By Accommodation Times News Services
Investment interest in Egypt property market has maintained its continuous incline as more investors are keen to invest, especially in anticipation of the International Property Show Egypt (IPS Egypt) which will be held from October 10-13, 2018 at the Egypt International Exhibition Center and where exclusive deals and discounts will be offered to investors.
The property market in Egypt continues to grow since the Egyptian government decided to float its currency in 2016 benefiting the sector as more Egyptians invest in flats and townhouses either for their new or second homes. Egyptian expatriates whose income abroad can be translated to higher buying capacity in Egypt are also heavily investing in their country with a significant interest in vacation homes, while Egypt’s wide array of residential and commercial properties continue to attract foreigners living in the country.
Yet the higher stake in Egypt property investment rests in anticipation of planned mega infrastructures including the New Administrative Capital which, when completed, is expected to attract heavier foreign investment and tourism boom. New Administrative Capital will have 21 residential districts, 25 dedicated districts, a huge park, educational institutions, technology and innovation parks, hundreds of hospitals, clinics, mosques, and hotels, an impressive international airport, a theme park that could compete with the world’s largest Disneyland, and a railway link to Cairo.
Increase in foreign property investment can be attributed to policy changes that the government has taken which are intended to attract foreign investors such as the amendment of Investment Law in 2017 to encourage property purchase by foreigners. Ease in profit repatriation and in securing residence permit have also resulted to an influx of foreign investment in property as well.
Egypt’s property market has indeed commanded huge investor interest and a global event such as IPS Egypt would serve as an ideal platform to gather local, regional and international investors to meet with top Egyptian realtors and developers and secure property deals. Likewise, Egyptian investors can look into property investments outside Egypt as showcased by other participating countries, such as the UAE, where Egyptian expatriates are ranked among its top investors.
As in previous IPS shows which were held in Dubai, IPS Egypt will also have as one of its features the Mega Property Sale to facilitate onsite sale and purchase of properties. The 4-day event will also offer a complete package of bargain deals and services such as market-leading offers from regional and international developers, banks and other financial institutions, legal services, real estate agents, and property auction houses.
IPS Egypt is the largest international gathering of real estate developers and investors and is being supported by the Dubai Land Department. H.E. Majida Ali Rashid, DLD Assistant Director General and the head of the Real Estate Investment Management and Promotion Centre, anticipates higher investment by Egyptian investors on Dubai real estate thru IPS Egypt. In her statement, H. E. Majida Ali Rashid said that, “The Dubai Land Department, thru the Real Estate Investment Management and Promotion Centre, supports IPS Egypt and its thrusts in facilitating a healthier regional property investment market. We will have our own UAE Pavilion at IPS Egypt to unveil Dubai’s real estate investment map and attract more Egyptian investors to invest on real estate in Dubai.”
Egyptian nationals and expatriates in Dubai ranked prominently as the 6 th largest investor on Dubai real estate with AED 4 billion investment made.