EGYPT
NEW ERA FOR EGYPT
Te inevitable stalling of the country’s real estate market in 2011 had both local developers and international investors sitting on their hands for most of the year, but with a new spring comes new impetus, and Egypt is once more looking ahead on the development front
A
new era of democracy and stability is being trumpeted for Egypt as the country moves on from the Arab Spring; and despite a slowdown
in the housing market in 2011; early Q1 performance sneak previews are indicating a more respectable first quarter for 2012. Te sector contributes nine per cent to Egypt’s GDP, and with the sense of uncertainty slowly receding, and a move towards greater transparency fuelled by the headline-grabbing lawsuits that challenged land deals between the Government and real estate companies, Egypt’s internal demand for property is being given renewed impetus. And even non- resident Egyptians are being given a chance to get in on the action with a Ministry of Housing plan to sell 8,000 plots of Cairo land to expats.
MODEL FOR THE FUTURE Lamia El Allamy, Director of Marketing & PR for Cairo-headquartered
Citystars Properties, developer of large-scale integrated mixed-use projects including Citystars Heliopolis, Citystars Katameyah and Citystars Red Sea Riviera, is optimistic about the country’s mid to long-term potential. “We are optimistic about long-term growth endorsed by solid fundamentals - namely the largest population across the Arab countries. Population growth, accompanied by growing per capita incomes, will result in the increased demand for quality developments which, in turn, will drive increased foreign investments within the market to accommodate
22 I CITYSCAPE I APRIL 2012
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56