Egypt’s real estate market loses its fizz
Web posted at: 3/10/2009 0:52:23
Source ::: FINANCIAL TIMES
By Heba Saleh
Spurred by economic growth - averaging 7 per cent for three years - and the expansion in the incomes of the top-earning classes, real estate prices have soared as developers have scrambled to meet pent-up demand for quality property. But now that the economy is slowing to growth of a predicted 4 per cent or less, the outlook for property, especially high-end developments, is less certain. “It’s a challenging time, let’s make no mistake about it,” says Hassan Allam, operations director of Hassan Allam Sons Construction Company, the developers of several compounds in Cairo and on the Red Sea. “Demand has dropped considerably and sources of funding have been restricted.” But Mr Allam and others note that, even if sales of top-end housing are slowing down, there is still a huge need for low- and middle-income property in Egypt in the order of 275,000 to 350,000 units annually.
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http://www.thepeninsulaqatar.com/Display_news.asp?section=Business_News&...
Real Estate Exhibition To Be Held In Cairo
The second version of Egypt’s Next Move real estate exhibition is getting ready to take place from April 28, 2009 through May 1, 2009. The first edition of the exhibition was a resounding success with 20,000 visitors, and the 2009 show is expecting more than 30,000 attendees. It will be held in the Cairo International Convention and Conference Center in Nasr City just minutes from the airport and downtown.
The conference is being held at a time when worldwide demand for real estate has been hit by the current economic crisis, but Egypt has been able to weather the storm so far. The real estate sector in Egypt has continued to do well as a result of several factors. The most important one is that there is a severe shortage of new housing in the country, so there is a continuing demand for property. Additionally, Egyptian buyers don’t rely on loans to finance their purchases, so the market isn’t nearly as susceptible to the credit crisis that is hitting elsewhere.
http://www.homesgofast.com/view_news/1449/
Investment property at El Gouna resort
The El Gouna resort is offering to pay investors a return of 3.25 per cent if they pay for their holiday villa upfront
by Paula Hawkins
The Times - March 20, 2009
Egypt has long been a popular tourist destination for British holidaymakers, but it has steadfastly remained below the radar for property investors - possibly because of its perceived instability. This could soon change: in an attempt to boost demand from British buyers, some Egyptian developers are offering credit-crunched UK investors extra incentives to part with their cash. For example, Orascom, the developer behind the El Gouna resort on the Red Sea Riviera, will pay buyers a return of 3.25 per cent - more than they might get if they left their money in a savings account - if they are prepared to pay for their property upfront rather than in stages.
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http://property.timesonline.co.uk/tol/life_and_style/property/overseas/a...