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Cairo property market to experience demand shortage of 2m residential units by 2015
‘Next Move 2010’ exhibition to highlight Egypt’s next wave of property prospects.
April 5, 2010 11:39 by Ben Flanagan
April 05, 2010: The 2010 edition of Next Move, the largest real estate investment and finance exhibition in Egypt, will highlight numerous upcoming local property opportunities being driven by factors such as the country’s rapid demographic growth, office space shortage, and an expanding middle class. The event will run from April 28 to May 1, 2010 at the Cairo International Convention and Exhibition Centre.
Next Move 2010 will welcome real estate developers, financers, investors and project designers to explore opportunities within the region’s most populous country and largest property market. Egypt’s real estate sector is estimated to have grown by around 3.7 per cent in 2009, in spite of the global financial crisis, with the residential market offering particularly strong potential for the next decade due to the current shortage of 3 million units with additional demand for 150,000 units per year. The saturation of the high-end market is expected to open up demand from the low- to middle-income segment, which represents around 45 per cent of the population. The Cairo market in particular is highly attractive, with a demand shortage of around 2,000,000 residences foreseen by 2015.
“Egypt’s property markets have been performing exceptionally well over the past two years due to steady population and business growth. Next Move is an important platform for industry stakeholders to identify opportunities, address market gaps and sustain industry growth. Its significance will be further highlighted this year as the world looks forward to the start of economic recovery and investors display greater confidence in investing into the property sector,” said Ahmed Ghozzi, Chairman, ACG-ITF, one of the two co-organizers of the event.
Egypt’s real estate industry is expected to perform strongly again within the next 12 months amidst expectations of continued real GDP growth, sustained interest among domestic businesses to invest, and rapidly recovering national tourism. Next Move 2010 will build on this optimism and feature key prospects within its expanded 25,000 sqm of exhibition space. The inaugural edition of the event in 2008 featured the introduction of projects with total value exceeding USD 25 billion and affirmed the strong potential of the country’s property market.
“Conditions are ripe for the local property sector to take its productivity to the next level. With incentives such as exemption from capital gains taxes, lower prices and close proximity to major European travel destinations already in place, we can look forward to increased investment and financing activity. Next Move is the place to be for those planning to capitalize on the burgeoning Egyptian market,” added Yasser Ghazi, Chairman, Lead Marketing Solutions.
Next Move is jointly organized by ACG-ITF, the largest exhibition organizer in Egypt, and Lead Marketing Solutions, a leading global company in project marketing. It was lauded as the largest exhibition and forum in Egypt when it accommodated 40 major developers and 20,000 visitors to 16,000 sqm of exhibition area in 2008. Last year’s edition was held under the theme ‘A Window to the Future’ and attracted 22,612 visitors with strong interest in tourism compounds, commercial locations and administrative properties.
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