Latest in Real Estate Highlight
Latest in Real Estate
Housing Ministry completes 3,668 social housing units in New Qena
The ministry is carrying out 2,160 new units and offering 1,340 units for rent, says minister
Nile Real Estate targets EGP 35m sales of first phase of Nile Park
The Nile Park’s first phase includes 24 units, with a 10% down payment, says Nile Real Estate’s CEO
Plan to develop Ezbet Khairallah starting in September
The beneficiaries reached 101 families, says member of parliament’s Housing Committee
Construction companies demand Housing Ministry to contract with security companies to secure completed housing units
The contracting company’s responsibility ends immediately after the initial delivery, says Al Damrawi
CONSTEC aims to increase its business 92% by end of year
The company achieved EGP 260m in 2016 and is seeking to implement projects worth EGP 500m by end of year
NUCA approves 20 new projects on 1,500 acres
The main companies are Mountain View, Talaat Moustafa Group, Hyde Park, and Mall of Arabia
Spending in Egypt’s housing sector increases by 276% in FY 2017
A report by the Finance Ministry projects that only 30% of the planned budget will be spent by the end of FY 2016/2017, reducing last year’s spending gain to only 19%
Fuel prices increase construction costs by 15%
Recent economic reform decisions raised administrative expenses and profits of contracting companies by 30%, says Abdellah
Palm Hills gets approval for development of a residential project area of 12.6 million sqm
New project primarily puts the company as the largest real estate developer in Egypt in terms of sales value and land size: Mansour
Real Estate Development Chamber, Administrative Control Authority to end problems of real estate developers
MoUs were signed at the economic conference in Sharm El-Sheikh have been converted into contracts, says minister
54% of Egyptian households already found housing unaffordable before the recent economic reforms: 10Tooba
Speculative buying of real estate market estimated at 25% to 30% of transactions according to CI Capital, says the report
Misr Italia, CONSTEC sign contract to construct two administrative buildings at Cairo Business Park
The two buildings will cost EGP 55m over 10 months
EGP 90bn revenues of implementing “reconciliation on building violations” law
The average revenue of implementing the “reconciliation on building violations” law is estimated at EGP 90bn, according to Adel Badawy, a member of the parliament’s Housing, Public Utilities, and Reconstruction Committee. The draft law is in parliament awaiting approval, but there is a lot of dispute between the members of the parliament on the draft …
Azarita tenants demand decent housing
48 housing units have been provided to those affected by the leaning building, says Governor
Real estate prices may increase 80% by year end: Mena for Development Consultancy chairperson
After issuing the law that grants temporary residence for foreigners in return for buying property, it is anticipated that there will be a 20% to 30% export of real estate, says Fawzy
2 June deadline to serve units allocated for Egyptian expats
1,150 units are offered to Egyptian expatriates in Madinaty, Al Rehab, and Dar Misr
HHD, Al Oula sign EGP 500m finance lease to develop New Heliopolis City utilities
Heliopolis Company for Housing and Development (HHD) signed a finance lease on Thursday worth EGP 500m with Taamir Mortgage Company (Al Oula) to finance the work on utilities in the New Heliopolis City project. During the signing ceremony on Thursday, Hassan Hussein, the chairperson of Al Oula, said that the financing will be made available …
Propertyfinder receives demand requests for property worth EGP 4.6bn in Q1
12% growth in hotel industry in Egypt, says Propertyfinder’s executive manager
Selling property to foreigners exceeds $10bn annually: Hesham Shoukry
For $100,000, which is approximately EGP 1.5m, a person could purchase a luxury apartment in the most exclusive areas in Cairo, says CGP chief projects officer
Lack of maintenance, low facility management skills wastes EGP 20bn
The higher maintenance deposit value, the higher value of the property in case of resale, says Diaa
Egypt’s spending in built environment increases by 62%
The real per capita spending in new cities dropped to EGP 16,916 per person, compared to the nominal EGP 19,855 per person, according to the report
SODIC achieves total revenues of EGP 703m in Q1
SODIC records triple digit growth in profit, estimated at EGP 211m
Egyptians invest their dollars into real estate, pushing prices up 40% since flotation
Demand keeps growing despite unjustified price hikes, says head of Building Materials Division
Displaced Manshiat Nasr residents call on government to provide alternative housing
For the third day in a row, Manshiat Nasr residents are demonstrating the government’s action of displacing them in favor of a big Arab real estate developer,calling on the government to provide them with alternative housing for the ones they have been displaced from. One of the residents said the government didn’t provide all the …
10 years tax exemption, transfer of profits abroad revive Egypt’s real estate sector
It is important that the executive regulation of the Investment Law includes items related to luxury housing, says ARDIC CEO
Tenants negotiate to decrease rent cost after flotation: JLL country director
Residential supply grows at a high rate of 11%, says Sami
EGP flotation raises cement exports to 1 million tonnes in Q1
Cement sector did not export since 2009, says head of cement production division at FEI
Bedouin protection money raises average cost of real estate projects by 15-20%
Bedouins impose protection rackets on projects that are implemented at the New Administrative Capital, says EFCBC member
Egyptian Cabinet approves temporary residence for foreigners in return for buying property
The government will grant foreigners residency in Egypt for one year if they buy housing units worth $100,000 or more
ARCO launches new signature project in North Coast
AUR Capital for Direct Investment will be launched during Ramadan, says chairperson and CEO