Egypt's property market'

Demand for housing due to a growing population will help sustain Egypt's property market.

Speaking to Business Today Egypt, managing director of Orascom Housing Communities Omar Elhitamy explained demand for homes is outpacing supply in the country.

He noted an average of 440,000 new properties need to be constructed each year to meet existing demand, adding as there are so many young couples in the nation, there is continuous growth in household creation.

"The Egyptian real estate sector has always represented an opportunity for investors," Mr Elhitamy asserted, concluding the best prospects can be found in the low and middle sectors of the market.

Chief executive officer of Hassan Allam Properties Mohamed Allam also told the publication population growth is pushing Egypt's housing industry forward, commenting its expansion is "based upon real demand".

Last month, The National revealed an increasing number of developers in Egypt are concentrating on building apartment complexes, where the price of an individual property will not exceed 600,000 Egyptian pounds (£62,583), in a bid to deliver more affordable housing.
 

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Article by +James Roberts on behalf of Propertyshowrooms.com

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