The Forecast for Egyptian Real Estate Market. What to Expect
December 23, 2020
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At the beginning of 2020 experts expected the recovery of the Egyptian real estate market with a coming increase in the number of transactions and housing prices. At the end of the precious year, analysts were optimistic and noted the success of the country's economy. However, the pandemic intervened.
Real estate in Egypt has been getting cheaper for five years in a row. In 2016, the country's authorities let the Egyptian pound free float, which led to a sharp depreciation of the national currency. Nominal apartment prices jumped, but real prices fell down with the adjusted for inflation.
Meanwhile, the economy is not in a bad condition. The government is engaged in large-scale infrastructure projects, including housing construction. The most famous one is the new capital city of the country. Banks reduce interest on loans to make purchases more affordable. Egyptians themselves prefer to save money from inflation in square meters.
According to the World Bank, Egypt has laid the foundation for a sustainable economy over the past few years. Even despite Covid-19, GDP is expected to grow by 3.5% in 2020 (there are only a few such countries in the world). Savills analysts also believe in the prospects for investment in the "land of the pharaohs".
The key reason for the imminent demand for housing is a huge increase in population (plus 2,5 million people annually) and an increase in living standards, which slowly happens.
All of the above applies primarily to Cairo and other major cities. Foreigners are interested only in seaside locations like Hurghada, Sharm el-Sheikh and some others. The resort real estate prices depend both on the situation in the economy, the income of local residents, and the results in the field of tourism, which brings new vacationers and buyers here.
In 2019, the country received 13.1 million guests, and the contribution of the travel industry to GDP was more than 15%. This money did not come back in 2020, every month without tourists costs a billion dollars lost, about 3 million workers in the industry suffer.
On the one hand, real estate in Egypt for foreigners (anyone who keeps savings in dollars or euros) has become twice as cheap as it was five years ago. Now prices in the red sea resorts start from $250-300 per sq.m and that makes Egypt one of the most affordable countries in the world to buy a cottage by the sea.
Real estate in Egypt
160 854 €
Flat in Sharm el-Sheikh, Egypt
90 sq.m322
Remote Transaction
Spacious fully furnished apartment with 2 bedrooms with a total area of 90 sq. m. m is located in a prestigious residential complex on the very seashore!!!
On the territory of the complex there are several swimming pools, a recreation area, restaurants, cafes, a diving center, apartment cleaning services, a management company, round-the-clock...
SunResidence
14 570 €
Flat in Hurghada, Egypt
28 sq.m1
Remote Transaction
Siberian Tower 5 is a successful continuation of the construction of the "Family" of Siberian Towers. All Siberian Towers 1,2,3,4 are fully commissioned, put into operation and inhabited! Siberian Tower 5 is located in the central part of Hurghada, in the El Hadaba district. The area has developed infrastructure: chain supermarkets, cafes,...
SunResidence
569 883 €
Villa in El-Gouna, Egypt
165 sq.m34
CitizenshipOnline Viewing
Project features:The complex consists of one-storey and two-storey villas, twin villas and townhouses The houses have high ceilings, second light, skylights and spacious interiors The facility is located on an area of 121 acres The houses overlook the blue lakes and the golf course All houses are fully finished and there are two finishing...
Spacious two bedroom apartment with an area of 90 square meters overlooking the garden.
Turtles Beach Resort - A tranquil place on the Red Sea for a paradise life, located in a quiet area of Al Heyaa. (15 minutes from the city center and the airport of Hurghada)
He reads the tastes of any person, so he has many advantages such as: Private...
Living Point Property LTD
20 222 €
Apartment in Hurghada, Egypt
35 sq.m11
Online ViewingRemote Transaction
Luxury studio apartment on the seashore in the Casablanca complex. Private sandy beach equipped with sun loungers, good access to the sea, swimming pools, security. Short-term installments are possible. Luxury residential complex on the seashore in five minutes from the Old city center. All apartments from the developer are sold out and...
IdealHome
59 746 €
Flat in Sahl-Hasheesh, Egypt
67 sq.m211
Rental property
Cozy apartment with 1 bedroom, bathroom, kitchen, balcony, sea and pool views in Paradise Garden complex, Sahl Hasheesh, fully furnished and modernly equipped with appliances as in hotels of international standard Pyramid, best sea view, 5th floor, 67 meters, private beach and swimming pools, first line, cleaning, parking, playground, service,...
IdealHome
23 898 €
Flat in Hurghada, Egypt
60 sq.m211
Online ViewingRemote Transaction
Luxury apartment in the center of Hurghada within walking distance to the sea, tour promenade, shops, restaurants, cafes. With furniture.
Apartment with sea view in Hurghada, Mubarak-11. With 2 bedrooms, kitchen, bathroom, balcony, private garden, view of Mubarak Street 11, unfurnished, empty, 80 sq.m., 1st floor.
Nearby:cafes, shops, supermarkets, pharmacies, beauty salons, schools, 10 minutes to the public beach, green area.
Large apartment in the center of Hurghada, Nasr Street, within walking distance of shops, restaurants, cafes, green promenade
IdealHome
27 759 €
Flat in Hurghada, Egypt
44 sq.m
ResidenceRemote Transaction
The well-maintained studio is located in the prestigious Florence Khamsin residential complex in the central part of Hurghada. There is a developed infrastructure near the complex. The sea is 250 meters away. On the territory of the complex there are several swimming pools, a recreation area, a cafe, a management company, round-the-clock...
SunResidence
32 079 €
Flat in Hurghada, Egypt
73 sq.m211
ResidenceRemote Transaction
A spacious 1-bedroom apartment with a total area of 73 sq. m is located in a modern complex on the tourist Promenade.There is a developed infrastructure near the complex: chain stores, cafes, restaurants. The sea is only 300 meters away. On the territory of the complex there is an outdoor swimming pool, a recreation area, a management company,...
SunResidence
29 689 €
Investment project in Cairo, Egypt
15 sq.m15% per year
Remote TransactionCryptocurrency payment
CITY CENTER
The Down Town area is one of the most important investment zones in NEW CAPITAL. This area connects all vital places with each other. The most important of these places are the Central Station, the Diamond Hotel, Green River, the Ministerial district and the Opera House.
DINERO MALL
A business building combining commercial,...
PROFITABLE INVESTMENTS IN LIFE ON THE VERY SEASHORE! Majra Resort is a new residential complex with superior apartments, unique design and stunning sea views!The residential complex is being built on the very seashore and will have its own equipped beach! The land plot for the complex has an area of 1,500 sq.m and consists of 300 apartments. A...
SunResidence
193 025 €
Flat in Soma Bay, Egypt
132 sq.m322
Remote Transaction
Apartment for sale overlooking the sea and golf course on the closed SomaBay peninsula. There is a swimming pool on site and the coral beach is 300 meters away.
Residents have free access to the pools and beaches of other projects on the peninsula.
This apartment is suitable for your living, as well as for renting.
Infrastructure on the...
Somabayview
253 690 €
Apartment in Soma Bay, Egypt
112 sq.m322
The Reef Town project is located on the side of the reef, surrounded by a golf course and sea views.
The project includes: apartments, penthouses, chalets and villas.
Project for sale from the developer: interest-free installments for up to 5 years.
Down payment 10% and 10% after a year + quarterly payments.
Apartments: 10522 m2...
Somabayview
23 000 €
Flat in Hurghada, Egypt
70 sq.m321
ResidenceOnline ViewingRemote Transaction
"Explore the perfect two-bedroom apartment, covering 70 sqm, and enjoy unbeatable prices in Hurghada! Located in the Al Ahyaa district, priced at an attractive 1,155,000 EGP. With just a 35% down payment, you can secure your dream home, with the remaining balance spread over 3 years." (EGYPT - RED SEA - HURGHADA)
Go Shalabi
50 000 €
Apartment in Hurghada, Egypt
105 sq.m321
ResidenceOnline ViewingRemote Transaction
Discover the perfect accommodation by the sea in our spacious two-bedroom apartment in a new complex in Hurghada.
Go Shalabi
63 525 €
Flat in Hurghada, Egypt
62 sq.m211
Online ViewingRemote TransactionRental property
Living Point Property LTD
38 500 €
Studio in Hurghada, Egypt
42 sq.m11
Online ViewingRemote TransactionRental property
Discover this new jewel right on the beach and in the heart of Hurghada – a ready wonderful studio in Hurghada. Full of life, with lots of charm and great opportunities, it is currently taking people’s hearts by storm. The Turtles Beach Resort is an exclusive residential complex with a sandy beach. It offers apartments in a unique...
Have time to buy an apartment under construction from a reliable Hurghada developer! Installment payment is possible! Discounts!
The new Aqua Infinity residential complex is the third project in the family of residential complexes of this developer, located in the new developing area of Hurghada, El Gamas, next to El Gouna. The sea is 400...
On the other hand, the prospects of moving around the world (and this is critical for vacation home owners) are still not clear, and the consequences of the pandemic for the economy are unpredictable. In 2019, it seemed that the price "bottom" was already very close, but now the great finale is shifted indefinitely until the world will cope with the coronavirus.
The state of the market depends only on what will happen after the pandemic. As soon as the situation is exhausted, prices will rise. I assume that in the year after the pandemic, the growth will be gradual. And in another year, if the virus does not return, prices will double compared to the current ones. Well, such low prices as today, was not the last fifteen years.
