Egypt’s Minister of Housing, Sherif El-Sherbini, has stated that the Egyptian real estate market is far from experiencing a property bubble, emphasizing that the current situation does not align with such a notion. El-Sherbini pointed out that Egypt’s annual population growth rate, which is around 2 million people, places a significant responsibility on the ministry to provide approximately 200,000 housing units each year, whether through private sector initiatives or government projects.
The minister highlighted that real estate is one of the most vital investment avenues in Egypt, and the Egyptian populace is well aware of this fact, according to statements reported by “Al-Mal” newspaper. He clarified that discussions about a property bubble do not reflect reality, stressing that a temporary slowdown in demand in certain periods does not necessarily indicate the existence of a bubble.
El-Sherbini also mentioned that the ministry has achieved unprecedented sales in the North Coast region. He noted a rise in demand in this area during the current summer season, while demand in Cairo has decreased. This shift may have led to some inaccurate perceptions of the market.
The minister’s remarks underscore the stability and resilience of the Egyptian real estate market, driven by steady population growth and ongoing investment in housing projects, both by the state and the private sector.
