Egypt’s real estate market sees recovery from Covid-19 as many home buyers are expressing interest in buying properties in the country’s new large-scale real estate projects, media reports said. The development is published by Fitch Solutions’ Egypt Real Estate Report.
It is reported that the country’s new large-scale projects include the New Administrative Capital (NAC), New Alamein, and New Mansoura for the next five years. The reports indicate that Egypt has 23 fully developed new cities in addition to 20 others under construction. The present scenario expects to boost investment opportunities in the country.
The report said, “Egypt is the second biggest recipient of foreign direct investment (FDI) in Africa and the Arab world, according to the UN’s World Invest Report, and the Egyptian economy’s headline growth is stable despite the pandemic. Real GDP will continue to outperform the region, averaging 2.6% in fiscal year (FY) 2019/20 (ending 30 June) and 3.6% in FY 2020/21.”
The report adds that Egypt’s current scenario will make the country among one of the strongest growing emerging market economies in the future. In addition, the impact of the pandemic is expected to be less in Egypt compared to its western counterparts. The country has never implemented a full lockdown since the first wave of the virus in the first quarter of the year.
It is expected that Egypt’s rental market will flourish this year despite lower GDP and household spending levels remaining flat. The demand for rental units will increase as more people seek fresh properties.