Egypt Condominiums and Apartments Market Size

Egypt Condominiums & Apartments Market Analysis

The size of the Egypt Condominiums and Apartments Market is USD 8.16 billion in the current year and is anticipated to register a CAGR of over 11% during the forecast period. The market is driven by the growing housing demand. Furthermore, the market is driven by government initiatives in the housing sector.

• The COVID-19 pandemic put pressure on the residential sector in the country, further resulting in slow sales due to restrictions. However, in 2021, the condominiums and apartments sales recovered and witnessed significant growth, driven by largescale city constructions in the country.
• The country's population is increasing, growing by 2.5 million people each year, resulting in rising demand for the housing sector. In addition, the government is taking various measures to meet the growing demand, such as the commencement of many mega-projects to encourage economic growth, including the enlargement of the Suez Canal and the creation of a new capital city (New Administrative Capital, New Alamein city, etc.).
• According to the Housing and Urban Communities Minister, to meet growing housing needs, the country needs to build at least 600,000 new houses every year to suppress the supply shortages. In addition, the government has invested more than USD 44 billion in housing projects for a decade.
• Moreover, in FY 2021, as per the Central Agency for Public Mobilization and Statistics (CAPMAS), the total number of housing units amounted to more than 316,027. The public and private sectors constructed 146,229 units and 169,798 units, respectively. Thus, the growing need for housing is expected to boost the condominiums and apartment projects in the country.