Eng. Yasser Abdallah, Chairman of YA Developments, emphasized that the record-breaking sales of EGP 1 trillion achieved by the top 10 real estate companies by the end of the third quarter of this year underscore the robust demand in Egypt’s real estate market. He pointed out that these figures represent only a portion of the market, as they do not account for the contributions of other active companies in the sector.
He explained that these numbers highlight the ongoing trust in real estate as a safe investment and a reliable store of value, especially amid global economic challenges. The market has witnessed substantial sales across various segments, including residential, commercial, administrative, medical, and coastal properties, reflecting the diversity and resilience of demand.
Sales were concentrated in major projects in key areas such as the New Administrative Capital, New Cairo, and the North Coast. Many companies achieved record sales figures, underscoring the importance of selecting the right developer, location, and design quality in these projects' success.
Despite the challenges faced by the real estate sector in 2023 and 2024, such as rising construction costs due to global inflation and fluctuating raw material prices, government support has played a crucial role in stabilizing the market. This support has included incentives for developers and investors and improved infrastructure in new urban areas. Additional direct support is anticipated to help the sector fully overcome these challenges.
Eng. Yasser Abdallah noted that these strong sales send a positive message to foreign investors, demonstrating real demand in the local market and a favorable investment climate. The solid performance of local real estate companies serves as a key indicator for foreign investors, who seek market stability and profit growth opportunities.
The Egyptian market has seen significant advancements in the quality of real estate products, catering to both domestic and international demand. Companies have focused on offering innovative projects, including eco-friendly smart units and integrated communities that provide all necessary services, enhancing the competitiveness of Egypt's real estate sector on a regional level.
With continued infrastructure development and government support for the real estate sector, sales are expected to grow in the coming period, particularly with the launch of new projects in strategic locations across various cities. Additionally, increased foreign investment in the sector is anticipated to boost growth rates and solidify Egypt's position as a leading investment destination.
In conclusion, Eng. Yasser Abdallah reaffirmed that the Egyptian real estate sector remains a cornerstone of the national economy and one of the most attractive sectors for both local and foreign investments. With growing demand and a supportive investment climate, the future looks promising for this vital sector, which plays a pivotal role in driving economic development.
