World Economy

Real Estate Powering Egypt Growth

Real Estate Powering  Egypt GrowthReal Estate Powering  Egypt Growth

In the last few critical years of Egypt’s history, the growth of its economy has depended heavily on the development of the real estate sector, Amwal Al Ghad reported. The real estate sector in Egypt is dynamic and reliable, serving as the backbone of the nation’s economy despite the political and economic setbacks endured in recent years. The value of real estate investments in Egypt has witnessed a sharp increase since 2001–from €890 million ($992 million) rising to €3.5 billion by the end of 2012, representing a growth rate of 27.5%. Labor markets in Egypt have been favorably assisted by buoyancy in the country’s property market. In 2012, the real estate sector absorbed as much as 14.9% of total employment, hiring an equivalent of 3.2 million people and in 2013 the sector contributed 8.3% to national GDP. Industry insiders have since adjusted their outlook for Egyptian real estate, projecting the sector to grow 70% from €6.3 billion in 2012 to just over €10 billion by 2020.