Egypt is set to establish a dedicated company overseeing real estate export and leasing activities, reported state media Al-Ahram.
Anticipated to generate between USD 2 billion and USD 3 billion in revenues (EGP 61 billion – EGP 92 billion), this initiative aligns with the government’s overarching plan unveiled in November to entice foreign investors and expatriates by selling real estate units in US dollars.
To help bolster investment, the company will offer foreigners residency of up to five years in exchange for their purchase of properties in Egypt in US dollars. The exact details of this program, including eligibility criteria, have not yet been revealed.
In tandem with this real estate endeavor, Egypt has unveiled a comprehensive economic plan that highlights the strategic directions for the Egyptian economy (2024-2030) and aims to triple its annual foreign currency revenue to USD 300 billion (EGP 9 trillion) by 2030.
The multifaceted strategy encompasses substantial increases in exports, tourism revenues, stable economic policies, foreign direct investments (FDIs), Suez Canal earnings, as well as promoting a sustainable and competitive knowledge-based economy with a focus on social development and global economic influence through the optimization of the Suez Canal, and outsourcing services.
The ambition is to elevate annual exports to USD 145 billion (EGP 4 trillion) and tourism revenues to USD 45 billion (EGP 1 trillion).
The projected value of the Egypt residential real estate market is approximately USD 20.02 billion in 2024, with an anticipated growth to reach USD 33.67 billion by 2029, reflecting a compound annual growth rate (CAGR) of 10.96 percent over the forecast period from 2024 to 2029.
Egypt has undergone multiple currency devaluations, influenced by geopolitical developments, and the impact of the COVID-19 pandemic. In light of these challenges, the nation is actively pursuing economic stability and endeavoring to attract foreign investments.