Egypt’s Real Estate Market in 2024: Key Changes and Emerging Trends

In 2024, Egypt’s real estate market faced significant changes driven by economic challenges. According to Daily News Egypt reports, factors such as inflation, rising construction costs, and the devaluation of the national currency have significantly impacted the sector. Additionally, speculative buyers, who artificially inflate demand without having the financial capacity to complete installment payments, have contributed to price increases.

As a result of speculative property reservations, cancellation rates have surged. One of the leading developers reportedly experienced over EGP 20 billion ($667,000) worth of canceled transactions. These fraudulent deals are typically aimed at driving up prices. Due to such market dynamics, luxury residential complexes and large-scale new developments have gained popularity, while the secondary housing sector remains unattractive due to the unfavorable combination of high prices and low liquidity.

Despite economic instability, major developers have achieved record-breaking sales. In 2024, according to The Board Consulting, Egypt’s top 10 developers collectively recorded sales of EGP 1.17 trillion ($39 billion), marking a 135% increase from 2023 levels reached.

Shifting Pricing Strategies Amid Economic Fluctuations

In response to economic fluctuations, many developers have started pricing their properties based on the USD exchange rate. While some companies set prices at EGP 80 per USD, others operate at EGP 92 per USD. Experts emphasize that this shift underscores the growing role of foreign currency valuation in real estate pricing strategies.

Government Interventions to Support the Market

The Egyptian government has implemented several measures to support the real estate sector, including:
- Lowering land fees for large-scale projects
- Extending project completion deadlines
- Deferring payments for developers

These initiatives have helped alleviate economic pressure and maintain liquidity in the market. Developers have also begun offering longer installment payment plans, extending up to 10-12 years in some cases. Additional incentives include upgraded housing standards and discounts on interior finishes.

Rising Primary Market Prices & Secondary Market Decline

The increase in new housing prices has fueled a surge in resale transactions. However, in the second half of 2024, the market experienced a slowdown, driven by the devaluation of the Egyptian pound and growing market uncertainty. The decline in purchasing power and the need for cash liquidity have further reduced activity in the secondary housing sector.

Market Prices and Investment Trends

According to Sands of Wealth reports, in 2024, average property prices in prestigious areas of Cairo ranged from $1,200 to $1,500 per square meter. Properties near metro stations were, on average, 15% more expensive, highlighting the growing importance of accessibility and convenience for buyers.

The number of foreign investors in Egypt’s residential real estate market increased by 15% in 2024, driven by the devaluation of the Egyptian pound and government measures to attract international buyers.

Meanwhile, wealthy Egyptians have expanded their real estate investments abroad, particularly in the UAE, Greece, and Spain. Comparable high-end property prices in these countries and the ability to generate income in foreign currency have fueled this trend.

Rental Yields and Housing Costs in 2025

According to Numbeo, as of March 2025, average rental yields in Egypt range between 5.32% and 5.37%, while in Cairo, yields are slightly higher at 6.35%-6.67% data shows.

The average price per square meter of housing in central Cairo is EGP 34,845 ($688), while outside the city center, it stands at EGP 23,528 ($464).
One-bedroom apartments rent for EGP 6,203 - 9,933 ($123 - $196) per month.
Three-bedroom apartments range from EGP 13,763 to 20,744 ($272 - $409) per month.
In Hurghada, rental yields are higher at 7.52%-7.72%.

The average property price per square meter in the city center is EGP 27,395 ($540), while in suburban areas, it is EGP 26,769 ($528).
One-bedroom apartments rent for EGP 6,562 - 11,148 ($130 - $220), depending on location.
Three-bedroom apartments range from EGP 13,239 to 23,457 ($262 - $463) per month.

E

conomic Forecast for Egypt in 2025

Egypt’s economy is expected to grow between 3.5% and 4.5% in 2025, as the country continues implementing reforms to boost investment and curb inflation forecasts indicate.

The International Monetary Fund (IMF) predicts GDP growth of 4% in 2025, compared to 2.7% in 2024.

The World Bank estimates that Egypt’s GDP will grow by 3.5% in 2025 and 4.2% in 2026, attributing the growth to increased investment and improved private consumption.

Private consumption is expected to rise from 4.6% in 2024 to 4.8% in 2025, further supporting economic stability.

Egypt’s real estate market in 2024 has been shaped by inflation, currency devaluation, and speculative transactions. While luxury developments and large-scale projects have thrived, the secondary market has struggled due to high prices and low liquidity. The government's intervention has helped stabilize the sector, but challenges remain, particularly regarding affordability and foreign currency reliance.

With economic growth projected in 2025, Egypt’s real estate market is expected to remain dynamic, with continued interest from foreign investors and local buyers navigating an evolving landscape.