Egypt Property Second In Jll Investment Hotspots
News Posted On: 27 September 2010
Today is a big day in the history of Egypt as an overseas property destination. According to global estate agency Jones Lang la Salle, Egypt is now second in the world, behind Saudi Arabia in terms of investor confidence and optimism.
“Four years ago, Egypt was not among the top ten destinations for investing in real estate, but now, according to a survey of 200 investors, it has reached the pinnacle,” said Blair Hagkull, the agency's MENA Chairman.
Khaled Sekry, chief operating officer for Palm Hills Developments, underlined that “the regional real estate hub is moving away from Dubai to Egypt, and will continue to do so for the next three years.”
Basically, “Egypt is on a role,” Hagkull declared, highlighting the market sentiment for the country.
The report says it is all about fundamentals, but this is really stating the obvious.
Two key things are driving growth into a boom now, and will continue to drive growth for the foreseeable future. Economic growth, and population growth.
The fact is; Egypt is transitioning from being an impoverished third world country, into a developed middle-income country. It is seeing the kind of mass-migrations as Britain did as we entered the industrial revolution; millions of Egyptians are moving from rural areas into urban areas, bringing demand for housing as they find the jobs they come in search of.
Economic growth means growing affluence, and we then have people moving up and out of shared accommodation into places on their own. Then you have the thousands of people getting married each year, and moving into their own place.
Business and retail outfits see all this growth, they buy or rent in the commercial sector, further increasing economic growth and affluence, and creating a self-perpetuating cycle of growth in the Egypt property market.
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