Cairo alone attracted 57 percent of investments in residential real estate projects, while Giza received 16 percent, the report stated.
In the second quarter of this year, 32 developers started construction on 34 projects across eight governorates with an estimated total cost of $7.7 billion.
A quarter of the total investments in the Egyptian real estate market in Q2 were concentrated in the New Administrative Capital, with 97 ongoing projects with a total value of $68.5 billion.
Construction of the new capital, located 35km southeast of Cairo, on a total area of 170,000 feddans began in 2015. The new city will house 6.5 million people upon completion.
“The second quarter for Egypt’s real estate sector was marked by a boom in new projects that surpassed all expectations. It also saw the successful delivery of multiple projects, leaving buyers and tenants alike spoiled for choice. In this dynamic landscape, we look forward to empowering home seekers with trusted knowledge sources and tools for more informed decision-making,” said Nervein Magdy, Country Manager of Property Finder Egypt.
The number of residential and mixed-use real estate projects in Egypt currently stands at 534 with a value of $329.57 billion, according to Property Finder.
Total investments in Egypt’s new cities have reached EGP 705 billion ($22.82 billion), Walid Abbas, deputy chairman of the New Urban Communities Authority, announced last week.