Egypt’s A Truly Booming Marketplace
The real estate business brings even brighter days for Egypt, as the sector is projected to grow by 70%, from $7.2 billion in 2012 to $12 billion by 2020.
Due to the country’s attractive location, Egypt is in the process of expanding its tourism sector. In order to meet the growing demands of both tourists and international investors who wish to take advantage of the wild, sun-saturated and still under explored natural landscapes that run through Egypt, adequate facilities, attractions and infrastructure are being developed in various locations around the country.
The composition of Egypt’s population is one of the principal contributors to the country’s thriving real estate sector: out of the nearly 90 million inhabitants, more than half are under the age of 25. In addition, with a recent growth in marriages – married couples make up a total of 33-37% of total population – the demand for houses has increased even further, with a particular demand for high and middle-income housing.
Every year, Egypt not only requires more than half a million homes to meet the demands of new families, but it must also continue to satisfy the existing house deficit. Essentially, with each year, the demand for houses and related infrastructure continues to exceed the supply.
The Egyptian government’s ambitious construction master plan will speed up a US$ 55 billion commercial, technological, industrial and residential construction program designed to incredibly modernize the country’s residential, industrial and commercial portfolio.
Construction boom in Egypt is projected to stay on a growth path as the country continues to set mega construction plans; which will unquestionably require the most advanced designs, finishing materials and technologies to reflect the sought after modernized look of the country.
One of Egypt’s most appealing large-scale projects creating grand opportunities for the world’s international brands in the field of designs and finishing works is the “NEW CAPITAL” that planned to consist of 21 residential districts and 25 dedicated districts. The city will also have about 2,000 educational institutions, a technology and innovation Park, 663 hospitals and clinics, 1,250 mosques and churches, 40,000 hotel rooms, a major theme park, 90 square kilometers of solar energy farms, an electric railway link with Cairo, and a new international airport.