Leading Egyptian online real estate portal, Property Finder, confirmed a remarkable growth worth 66.61 billion Egyptian pounds in Egypt's real estate market during 2017, achieving higher market performance than 2016, according to the company's annual report released on Sunday. The website has witnessed an increase in the number of registered properties that grew from 52,104 properties in 2016 to 119,240 properties in 2017, achieving a total of 128.8 percent increased growth rate year-on-year. A noticeable enhancement in market performance has also occurred in the value of properties; the market has witnessed an increase of 221.8 percent in property value listed on the website, increasing from LE 60.18 billion in 2016 to LE 193.6 billion in 2017. Egyptian real estate accomplished growth in 2017 amid economic recovery, which is attributed to the government's plans for launching mega projects,in the real estate sector, such as the New Administrative Capital and social housing projects, among others,according to the company's Executive Manager, Mohamed Hammad. Hammadalso pointed out in the report that the market witnessed a fruitful year in 2017 due to financial facilitation offered by banks that sought to fund real estate projects through several initiatives, including the Mortgage Finance Fund and the Central Bank of Egypt (CBE) initiative of targeting funds to home buyers from various socioeconomic classes, enabling them to purchase residential units. The government's keenness on developing the sector was vivid also in expansion plans through diverse projects in tourism and residential projects as well as land allocations to real estate developers, the report added. Economic stability, stability of foreign exchange markets and foreign expats' interest in the market are also elements contributing to the market's growth where 27,767 real estate deals are expected to be finalized between the company and its partners by the end of 2018, according to Co-managing director of Property Finder, Ahmed Iraqi. Iraqi also noted in the report that the internet is among the fundamental aspects of the market's success, stating that it supported real estate marketing and promoted larger projects to a wider base of potential buyers and providing them the benefit of conducting comparisons between one property and another. "Internet ensures the achievement of direct revenue," he asserted. Property Finder has also performed a major role in serving the market through developing new tools and technologies that provide services to the company's real estate partners who have increased in 2017 by a total of 270 percent. The company has previously published a semi-annual report that announced market trends and demographics of buyers with tendencies in buying and selling properties in the Egyptian market. The Egyptian real estate market is stirred by great demand resonating from young citizens aged 25 years to 34 years old, making up 37.6 percent of a segment showing a keen interest in new properties. Demand is also high among women, accounting 59 percent of new property seekers. Source: Egypt today
