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Currency devaluation to spur foreign purchase of property - Daily News Egypt

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Currency devaluation to spur foreign purchase of property

20% of CGP's sales in 2017 to be directed to clients abroad, says chief projects officer


Capital Group Properties (CGP) chief projects officer and member of the Real Estate Development Chamber of the Federation of Egyptian Industries, Amgad Hassanein, said that the flotation of the Egyptian pound could spur foreign and Egyptian expat purchases of domestic real estate.

Hassanein added that in light of the US dollar appreciation against the pound, the Egyptian real estate market has become a very attractive investment option, adding that for $100,000, which is approximately EGP 1.5m, a person could purchase a luxury apartment in the most exclusive areas in Cairo.

Hassanein told Daily News Egypt that 20% of his company’s sales in 2017 will be directed to overseas clients.

He said that real estate developers are looking at launching new sales centres and branches outside of Egypt to promote their real estate projects. Developers are also aiming to participate in international conferences related to real estate, in cooperation with the state.

Hassanein noted that the real estate development chamber is considering launching a promotional conference to promote real estate projects abroad in the hopes that foreigners can help end the economic crisis and avoid a recession in the sector.

The chief projects officer pointed out that all real estate developers are very interested in the idea and its application, and that the chamber is coordinating with Egypt Expo and Convention Authority (EECA)—affiliated to the Ministry of Industry and Trade and the official authority concerned with organising conventions, fairs, and exhibitions inside Egypt. Developers are also keen to work with the ministries of investment and housing.

Tabarak Holding chairperson Ali El-Shorbany said in a press statement that international exhibitions for the real estate market in Egypt are necessary under the current economic circumstances in order for Egypt’s ability to move beyond this crisis.

El-Shorbany added that real estate will continue to be an integral part of the Egyptian economy as it is not influenced by any economic fluctuations; however, he added that the sector needs new mechanisms by which to counter the dollar crisis and aid the economy. He believes this can be achieved by marketing Egyptian real estate abroad.

El-Shorbany added that his company started following this strategy through its participation in real estate exhibitions abroad, especially through its recent participation at exhibitions in the United Arab Emirates in October.

 

https://www.dailynewsegypt.com/2016/12/04/currency-devaluation-spur-foreign-purchase-property/
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