Dr. Walid Abbas Highlights Opportunities and Growth in Egypt’s Real Estate Market at Cityscape Egypt

Dr. Walid Abbas, Supervisor of the Minister of Housing’s Office and Deputy Chairman of the New Urban Communities Authority for Planning and Follow-Up, urged investors to seize the promising opportunities in Egypt’s real estate market. Speaking at the opening conference of the 13th edition of Cityscape Egypt, Dr. Abbas emphasized the crucial role the real estate sector plays in Egypt’s economic transformation, stating, “We believe the future holds great promise for the Egyptian real estate market. By working together, we can build a better future for Egypt, where the real estate sector thrives and achieves sustainable development goals.”

The conference, held from September 25 to 28 under the theme “Egypt’s Real Estate Renaissance Towards Building the Future of the Sector,” is organized by Informa with the support of the Ministry of Housing, Utilities, and Urban Communities. Dr. Abbas highlighted the significance of Cityscape Egypt as a platform for developers, investors, and decision-makers to connect and address market challenges such as rising interest rates and increased material costs.

Dr. Abbas also praised the resilience of the Egyptian real estate sector over the past two years, noting significant growth and investment. He pointed out that Egypt’s commitment to national and developmental projects, including the creation of 38 new cities, has improved the country’s global ranking in infrastructure. “Egypt has risen from 125th to 52nd place in global infrastructure rankings since 2014,” he said. This development is part of a broader strategy to attract foreign investment, create job opportunities, reduce unemployment, and provide affordable housing for various social groups.

The Deputy Chairman discussed Egypt’s favorable investment climate, citing a large and growing workforce, high housing demand, ready-to-develop land, and simplified procedures for investors. He also emphasized the country’s advantageous geographical location and natural resources, which position it favorably in the global real estate market.

Dr. Abbas reviewed the sector’s achievements in 2023, including the launch of 543 new projects, with 86% of these driven by the private sector. He noted the real estate industry’s substantial contribution to the economy, representing about 30% of the GDP through direct and indirect impacts. The sector has created numerous job opportunities and supported the growth of related industries.

Looking ahead, Dr. Abbas projected further growth in the real estate sector, driven by increased government and private investments and ongoing efforts to attract foreign capital. He emphasized the government’s commitment to sustainable development, noting the role of new cities like New Alamein and the New Administrative Capital in supporting climate adaptation and technological advancements.

In conclusion, Dr. Abbas acknowledged the challenges facing the sector, such as currency fluctuations and rising raw material prices, but remained optimistic about the sector’s potential. He highlighted the sector’s capacity for innovation and adaptation, suggesting that these challenges also present opportunities for new solutions and continued growth in the Egyptian real estate market.