Saudi Gazette CAIRO — The fifth edition of Cityscape Egypt, the country's largest real estate exhibition, proved to be a huge success. Ninety exhibitors and thousands of visitors participated in the 4-day event (April 7-10) held at the Cairo International Exhibition Center. It showcased newly developed and upcoming mega projects from the region's leading real estate developers. The show this year matched the record size of the 2015 edition, with over 15,000 square meters of exhibition space. Many leading real estate companies displayed their upcoming and current projects; it witnessed also a huge attendance from homebuyers and it provided a good chance for development seekers. Real estate market in Egypt is booming from year to year. It is considered one of the fastest growing markets in the country, with the government also seeking to attract foreign investments to Egypt's real estate market, in order to improve the economy. The Egyptian Housing minister said increase in property project number positively affects Egypt's macroeconomic growth. "Egypt is witnessing substantial growth in amounts of businesses and mega projects in real estate market, which would in turn affect positively the state's macroeconomic growth," said Egyptian Minister of Housing Moustafa Madbouly. He referred to a bundle of projects, notably the Egyptian new capital city and Al-Alamein City that are under way. He also added that the fifth edition of Cityscape Egypt Exhibition this year is witnessing a significant growth in the amount of real estate projects being showcased. "This year, major property developers active in the local market are offering a huge collection of various projects in some cities in Egypt," he said. The event was inaugurated by Khaled Abbas, Egypt's assistant minister of housing for technical affairs, who said it comes at a pivotal time following the decision by the Central Bank of Egypt to devalue the Egyptian pound in order to bolster confidence in the market and attract foreign investment. "The Egyptian real estate market is witnessing substantial growth in terms of volume of projects being offered in the current phase," said Abbas. "The current investments in the Egyptian real estate market are exceeding 200 billion Egyptian pounds. The real estate growth rate in Egypt currently stands at 16 percent," Abbas said. Referring to expectations of seeing more than 20 percent growth in the coming years, Abbas sated, "About 50 percent of the current real estate projects are going for the middle-class housing segment." Large numbers of investors are seeking to work in Egypt's new capital city project, the Egyptian official noted, saying the ministry would study their offers in the near future after the completion of adding key utilities to the city. "Cityscape Egypt Exhibition is witnessing this year a distinguished collection of major investment projects, which reflect a positive indicator that Egypt has a promising and attractive market," Abbas said. Cityscape Egypt witnessed participation from leading EMAAR Misr, as they showcased their upcoming projects like Mivida, Uptown Cairo and Marassi. SODIC to displayed a diverse portfolio of projects both in the East and West of Cairo, namely Villette and Eastown in East Cairo and The Mediterranean North Coast. "The underlying demographics driving this industry are substantial and there is untapped potential in almost all market segments, this makes us even more bullish about the future of real estate development in Egypt. The recent real estate policy changes also promises to further regulate and stabilize the industry," said Maged Sherif, managing director and board member of SODIC. The Emirati Capital Group Properties (CGP), which plans to unveil Alburouj an integrated residential community, is their first project in Cairo that totals 5 million sqm. Walid El-Hindi, CEO of Capital Group Properties, considers the Egyptian market promising and attractive, amid an improved political and business environment. Madaar Development showcased their luxury waterfront residential development — AZHA Ain Sokhna. The company has plans to build and develop real estate projects across Egypt and is using Cityscape Egypt as a platform. Porto Group as well showcased many of their projects across Egypt, including the newly launched Porto Pyramids. They also have many projects like Porto Cairo, Porto October and Porto Sokhna. Almoez Holding Group, displayed a range of real estate projects at Cityscape Egypt, which included its Continental Sharm in Nabq Bay, an all-inclusive residential tourism resort and 5-star hotel, and the Continental Residence on Al Sheikh Zayed, a luxurious residential complex. According to a new report on Cairo's real estate market in Q1 by property advisor JLL, the devaluation bodes well for the real estate sector, particularly the hospitality and residential segments. "Residential is still the strongest performer since local demand is still strong," said Ayman Sami, country head of JLL's Cairo Office, MENA, speaking on how the country's residential sector remains the most promising, with Q1 2016 seeing the completion of 600 units across several projects.
