Egyptian real estate sector to expand into African and Russian markets
Egyptian construction companies and real estate developers are actively seeking foreign investment opportunities, spurred on by the government
Egyptian real estate sector to expand into African and Russian markets
The Economics of Geography

Egyptian real estate sector to expand into African and Russian markets

Photo: AFP/Ahmed Gomaa
Eurasia 04/12/2023 08:59

Egyptian construction companies and real estate developers are actively seeking foreign investment opportunities, spurred on by the government.

Investment opportunities in Egypt have not ended in all economic sectors in general, and in the real estate sector in particular, but construction companies and real estate developers in Egypt are always looking for investment opportunities abroad, with the encouragement of the state, in order to bring in hard currency, which has become the most prominent challenge facing the largest country in the region in terms of population, Asharq Al-Awsat reported. 

Egyptian real estate companies have recently penetrated the Saudi market through several agreements and memoranda of understanding to build smart and sustainable cities, in light of the Kingdom's Vision 2030, as well as the presence of some Egyptian real estate companies in European markets such as Switzerland and Montenegro, with new markets targeted in the coming period.

In view of the multiple experiences gained by Egyptian real estate companies over several years, experts and analysts in the sector recommended targeting the Russian and African markets in the coming period, given the investment opportunities these markets enjoy, which may bring dollars to Egypt and maintain the pace of profit growth for companies, the site added.
AFP/Khaled Desouki

Most of the experts participating in a roundtable entitled "The Role of Government Incentives in Attracting Profitable Real Estate Investment Opportunities", in cooperation with the Egyptian Businessmen Association, and organized by Investgate, agreed to find a mechanism for sales outside Egypt in foreign currency, whether for Egyptians abroad or foreigners, and to issue legislation regulating real estate sector dealers as in force in Dubai. While facilitating coordination between private companies and the government in the field of Egyptian nationality for the property buyer.

The participants also recommended the importance of "having a mechanism that allows refugees residing in Egypt to buy real estate in foreign currency, facilitate the procedures regulating the increase in the number of companies listed on the stock exchange, and offer shares to increase capital. With the speed of work on activating the real estate stock exchange and real estate investment funds, banks provide a mechanism that allows financing for the foreign customer. And the search for new markets for real estate investment, such as: the Russian market and African markets."

#Egypt
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