Cairo - Mubasher: A number of real estate developers have presented tools through which foreign investments in the Egyptian reat estate sector can be encouraged, especially after the pound flotation.
During an event held in Cairo, a number of experts said that Egyptian properties are around 25% cheaper that other markets.
The CEO of Royaa said that there are a number of countries that depend on exporting properties such as the United States and the United Kingdom, especially with New York and London leading the market with $40 billion each.
Hesham Shokry added that after the pound flotation, any property in Egypt have a price of less than EUR 1,000 per meter, which is nearly 25% lower than other markets.
Shokry noted that the targeted markets should include the Gulf countries, UK, and Russia, as they have high demand, stressing that Egypt is capable is competing with Cyprus, Greece, and Spain.
Meanwhile, the chairman of JLL Egypt, Ayman Sami said that market studies are needed, alongside providing high levels of services to promote Egyptian properties, adding that a property in London is 15 times its price in Egypt, which means that there is a need to identify the customer and their needs.
The chairman of Coldwell Banker - Middle East, Mohamed Abdullah noted that a number of incentives are needed to vitalise the sector and attract foreign investors, adding that foreign clients spend nearly 20% of the value of their proprieties during their stay in the country, which helps increase foreign exchange inflows to Egypt.
