Egypt's currency dilemma spurs real estate export revival

“The real estate export initiative is integral to the economic system, but the government has to first resolve the foreign currency crisis. Furthermore, the challenges associated with currency inflow and outflow may deter prospective buyers and significantly impact foreign investments in real estate,” member of the Real Estate Investment Division Alaa Fikri told Ahram Online.

Egypt is currently experiencing a severe US dollar liquidity crunch after the war in Ukraine caused investors to withdraw approximately $20 billion in hot money from the Egyptian market as they sought higher interest rates elsewhere.

The government in its turn announced a plan to collect $191 billion through 2026 by increasing revenues from multiple foreign currency streams, most importantly remittances.