The real estate sector is the only sector in Egypt that has remained stable in the past four years despite economic turmoil, Minister of Housing, Utilities and Urban Communities Mostafa Madbouly said.
Madbouly said that the last two years in particular have witnessed a significant leap.
During his speech at the Elite Real Estate Exhibition on Tuesday, Madbouly said that the Egyptian real estate market is the largest in terms of return compared to global real estate markets.
The minister said that investment revenues is estimated at 25% despite the current economic conditions in Egypt, adding that no other country has returns at that same level.
“The Egyptian market is currently receiving many requests for investment whether these be partnerships or individual businesses in the real estate market,” the minister said.”The government will call on local and Arab investors to participate in its mega projects in Cairo and El-Alamein during the next few months”.
Madbouly revealed that President Abdel Fattah Al-Sisi instructed that partnership projects in the New Administrative Capital and new cities should be launched rapidly over a short period of time.
Egypt is communicating with a number of investors and confirmed to them the easy exit from the market and easy remittance of profits in cooperation with the Central Bank of Egypt to confirm a safe investment with the freedom of the investor to dispose of his money easily in and out of the market.
Deputy Kuwaiti ambassador in Cairo Abdul Aziz Al-Beshry said that this exhibition represents an important and serious step for the development of mutual relations between Egypt and Kuwait.
Al-Beshry hopes for renewed joint cooperation between the two countries.