Real estate is a very large industry that doesn’t only include high-end residential, it’s actually only a part of a large variety of projects. However, it remains a very critical piece of the market.
With the noticeable booming in Egypt’s populations, due to lots of factors, it was only logical to think about the future of urbanization in Egypt, with only 48% urbanized and an annual increase in population with a rate of 1.88%, to avoid the effect of these numbers on the long term, it was encouraged to be proactive and start working on the solution of a problem that’ll kick in pretty soon, especially with the global recession due to recent events.
In light of the concept mentioned above, there’s a great emphasis put on the development and construction of more than 53 cities all over Egypt of which 23 cities already exists, this opportunity was perceived as a very attractive opportunity on a very large scale in the real estate in Egypt, especially with the New Administrative Capital as a project recognized globally.
With the end-user being of a noticeable experience and awareness of their own needs, and on the other hand, developers have quickly adapted to the global and local changes; the Real Estate Domain started to act accordingly.
Looking back, the under-construction projects witnessed a steady rise as people began adapting the idea of moving away from central Cairo and hence, the demand rose and the conditions eased despite the fact that competitive interest rates of structured mortgage is still unrecognized in Egypt.