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Posted On: 02/11/2011
Although the recent uprising against President Hosni Mubarak may have temporarily dented foreign investors’ appetite for Egyptian property, the opposite is proving to be true for the young Egyptian population, and demand is high. Enquiries into state land sales have led to a decrease in construction and have also affected the Egyptian mortgage market, but Egyptians are still building property, and those with mortgages are choosing to pay them off early, proving people want to own homes.
Before the uprising the government tended to auction off land at high prices to development companies who built homes for the very wealthy, and use the money raised to subsidised housing for the poorest members of society. This led to a huge housing shortage for middle income families estimated to be around 200,000 units a year.
While demand for high-end housing may temporarily have ground to a halt, there is considerable pent-up demand in other sectors, and a real need to expand Egypt's mortgage market which currently is worth less than 3.2 billion Egyptian pounds, equating to just 0.2% of GDP.
Another problem is the number of unlicensed constructions which are springing up in order to meet the demand. Red brick buildings, which are characteristic of unlicensed construction have always been present in Egypt, but have become more prevalent since the uprising due to lack of regulation.
The interim government has promised to make more housing available, as lack of affordable housing has caused discontent for many years. Once disputes over land sales are settled Egypt is likely to see large scale, legal development projects begin in order to help address the housing shortage.
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