(MENAFN- Daily News Egypt) Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly said that the government is offering land for investors at reasonable prices, highlighting that the high interest rate environment is denting investment in Egypt's real estate sector.
Madbouly, who was speaking on the sidelines of the Akhbar Al Youm economic conference, added that the government will stick to its pricing policy, expecting foreign investors to pump more cash in the few coming months.
Egypt is now becoming a tempting destination for investment in the real estate sector, and "we are expecting a lot more interest from foreigners looking to buy real estate in the country."
Egypt's real-estate sector was the fastest growing sector in the Egyptian economy during the first three quarters of 2017, growing by 10.8% over the nine-month period, Madbouly noted.
He said the Egyptian real-estate sector comprises 18.5% of the overall investments in Egypt since the start of 2017.
Madbouly added that Egyptian real estate faces fierce competition from foreign markets, with various countries seeking to provide an environment that attracts developers.
Madbouly also said that the high interest rate environment is harming investment in the real estate sector.
"Now, we are discussing the matter with the central bank and the Ministry of Finance. We are in need of more solutions to overcome this problem, which negatively affected investment in the real estate sector," Madbouly explained.
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