Egypt’s currency floatation is likely to boost real estate demand from international investors, according to a new analysis.   The recent decision, as well as the interest rate hike of 600 basis points, may have reduced the value of the Egyptian pound (EGP), but it will have a positive impact on the country’s property market, Savills said in its preliminary insights.   Early this month, the country floated its currency against the US dollar, allowing the exchange rate to be determined by market forces. The move was accompanied by an interest rate increase. The recent decisions have initially lowered the value of the EGP against the US dollar by 60%.   “The float will make property in Egypt more attractive to international investors who had been…

Lasirena Group delivered around 1,200 units across its diverse projects in the North Coast, Ain Sokhna, Sharm El Sheikh, Ras Sidr, and Cairo last year.   Mahmoud Omar, from the Board of Directors, emphasized the company’s commitment to boosting construction rates.   “Despite the real estate market’s challenges and significant shifts in construction costs, we’ve intensified our efforts and invested substantially in 2023 to expedite our projects’ development, ensuring timely delivery to our clients,” Omar stated.   The group is currently developing over 15 varied projects, offering units that cater to the wide-ranging preferences and requirements of the Egyptian real estate market clientele, with a focus on top-tier quality…

Tarek Shoukry, head of the Real Estate Development Chamber at the Federation of Egyptian Industries and deputy of the housing committee in the House of Representatives, anticipates a marked escalation in property values. This comes in the wake of the Central Bank of Egypt’s move to hike interest rates by 6%.   Shoukry expressed that the rate increase is a double-edged sword: it’s expected to mitigate inflation and lower the cost of goods, benefiting the populace. However, the flip side presents a harsh reality for businesses and investors. The additional 6% on interest rates pushes borrowing costs to the brink of 30%, posing a daunting challenge for developers contemplating expansion or securing loans for ongoing projects.   Shoukry also highlighted that a…

According to Hisham Okasha, NBE Chairperson, this deal represents a promising investment opportunity that aligns with the bank’s strategy to diversify its investment activities and strengthen its presence. Yehia Abou El-Fotouh, Vice Chairperson of NBE, expressed pride in completing the transaction, emphasizing its potential impact on real estate market recovery. The real estate sector is crucial for the Egyptian economy.   Hyde Park, a leading company in real estate investment within new cities and urban communities, boasts a licensed capital of EGP 10bn. Its land portfolio exceeds 6 million square meters, enabling the establishment of several projects. Notable among these are the Hyde Park project in Fifth Settlement (1,177 feddan), the Towny project in 6th of October City…