The big news out of the Middle East is that Egypt is finally opening to investors. The Egypt Property Show, as reported by Daily News Egypt, is on a road trip. The first stop is London and the location is the international convention center, the ExCeL London.
The road trip is sponsored by the Ministry of Housing. It aims to create awareness toward Egypt's various real estate packages. Twelve Egyptian property developers have opened up their collections. Each developer brought along a demonstration of their developments, with the aim of getting investors to commit to a partnership in funding these properties.
The EPS is actually the second exhibition that showcases Egyptian properties. The Ministry of Housing recently opened up shop at the Cityscape Global at Dubai, with the same aim of gaining investors. The last event was held at the Dubai World Trade Center in October.
Egypt's real estate has certainly looked like one of the brighter spots in the Middle East, but what does that mean?
Real estate properties are part of Egypt's economy and a robust market means that economy is taking off. Right now, it is in a bubble, according to Egypt Today. The rates for upper-end projects are far higher and the rate for an increase in costs have become significantly lower. Most investments, revealed by a 2017 study done by Aqarmap, are investments for the future. The future includes usage, such as for family and for children.
Developers have started offering extended payment terms and that has attracted a new market-the middle class. Some of these buyers intended to buy properties with the idea to sell them. However, most have appeared to decide to hold on to their properties, as the slowdown in the secondary market suggests.
The globalization of the Egypt real estate market couldn't have come at a better time. Khaled Abbas, deputy minister for Housing for National Projects, revealed that they intend to make it into an annual thing. This is done with the hopes of increasing the scope and coverage of Egypt's real estate market and the inclusion of foreign markets and investors.
With government support, Egypt hopes that the British will reciprocate their warm relationship with the country in terms of tourism. Egypt remained a popular holiday destination for most British tourists. With this trend, the country hopes these tourists will invest in vacation or retirement homes.
