Should you be selling property in Egypt right now? Are you looking for help with selling overseas property? Read on!
Egypt is one country that has always confounded sceptics. While most people had written off Egypt following the Arab Spring in 2011, the nation has made a strong comeback.
This is especially true with respect to the property market in Egypt. At a property show held recently in Dubai, Egypt was the focus of attention. Every rich, high net worth foreign investor wanted to know more about the real estate opportunities in Egypt.
The government of Egypt has worked hard to project the country as a top overseas property destination. Their efforts have borne fruit, if one goes by the data.
The fact is the real estate sales made to foreign buyers in Egypt was $250 million in 2018. The figure for 2019 into 2020 is even better. The number of properties for sale in Egypt has gone up from 46,528 to 108,571, or 133 percent over the last 12 months.
That is impressive. Also, it reflects Egypt’s resilience at a time when the Middle East is boiling. Iran is in a mess and close to having a full blown war against the United States. Turkey’s economy has suffered greatly because of the crash of the Turkish Lira. The civil war in Syria, Iraq and Libya continues.
Egypt, which was the scene of massive protests and demonstrations in 2011, is today an oasis of calm and stability. This is a remarkable change, and hopefully something that will sustain for at least the near future.
Foreign Buyers are Back
Foreign investors are back in the Egyptian property market – Russians, Chinese, Scandinavians, Brits, Americans, Irish, Australians and other Europeans – they all want a slice of Egypt.
But where are they buying? The most popular areas in Egypt which are getting a lot of attention from foreign buyers are: New Cairo, Maadi (Sarayat Al Maadi), Zamalek and Sheikh Zayed .
According to Mohamed Hammad, a local property market analyst, “It is mostly known that expats are the main segment that is interested in rentals in Egypt; which explains the high demand in those areas, especially Zamalek as it holds most of the foreign embassies. Also, Maadi’s urban distribution is different from any other residential city in Egypt as it is divided into squares that connect all the city together which attracts most foreigners in Egypt.”
“While comparing the numbers, it can be easily noted that the real estate market had not been affected by the floating of the Egyptian pound in 2018, while it reflected greatly on the market in 2019 on account of the high prices. This has led those looking for villas to downgrade to townhouses and those looking for townhouses to downgrade to apartments and so on.” Mr. Hammad adds, in an interview with Egypt Today.
This is certainly an excellent opportunity for those considering selling property in Egypt fast. Contact us for help with selling overseas property.