The government plans to launch a company to export Egyptian real estate abroad, which is a positive step to diversify and increase the foreign exchange revenues of the Egyptian economy, said Mohamed Rashid, a member of the Real Estate Development Chamber at the Federation of Egyptian Industries.
He said that this would allow the state to benefit from the urban renaissance that it has experienced over the past years and that it has created a competitive and exportable real estate product for the global markets.
Rashid stated that the expected initial revenues from the real estate export initiative, which involves renting and selling residential units in foreign currency to foreign investors and Egyptian expatriates, would amount to $3bn, according to the document issued by the cabinet on “The Strategic Directions for the Egyptian Economy for the New Presidential Term (2024-2030)”.
He explained that this initiative is part of the national programme to increase the foreign exchange receipts to $300bn by 2030, which also includes tourism, remittances from Egyptian expatriates, foreign direct investments, exports, and Suez Canal revenues.
Rashid noted that exporting Egyptian real estate aligns with the aspiration of many real estate development companies in Egypt to generate foreign currency, from Egyptians abroad or foreigners in Egypt or abroad. This initiative would also create opportunities for investment partnerships in the field of real estate investment and development, as well as new real estate projects in Egypt with foreign investors.
Rashid anticipated that the success of real estate exports would increase the dollar revenue of the Egyptian state, and revealed that there is a high demand from foreigners and Egyptians abroad to buy real estate, as they account for 35% of the sales proceeds.
He further anticipated that this percentage would rise with the implementation of the real estate export initiative, which is expected to offer major facilities and incentives.