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Egypt’s property market booms amid economic challenges

Posted on September 9, 2024 |

In Q2 2024, property prices in Cairo’s upscale areas rose significantly: Sixth of October City by 175% and New Cairo by 180% year-on-year.

Rental prices also increased sharply, with New Cairo up 122% and Sixth of October City up 101%.

Rent in mainstream districts saw a rise of at least 50%.

The surge in property prices is largely due to the devaluation of the Egyptian pound, which has lost nearly two-thirds of its value in the past two years.

Construction costs increased by 20% following Egypt's fourth currency devaluation in March.

Cairo added 2,200 new residential units in Q2, bringing the total to 278,000, with another 22,000 units expected in the latter half of 2024.

Egypt’s real estate market is valued at $20.02 billion in 2024 and is projected to reach $33.67 billion by 2029.

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