Egypt real estate projects tie for second highest value in MENA: Report.
According to global property intelligence JLL, Egypt and the UAE were ranked second in the MENA region for the value of their real estate projects in progress, with each country having $500 billion worth of projects in the first six months of 2023.
According to JLL’s report, Saudi Arabia topped the MENA region with $1.3 trillion worth of real estate projects in progress, followed by Egypt and the UAE, each with $500 billion. These three countries represented 60 percent of the total construction activity in the region in the first half of 2023. Despite the economic challenges, Egypt’s real estate market showed positive performance and growth potential. The JLL report projected that the value of real estate projects launched in Egypt would increase by nine percent annually from 2024 to 2027.
Egypt, Real estate for sale
The same report also forecasted that the Saudi and Emirati construction markets would grow by four percent and three percent annually in the same period. In the first six months of 2023, Egypt witnessed the launch of residential real estate projects worth $771 million. The country also saw a significant role of private developers in the real estate sector, accounting for 66 percent of the total investments and 85 percent of the ongoing projects. This was in line with the government’s vision to promote private sector participation in the economy, as reported by Property Finder.