Egypt's largest companies aim to export real estate to the Gulf, through sale and development
Major real estate companies in Egypt are betting on exporting real estate as a mechanism to improve profitability and bring in hard currency, at a time when the Egyptian economy is witnessing a crisis in saving the dollar. These companies aim to move in two directions to win this bet, the first: working to attract more Egyptian buyers abroad, and their foreign counterparts from the Gulf in particular, and the second: searching for partnerships to establish new projects outside Egypt.
These moves on the part of the companies come at a time of increasing pressure as a result of the increase in construction costs by up to 100% for some commodities, which prompted an increase in the prices of real estate units, and forced developers to restructure their feasibility studies.
On the sidelines of the "Nile Real Estate" exhibition, which was held last Thursday in the Saudi capital, Riyadh, a number of major Egyptian real estate companies expressed optimism about the real estate market in Egypt despite the challenges.
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