If you’re curious about how the performance and trends of Egypt’s real estate market in 2023, the annual edition of the Market Watch report is just here!
You will have a full overview of the market in 2023, know about its trends and prices, and also how it performed. This quick guide is packed with all the data and insights you need; let’s get into the details!
Economic Overview
- At the end of 2022/2023, Egypt’s real GDP achieved a 3.6% growth with a total of EGP 9,646 Billion.
- This economic growth has been constrained by the currency devaluation which has struck the country. It caused a decrease of almost 50% in the local currency value during 2023 It’s also expected that 2024 will witness a more decrease in the value of local currency; hopefully, a recovery is expected to take place in 2025.
- The real estate activities and construction sectors both contributed to about 18.5% of Egypt’s total GDP.
- Furthermore, Egypt’s construction industry would expand by 6.8% in 2023 on a YoY basis. From 2024 to 2027, the anticipated growth might reach an average rate of 7.4% annually.
Market Prospects
- In 2023, the number of ongoing projects in the residential and mixed-use real estate sector reached 543 projects worth USD 363 Million. They constitute approximately 49% of the total number of projects and 82% of the total investments.
- The private sector developments also showed a domination in the market, contributing to 86% of the total number of ongoing projects till the end of Q4 2023.
- Also, the ongoing projects by the private sector had a share of almost 69% of the total investments.
- On the governmental side, the ongoing projects till the end of Q4 2023 took place in 13 governorates, while the private sector covered 20 governorates.
- Cairo and Giza had the biggest share in the private sector, with 79% of the total investments.
- On the other hand, 55% of the total governmental investment took place in Cairo, while 23% was the Suez governorate share because of the industrial and commercial development of the Suez Canal.
Cairo
- Most of the real estate investments in 2023 took place in Cairo, with a share of 58% of the total investment. This percentage represents around 254 projects, covering 22 different areas and communities.
- Additionally, 39% of Cairo’s total investments took place in the New Administrative Capital and 22% in New Cairo.
Giza
- The real estate investments in Giza reached 15% of the total investments in the ongoing projects sector; they cover 8 areas, including October City which has the biggest share of 58% of the total investments, followed by Sheikh Zayed City with 24%.
