Egypt Property Market to Become More Transparent

The Egypt property market is to become more transparent, as the government looks to encourage more foreign direct investments and overseas property investors.

Local authorities have vowed to continue working towards improving the Egypt property market transparency and refining the investment climate through the introduction of new technologies and innovative solutions, including e-filing systems, unified smart cards, online property registrations, among others.

The Egyptian government is implementing strategic plans to stimulate growth and drive investment opportunities in the Egypt property market, after most sectors of Cairo’s real estate market softened in Q4 2019, following a positive start to the year.

Egypt’s parliament has also approved the biggest state budget in the country’s history during FY 2019/20, with spending set at $102.36 billion (EGP1.6 trillion), up $9.6 billion (EGP150 billion) compared to the previous year.

Smart cities and a batch of fourth-generation cities, many of which will be in Egypt’s New Administrative Capital (NAC), are also planned to help boost investment in the Egypt property market.

Commenting on the year gone by, JLL’s country head at its Egypt office, Ayman Sami, said: ‘2019 was intriguing on so many levels for Egypt. The good news is that after the shock of fuel subsidy reforms wore off, and with price pressures alleviated in recent months, we are expecting domestic demand to strengthen in the forthcoming period.’

The JLL report on the Egypt property market also highlighted how the Central Bank of Egypt’s (CBE) move to cut key interest rates last year proved positive, as a slow recovery in consumption levels and lower debt interest payments were brought about in response to mitigating imbalances over the year.

Sami added: ‘The real estate sector is a main driver of Egyptian economic growth. These key initiatives will achieve positive results and will help boost demand in the medium and long-term.’

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