Propertyfinder.ae, the number 1 property portal in the UAE, announced the next step of its international expansion plans with entry into the vast Egypt market with the launch of www.propertyfinder.eg. The announcement took place on the opening day of Cityscape Cairo where the company is an exhibitor. propertyfinder.eg has set up a dedicated sales team initially to be based out of Cairo to service the ever growing demand for real estate and the rising in the country
The Egypt branch, brings together property seekers with brokers and developers across the country by providing value added real estate services including a comprehensive listing of apartments, villas, offices and commercial properties for rent and sale covering all the major hotspots in the country.
With the largest population in the Arab world of over 83 million people, Egypt’s real estate sector is expected to thrive despite the ongoing political and overall economic situation. Construction activity has risen by 60% at the end of 2012 as compared to the same period in 2011 according to the technical inspection department at the Ministry of Housing, with majority of the projects under construction being housing with a widening gap between supply and demand.
According to estimates from the same division, there are approximately 40 million units officially registered with government agencies varying between residential, commercial, tourism and industrial.
Interestingly, it is small to medium sized investors who appear to be driving this growth as they treat property as a relatively safe haven for their capital during the current political situation.
“In light of the ongoing volatility and restrictions on capital flows, Egyptians are looking to good old fashioned bricks and mortar as means of safeguarding wealth. We already have a lot of GCC-based Egyptian expats using our UAE portal and want to extend our reach into this important market. Our participation at Cityscape Cairo today is just the next step in replicating our success in other Arab markets where we are the leading online property portal.” commented propertyfinder MD Renan Bourdeau.
Youssef Zikri, Country Manager Egypt at propertyfinder.eg added “On the back of the current economic outlook and strong demand potential, developers have been quick to offer more incentives while maintaining property prices. This has increased investor confidence in the safety of Egyptian real estate as an investment vehicle. Propertyfinder.eg aims at supporting the growth in transaction volume by bringing developers, brokers and property seekers together to make the property search process quick, thorough and hassle free.”
Propertyfinder’s Egypt office is located at Nile City Towers, North Tower, 22nd Floor, Office 2230, Ramlet Beaulac, Corniche El Nile, Cairo.
Propertyfinder.eg stand at CityScape Cairo is located at : 5D15