Real estate marketplace PropertyFinder saw the delivery of 17 new property projects worth $1.3 billion in Egypt during the first quarter of 2023, representing 31% and 32% year-on-year (y-o-y) growth, respectively.

In Q1, construction commenced on nine property projects with an estimated cost of $1 billion, according to PropertyFinder’s market watch report. The number of real estate projects is expected to increase to 15 in Q2.

“Overall, Q1 2023 witnessed a successful delivery of multiple real estate projects across Egypt, with New Cairo and Giza Governorate being key areas of focus,” the property portal noted in the report.

Headquartered in Dubai and founded in 2007, PropertyFinder also operates in the UAE, Bahrain, Qatar and Saudi Arabia.

In Egypt, the property vertical currently lists 738 new projects. Alongside off-plan projects, it also lists for-sale and rental properties.

The report further noted the negative fallout of rising construction costs on the primary real estate market, with a 77% y-o-y decline in the number of newly-launched real estate projects in Egypt in Q1 2023. The trend continued from Q4 2022, it said.

On a positive note, it added: “The residential and mixed-use real estate component recorded a significant number of ongoing projects, totaling 522 worth $310 billion. These projects accounted for approximately 50% of the total number of projects and constituted approximately 83% of the total investments… To summarize, the real estate market in Egypt exhibits promising prospects, with a multitude of ongoing projects driving growth.”

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