Tarek Shoukry — Head of the Real Estate Development Chamber at the Federation of Egyptian Industries and Undersecretary of the Housing committee at the House of Representatives — expects the coming period will see an increase in the volume of investments in West Cairo.
He said that the region’s development is taking place gradually, the same way it did in East Cairo, adding that the state plans to develop West Cairo in a way that highlights the tourist attractions there, namely the pyramids, Sphinx Airport, and the Grand Egyptian Museum (GEM), which will have a significant role in increasing investment opportunities in the region over the coming period.
He added that a number of hotels are being inaugurated at a very high and distinctive level in West Cairo, which will make it a great destination for tourists.
On the performance of the real estate market over the previous period, he commented that Egypt’s real estate market always goes through some crises due to global economic challenges, the latest of which was the Russian-Ukrainian War.
Despite the severity of these crises, he confirmed the strength of the real estate market and its continued attractiveness, adding that real estate companies have played an important role in supporting the market.
“Despite the price hikes in raw materials, real estate companies have managed to keep the value of properties fixed, which has led to cohesion in the sector,” Shoukry explained.
This situation contributed to increasing customers’ conviction that real estate is a safe haven for investment and the most profitable during crises, which is confirmed by the increase in sales — estimated at EGP 150bn — recorded by companies listed on the EGX during the first half (1H) of this year.