Knight Frank gears up for Egypt’s booming real estate market.
Knight Frank, the leading global property consultancy, opened its first office in Egypt in Al Zamalek, Cairo. The office is strategically positioned at the intersection of Cairo’s expanding East and West urbanizations, reflecting Knight Frank’s commitment to the dynamic Egyptian real estate market. The firm also released its exclusive signature report, Destination Egypt, to mark this milestone.
The launch of Knight Frank’s Egypt office is a significant step into the country’s thriving real estate sector, which accounts for 16% of Egypt’s GDP. With over 125 years of global expertise, Knight Frank offers a world-class portfolio of real estate consultancy services covering various sectors and segments.
The Knight Frank team in Egypt is led by industry veterans who have played pivotal roles in developing local real estate. Zeinab Adel is the Head of the Egypt office, while Tamer Elfiky, Partner – Head of Operations Egypt, oversees the operational aspects of the business.
William Beardmore-Gray, Senior Partner and Group Chair says: “We are delighted to announce our office opening in Cairo, a dynamic and important market. This expansion strengthens our ability to provide best-in-class advice across Africa and the Middle East to both local and international organizations.”
James Lewis, Managing Director of Knight Frank, expressed enthusiasm for this expansion, stating, “This expansion responds to our Middle Eastern clients’ demand for our insights into this dynamic market. Egypt’s rich history and thriving real estate market offer immense growth potential. This also marks the launch of Knight Frank’s first office in North Africa, expanding our continental Africa network to 10 countries, with regular assignments in 50 African territories annually.”
Egypt, Real estate for sale
Zeinab Adel, Head of Egypt, added, “We are proud and excited to launch Knight Frank’s inaugural office in Egypt. This new chapter signifies our commitment to making a significant difference in the real estate landscape. It represents a beacon of hope, a promise of growth, and an optimistic outlook on our transformative journey. Our presence here is a testament to our belief in Egypt’s potential, and we are dedicated to forging a path of promise and prosperity.
”Along with the launch of the Egypt office, Knight Frank also presents its highly anticipated flagship report, “Destination Egypt.” This comprehensive report celebrates our entry into Egypt and showcases the resurgence of the Egyptian real estate sector as a regional emerging star.
The “Destination Egypt” report highlights the following key points:
- Egypt is a magnet for investments from the GCC countries, with billions of dollars flowing into various sectors. For example, Saudi PIF invested US$ 15 billion in 2022, while UAE investments are expected to reach US$ 35 billion by 2025.
- The residential sector is the main attraction for local and foreign investors. In 2022, Cairo received US$ 20 billion in real estate investments, of which US$ 16 billion went to the residential sector.
- The report reveals that 94% of GCC nationals with investable assets over US$ 1 million are interested in buying property in Egypt, and 56% plan to do so within the following year.
- The report is based on a survey conducted by Knight Frank and YouGov, which involved 258 GCC nationals with different net worth levels. The survey explored their preferences and motivations for real estate investment in Egypt.
As Knight Frank expands its presence in Egypt, the firm aims to redefine the Egyptian real estate landscape and contribute to its sustained growth with excellence, expertise, and insights.