Global real estate consultancy, Knight Frank MENA released the Africa Horizons 2023/24 Report, an analysis that highlights Africa’s remarkable post-pandemic recovery. With a focus on Egypt, this report reveals a renewed surge in global interest in the continent, underscored by substantial investment commitments from major global powers including the US, UK, South Korea, UAE, Saudi Arabia, Turkey, and China.
The Knight Frank report mentioned that Egypt’s real estate market, particularly Cairo, is an outstanding prospect for investment. With recent addition to Knight Frank’s Africa network, Egypt’s market shines as North Africa’s rising star. Middle East sovereign wealth funds have plans to inject up to $120 billion investment in the country, indicating their strong confidence in Egypt’s market growth, based on the report.
Zeinab Adel, Head of Egypt Office of Knight Frank, said: “With a population exceeding 109.3 million, Egypt stands as an alluring prospect that beckons us. In the heart of this historic land lies an extraordinary opportunity, one that resonates strongly with the GCC market and Middle Eastern buyers alike.”
In 2022, total real estate investments in Cairo soared to US$ 20 billion, with US$ 16 billion dedicated to the residential sector, attesting to heightened demand for housing. Simultaneously, average residential property prices increased around 10 per cent during the same year, affirming the sector’s burgeoning interest.
During 2021 alone, the UAE invested in 71 projects worth US$5.6bn, with the most significant being The Agtech Park in Egypt, where UAE’s Abu Dhabi Fund for Development (ADFD) supported the establishment of an agricultural technology (Agtech) park to enhance Egypt’s agricultural productivity and promote innovation in the sector.
As reported by Daily News Egypt, Faisal Durrani, head of Middle East Research at Knight Frank said, clearly the weakness of the Egyptian pound, the relatively affordable home values when compared to major cities in the Gulf and the pleasant summer climate on the Mediterranean coast are adding to the country’s attractiveness.
