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<\/p>\nProperty Finder has announced the findings of its latest Egypt Market Watch Report for Q2 2023, recording key transaction trends and insights for the country\u2019s thriving real estate sector. The report indicates that a multitude of ongoing projects is driving the growth of the country\u2019s property market, resulting in promising prospects.<\/p>\n
Interestingly, The New Administrative Capital spanning 97 projects recorded great progress, having reached advanced stages of development. Out of these projects, approximately 67% have surpassed the halfway mark. Moreover, approximately 12% of the projects are nearing completion, with over 90% of the construction already finished. Another 22% of the projects are currently between 75% and less than 90% complete.<\/p>\n
In Q2 2023, 25% of the total investments in Egypt were concentrated in the New Administrative Capital, with 97 ongoing projects with a total value of USD 68,528 million. Four new projects worth USD399 million were launched in Q2 2023.<\/p>\n
Four projects worth USD399 million have been launched through Q2 2023 in the New Capital, with 60% decrease compared to Q1 2023, namely Ri8 Compound by ERG Developments worth 179 million, Talah compound by New Plan Developments worth 120 million, Oaks Egypt Hotel by Margin Development worth 70 million and Haven Business Tower by EGICS worth 30 million.<\/p>\n
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Nervein Magdy, Country Manager of Property Finder Egypt, said: <\/strong>\u201cThe second quarter for\u00a0 Egypt\u2019s real estate sector was marked by a boom in new projects that surpassed all expectations. The quarter also saw the successful delivery of multiple projects, leaving buyers and tenants alike spoiled for choice. In this dynamic landscape, we look forward to empowering homeseekers with trusted knowledge sources and tools for more informed decision making.\u201d<\/em><\/p>\n The residential and mixed-use real estate sector recorded a growth in the number of ongoing projects that currently stands at 534, worth USD 329,575 million. In line with earlier trends, these accounted for around 50% of the total number of projects and approximately 75% of the total investments.<\/p>\n In Q2 2023, the market was dominated by private sector development that constituted 85% of ongoing projects and almost 66% of the total investments at USD 179,963 million.<\/p>\n Ongoing real estate projects in Egypt spanned across 21 governorates, and have reached advanced stages of development, with roughly 54% having surpassed the halfway mark and 13% nearing completion. Key investment destinations included Cairo, which attracted 57% of residential real estate investments, followed by the Giza Governorate with 16%.<\/p>\n Q2 2023 saw 32 developers commence construction on 34 projects across eight governorates with an estimated total cost of USD 7.7 billion, marking significant growth on the previous quarter and overshooting earlier projections.<\/p>\n Mountain View, a subsidiary of Dar Al Mimar Group (DMG), estimated their investment to be USD 1.3 billion, representing around 17% of the total investment in the last quarter. Meanwhile, JDAR Group had planned investments of around USD 500 million.<\/p>\n The majority \u2013 41% \u2013 of the new projects are located in Cairo, while the Giza Governorate is home to 29%, concentrated in New Zayed City.<\/p>\n During Q2 2023, Egypt witnessed the delivery of 11 real estate projects with a combined value of USD 875 million. This represents a 19% increase in volume and a 46% hike in value compared to Q2 2022. Around 36% of these projects are located in Cairo, with 28% of the total investment distributed over four main areas \u2013 Mokattam, Mostakbal City, New Administrative Capital, and New Cairo. Golden Gates Compound by Ebad Elrahman For Real Estate was the most valuable project in Cairo, accounting for 49% of the total investment in the capital.<\/p>\n Giza Governorate recorded 27% of the delivered projects with a total value of USD 322 million. Marakez played a significant role in Q2 2023, completing USD 139 million worth of projects in Green Land Compound on 6th<\/sup> of October City. In the same city, El Batal Developments delivered Rock Eden Compound in the October Gardens area, valued at USD 100 million.<\/p>\n While property prices were still on the rise, the growth in the sales market was slower than in the previous quarter. The average asking price for apartments in Q2 2023 increased by 21.5% compared to the same period last year, and the average asking price for villas witnessed a 16% hike. Average rent price remained robust, with a 23.1% surge over Q2 2022.<\/p>\n The Property Finder Market Watch Report revealed that New Cairo City, 6th<\/sup> of October City, Nasr City, and Sheikh Zayed City remained among the top choices for those who wanted to own an apartment. A newcomer on the list was El Maadi. New Cairo City, 6th<\/sup> of October City, El Maadi, Madinaty, and Nasr City were the most popular options among apartment renters. Meanwhile, New Cairo City, 6th<\/sup> of October City, Sheikh Zayed City, Shorouk City, and Madinaty continued to attract the interest of villa buyers, either for investment or residential purposes. Villa renters mostly leaned towards 6th<\/sup> of October City, El Maadi, Madinaty, Sheikh Zayed City, and New Cairo City.<\/p>\n El Maadi, one of the most searched areas for one-bedroom apartments, saw the highest return on investment (ROI) of 9.75%. 6th<\/sup> of October City was the most profitable area for three-bedroom villas with an ROI of 6.89%.<\/p>\n","protected":false},"excerpt":{"rendered":" Property Finder has announced the findings of its latest Egypt Market Watch Report for Q2 2023, recording key transaction trends and insights for the country\u2019s thriving real estate sector. The report indicates that a multitude of ongoing projects is driving the growth of the country\u2019s property market, resulting in promising prospects. Interestingly, The New Administrative […]<\/p>\n","protected":false},"author":3,"featured_media":1333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[91,39,168,83,130,43,87,15,55,119],"tags":[1866,349,1864,1862,814],"class_list":["post-1332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-arab-countries-en","category-business-economy-en","category-country","category-egypt-en","category-featured-en","category-finance-investment-en","category-gcc-en","category-press-releases","category-real-estate","category-success-stories","tag-egypt-market","tag-hc-securities-and-investments","tag-private-sector","tag-property-finder","tag-real-estate"],"yoast_head":"\n