Organisers at Cityscape, the most influential property exhibition in Egypt, are confident that this year’s event will show the real estate sector’s appetite to get ‘back to business’, with a number of key drivers. They include Egypt’s central bank efforts, changing buyer needs, and ongoing investment confidence minimising the impact of coronavirus pandemic on the market.
Supported by Egypt’s Ministry of Housing, this year’s Cityscape will run from 4-7 November. The event will host over 50 leading developers and attract a broad range of buyers looking to invest in residential, commercial hospitality and find real estate investments across the country.
Faariss Khalil, Exhibition Manager for Cityscape in Egypt, said: “The Egyptian market has proved its resilience over the past few months and this year’s Cityscape will further emphasise the appetite to get ‘back to business’ in the real estate sector.
“While the global property market witnessed a slump during the lockdown period, Egypt is still pegged for positive economic growth and investors will see the attraction of great opportunities being presented by leading developers, at a time of reduced interest rates which stimulate activity in the market.”
Despite the effects of the pandemic on the region and world, the Egyptian economy has exceeded expectations according to the IMF’s Global Economic Outlook report, while World Bank figures have shown that the economy is still in line to grow by 5.8% this fiscal year, in line with its expectations six months ago.
A number of factors are driving investor confidence in Egypt, including the Central Bank of Egypt’s decision to bring in a reduction of 3% on interest rates in March, and further reductions likely to stimulate borrowing, spending and investment. A long-term supply gap in residential units, a growing youthful population and a general desire to buy as an investment or hedge against inflation have also strengthened demand.
Changing attitudes towards the home, brought about by social distancing and lockdown earlier this year, are also driving trends in the market, with an increased emphasis now being placed on increased unit size, greater outdoor space, services and location by investors.
Cityscape is organised in accordance with Informa’s AllSecure health and safety standards for the safety of all exhibitors and visitors across Informa’s international shows – ensuring Cityscape participants can conduct business and network in a controlled and hygienic setting.
