Cairo – Decypha: Egypt’s real estate industry, due to the recent boom, is expected to become the world’s fastest growing industry in 2017, according to a report issued by Euromonitor International.
The Middle East and Africa regions are considered home financing hotspot; this has been confirmed by the report data, which ranks the three top real estate markets as Egypt, Algeria, and Nigeria, according to Amwal Al Ghad.
In 2017 Egypt is expected to see around 300,000 households purchased through the mortgage system, showing an annual increase of 18.9%.
A contributing factor to the expansion of the industry is Cairo’s growing population, which according to Euromonitor is expected to see a growth of 0.5 million in population this year alone.
The real estate sector has been a safe haven for locals as the economic situation began to worsen in 2015. Viewed as a method of protection against the devaluation of the currency, the industry became fertile ground for both local and foreign investment.
By Decypha News Editorial Team
