In a speech before the Al-Ahram International Conference for Real Estate Investment, Housing Minister Ahmed el-Maghraby on Wednesday said that real estate investment in Egypt rose 14 percent in the 2007/2008 fiscal year and 16 percent in the following year. The growth rate, meanwhile, had risen by 7 percent, he noted.
“This means the global financial crisis didn’t affect this sector in Egypt,” the minister said.
El-Maghrabi went on to predict that investment in real estate would continue to rise this year.
“Urban developers don’t just depend on bank loans to finance their projects,” he explained. “This has protected the sector from the repercussions of the crisis that we’ve seen in other countries.”
Translated from the Arabic Edition.