EGYPT EMERGES AS THE WORLD’S FASTEST GROWING MORTGAGE MARKET
An overwhelming demand for housing in Egypt has resulted in the world’s fastest growing mortgage market; for Cityscape Egypt, which opens its doors in the next few weeks, the country’s demographics signifies opportunities for the residential sector
20 March, 2017, Cairo, Egypt: Driven by huge domestic demand, Egypt will be the standout market globally for mortgages in 2017, according to a March report by Euromonitor International.
The research agency has identified the top three markets globally in 2017 by fastest growth in mortgaged households, with Egypt topping the list, followed by Algeria and Nigeria. According to Euromonitor, Africa and Middle East are home finance hotspots, due to their large and growing populations seeking infrastructure and residential units to resolve urban housing shortages.
Egypt is expected to see an annual expansion of 18.9% in mortgaged households in 2017 alone, with forecasts that just under 300,000 households are expected to be owned through a mortgage this year. The news follows a report by Euromonitor, earlier this month, that Cairo’s population is set to grow by half a million this year, more than any other city in the world. Egypt's population currently sits at about 92 million. Demand for housing stands to be exacerbated by Egypt’s demographic structure.
“Following the economic overhaul over the last few months, Egypt is seeing signs of a recovery and with that confidence in the market. The real estate sector, and in particular the residential sector – one of the most promising in Egypt – is being driven by strong demand from a young and continuously growing population looking to purchase their own homes. For these Egyptians, the dream of owning a home is the surest and safest method of investment and establishing a basis in real estate wealth,” says Tom Rhodes, Exhibition Director for Cityscape Egypt, which takes place from 31st March – 3rd April at the Cairo International Convention Centre.
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Housing has risen to the top of the policy agenda in Egypt, and for good reason. According JLL MENA, the country’s New Capital City, located 28 miles into the desert of East Cairo, will absorb a large portion of the population. “The government’s extensive efforts to accelerate the completion of the project is aimed at accommodating shortages in affordable housing units for middle-income households,” says the property consultant.
Visitors to the four-day show, will have a chance to meet developers, who will offer special promotions on residential units and complexes; and property consultants, who will dispense advice.
Launching a new phase of Zizinia El Mostakbal, ARDIC For Real Estate Developments and Investments will be one of the exhibitors offering promotions to visitors at this year’s Cityscape Egypt. The 70-acre project comprises apartment complexes with a total of 45 buildings and 1800 units. The complex is expected to be delivered by 2020.
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Dar Al Maghraby, Egyptian-based architecture firm, will showcase TurQuoise, the latest in its portfolio located on Egypt’s northern coast and will be offering a special price on the launch of some of its units. Situated on a green cliff overlooking the sea, the resort offers private beach access, amities and F&B outlets.
Also, showcasing its new coastal project at this year’s exhibition is Cityscape Egypt’s Associate Sponsor, Misr Italia Properties. The Egyptian-based developer will offer visitors a look at Mousa Coast, a new mega-development located on the Red Sea, 90 minutes from Cairo. Mousa Coast will include Egypt’s first Crystal Lagoons, along with luxury hotels and chalets.
Visitors to the show will also get a glimpse into Madinaty, Talaat Moustafa Group’s modern city, which will act as an extension to New Cairo. Madinaty will include residential villas and apartment buildings, including vast green areas, golf courses, educational institutions, sports and social clubs, hospitals, business centres and entertainment facilities.
Some of the exhibitors at this year’s event include: Al Arabia Real Estate Development (ARCO), Palm Hills, PACT, Aloula Tameer For Mortgage Finance, Aristo Developers, Beta Egypt for Urban Development, Brouj Property Management, Capital Group Properties, Egyptian Engineering Development and Real Estate Investment, El-Batal Group, Emaar Misr, Invest4Land (API Investment), Madaar Development, Pandora Investments Public Ltd-Leptos Estates, Rooya Group, Talaat Mostafa Group Holding, Tatweer Misr, Trends Real Estate, and Wadi Degla Developments to name a few.
About Cityscape Egypt
Cityscape Egypt is owned by Informa Exhibitions. Informa Exhibitions delivers over 220 trade and consumer exhibitions annually across the globe. Cityscape first took place in 2002 in Dubai and since then, it has grown to be the largest real estate event brand globally, with events taking place across the GCC, Middle East, Asia and Turkey. Since its launch, Cityscape has welcomed over 500,000 real estate professionals and investors from over 160 countries.
