While most of the world grappled with the repercussions of the COVID-19 outbreak in 2020, Egypt was one of the few emerging market countries that experienced a positive growth rate thanks to the government’s timely response, according to the International Monetary Fund, which has also forecasted growth to rebound strongly to 5.2 percent in fiscal 2021-22.
In its July 2021 report on Egypt’s real estate market for Cityscape event, global real estate consultancy Colliers highlighted that real estate remained a relatively sound and a stable investment even in a volatile climate. With an increase in population of about 2.5 million people per year, it is unlikely the appetite for real estate across the nation will diminish any time soon - pandemic, or otherwise, the report said.
The real estate leaders that Zawya Projects spoke to agreed that the sector has managed to ovecome the COVID-19 shock and is poised to perform better in 2022.
Ahmed Shalaby, President and CEO of Tatweer Misr said close cooperation between the Egyptian government and the private sector to develop 61 cities across the country, comprising existing and 34 new fourth-generation cities will serve as a locomotive of development for the sector in 2022.
He said: “The real estate sector has continued to improve despite the pandemic and the economic and political turbulences and will do better in 2022.”