Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Egypt, South Africa pledge to deepen development cooperation at G20 meeting    Egypt's PM orders road maintenance review, tougher penalties to curb accidents    Egypt, Novartis explore expanding collaboration in oncology, cardiology    Iran launches mass deportation of Afghans amid spying allegations    EU, China agree on rare earths, climate but divisions remain on trade, Ukraine    Association of Real Estate Developers seeks urgent meeting over threatened land deallocation on Northwest Coast    Midar partners with Adeer to develop Boulevard project in Mostakbal City with EGP 70bn investment    Over 60 million visits recorded under Egypt's Women's Health Initiative since 2019    Culture minister launches national plan to revive film industry, modernise cinematic assets    Thailand, Cambodia clash on new front as tens of thousands flee    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    UK pay settlements stagnant amid inflation surge    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    Egypt welcomes 25-nation statement urging end to Gaza war    EGX to close Thursday for July 23 Revolution holiday    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



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
Published in Daily News Egypt on 24 - 05 - 2017

Returns from selling property to foreigners may exceed $10bn annually through the implementation of a plan to market Egyptian real estate products externally, according to Hesham Shoukry, head of the Real Estate Export Council.
Shoukry told a state-owned newspaper that the Egyptian market is one of the most promising and distinctive markets around the world.
He pointed out that the real estate sector is capable within three years of being one of the most important sources for bringing hard currency to Egypt through the sale of real estate to non-Egyptians.
Shoukry noted that there is an added value to the idea of exporting the property to non-Egyptians as one of the sources of foreign income, namely to bring in more foreign currency through increasing the tourist nights to be spent by owners of those properties in Egypt.
"There is a recent study that confirms that every real estate unit that is sold to a non-resident in the country adds 800 to 1,000 tourist nights, besides the return of the sale of the property, in addition to the tourist promotion by the foreign buyer to Egypt with his friends through hosting them at his property inside the country," Shoukry said.
"Liberalisation of the exchange rate reduced the value of the property if valued in dollars, which means that Egypt has a large export potential compared to the competing countries in the region, such as Turkey, Dubai, and Greece."
Furthermore, Capital Group Properties' (CGP) chief projects officer and member of the Real Estate Development Chamber of the Federation of Egyptian Industries (FEI), Amgad Hassanein, told Daily News Egypt that in light of the US dollar appreciation against the pound, the Egyptian real estate market has become a very attractive investment option, adding that for $100,000, which is approximately EGP 1.5m, a person could purchase a luxury apartment in the most exclusive areas in Cairo.


Clic here to read the story from its source.