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Abou El Enein: Egypt's real estate market is promising, attractive


Mon 06 Aug 2018 | 03:23 PM
Hassan El-Khawaga

CAIRO, Aug 6 (SEE) - Honorary President of the Parliamentary Assembly of the Mediterranean (PAM) Mohamed Abou El Enein said on Sunday the Egyptian market is one of the attractive markets for investment, particularly in the real estate field due to the Egyptian people's habits of possessing a property as a kind of saving their money for a long time without loss in its value.

Abou El Enein was delivering a speech during Aqarmap Grow conference held on Sunday with participation of senior real estate developers from Egypt and Saudi Arabia.

The prominent Egyptian businessman pointed out that Egyptians' trends in buying the properties nowadays have changed in line with witnessing new real estate projects with distinguished designs.

"One of the features of the real estate market in Egypt is that demands for properties are higher compared with with its supply, given that Egypt's population surpasses 100 million people," he noted.

"Egyptians need about 750,000 units annually and what was built is up to 350,000 units. That means there is a great gap between the demand and supply," Abou El Enein added.

He also said Egypt addresses Arab and foreign investors to develop real estate projects in the country, adding that the real estate market here is promising and great opportunity for any investor due to favorable measures taken by the State to boost the investments.