Egypt construction sector grows 20% in 2024: GAFI chief

Speaking at the third edition of The Investor..Real Estate conference on Tuesday, Heiba said Egypt had sealed one of its largest-ever investment deals through the Ras El Hekma development, which includes over $35.7 billion in foreign investments.

He noted that recent government reforms have helped spur growth, including bringing the housing sector under the Investment Law.

Investors are now offered incentives such as permission to hire up to 20 percent foreign labour, residency permits for foreign staff, tax breaks, and a reduced 2 percent customs duty on imported equipment for real estate projects.

Global institutions have taken note, Heiba added, citing a Fitch report that describes Egypt’s real estate sector as showing “clear strengths and tangible growth,” supported by improved infrastructure, stronger macroeconomic indicators, and easing inflation.

However, Heiba acknowledged persistent challenges, including delays in issuing the long-awaited Real Estate Development Law, stressing that GAFI is working with stakeholders to secure legislative stability and consolidate the sector’s role as a key driver of national development.

In February, Egypt also launched the region's first official real estate marketplace using Multiple Listing Service (MLS) technology, the world’s most advanced property listing system, to sell ready-made businesses and commercial assets.

The platform, the first of its kind in Egypt and the Middle East, provides companies with access to more than two million real estate professionals, aiming to enhance visibility, drive investment opportunities, and generate a broader economic impact.