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Tax equality between real estate and tourism investors provides fairness.
28.11.16 | Interesting article at Daily News Egypt

The real estate market in Egypt is approaching a bubble that will follow the current boom in the sector, according to Samih Sawiris, chair of the board of directors at Orascom Development Holding.

Sawiris told Daily News Egypt that the growth in the real estate sector will continue until next year, and maybe the year after. After that, the sector is expected to enter a bubble, due to the “crazy profit margins” and large number of developers that are operating in the sector. He added that at the same time, trading on real estate is in decline, while prices increase.

He pointed out that all of these are indicators on an imminent crisis in the sector.

Sawiris said that equality between tourism and real estate investors provided fairness among companies working in both sectors.

He added, during the American Chamber of Commerce conference, that he once spoke to former president Hosni Mubarak during his visit to Hurghada, asking him which is better: a villa that is closed 10 months a year, or a hotel that hosts tourists.