Real estate prices in Egypt have witnessed a significant increase in recent years, with residential unit prices rising by percentages ranging between 50 and 100% in some areas. This can be attributed to several factors, including the rise in construction material prices, increased demand for real estate, and the depreciation of the Egyptian pound against foreign currencies. A number of experts in the real estate sector expect the Egyptian real estate market to experience a price increase during the current year 2024, due to the continued rise in construction material prices and increased demand for real estate, especially in new areas.
It is expected that the Egyptian real estate market will experience a balance between supply and demand in the coming years, which may lead to price stability. It is also expected that real estate prices will decrease in areas where there is a surplus in supply, while prices may rise in areas with increasing demand. Price forecasts in the Egyptian real estate market depend on several factors, including the economic situation in Egypt, construction material prices, inflation rates, and other local and global factors.
Population Growth and Urban Expansion: The New Capital witnesses significant population growth, which boosts demand for residential and commercial properties.
Advanced Infrastructure: The New Capital boasts advanced infrastructure, including international schools, modern hospitals, large commercial centers, and extensive green spaces.
Diverse Investment Opportunities: The New Capital offers diverse investment opportunities in residential, commercial, hotel, and entertainment properties.
Government Support and Political Stability: The New Capital receives significant support from the Egyptian government, and Egypt enjoys political stability, enhancing confidence in real estate investments in this area.
Prices have increased by 85% in the New Capital compared to last year, with expectations of another 40% increase in 2024 due to rising construction input costs and currency depreciation.
New Cairo is considered one of the fastest-growing areas in Egypt, hosting numerous large-scale and integrated real estate projects, offering modern facilities and diverse services such as international schools and commercial centers. The current year has seen a rise in property prices ranging between 40 and 70%, attributed to increased construction costs, depreciation of the local currency, and rising inflation rates. This trend reflects the price hikes witnessed in construction material markets during this period, affecting the sector and unit prices.
The North Coast is considered one of the most important real estate investment destinations in Egypt, known for its beautiful beaches and luxurious resorts, experiencing increasing demand for residential, commercial, and hotel properties. Prices have increased by up to 100% in some new projects due to inflation, higher construction costs, currency depreciation, and heightened demand for property as a hedge against potential further devaluation of the Egyptian pound.
Sheikh Zayed area in Greater Cairo is one of the foremost residential and commercial zones, witnessing continuous development and significant interest from real estate developers, providing an integrated living environment and modern facilities such as malls and hospitals. Prices have surged by 85% in 6th of October compared to the previous year, with expectations of a further 40% increase in 2024 due to rising construction input costs and currency depreciation.