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128% growth in properties listed on Propertyfinder website - Daily News Egypt

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128% growth in properties listed on Propertyfinder website

The value of listed properties on the site exceeded EGP 193bn in 2017

The number of properties registered on Propertyfinder website have doubled to 119,240, compared to 52.104 properties in 2016, with an increased rate of 128.8% y-o-y, according to the website portal.

Propertyfinder Egypt has published its annual report, in which the company predicted the value of successful real estate deals at approximately EGP 66.61bn.

The report cited an increase of 221.8% in the value of properties listed on the website, reaching EGP 193.6bn from EGP 60.18bn in 2016.

Propertyfinder’s Executive Manager Mohamed Hammad attributed this growth in the market to a clear government strategy aiming to expand in new cities, providing social and middle-income housing projects, in addition to the credit facilities provided by banks to finance the real estate sector.

“It is clear to us that there is a huge government plan to open the door for investment in the real estate sector, through mega projects such as the ones to be built in the New Administrative Capital, as well as the remarkable expansion in land allocations to real estate developers to establishing new tourism and residential investment projects, ” Hammad noted.

Earlier this year, Propertyfinder published its semi-annual report, which presented trends and tendencies in buying and selling within the Egyptian real estate market. The semi-annual report revealed that the segment of young people aged 25 to 34 years old was the largest proportion of clients looking for new properties with a rate of 37.6%. Meanwhile, women accounted for the largest proportion of new property seekers by 59%; although the proportion of men was greater at the stage of contractual and financial matters.

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