Cairo, Egypt. 21st October 2008. Speaking at The Euromoney Egypt Conference 2008, Mohammed Abdallah, President and Co-Founder of Coldwell Banker Intercontinental Affiliates confirmed that the continued strength of key regional real estate markets like Egypt is due to strong consumer spending and the diversity in properties on offer.
During the plenary session on Growth, Inflation and the Egyptian Consumer, Abdallah states that “the world economic crisis does affect Egypt in certain respects, however consumer spending still remains strong with the main effect being a change in the way the money is spent. So while there has been visible slow down in luxury and super luxury property markets, more reasonably priced real estate continues to steam ahead and we expect growth rates to be around 30% in 2009.”
Speaking to the media at the conference he goes on to state that “in a country like Egypt where 60% of the population is under the age of 25 there is huge demand for affordable housing and related credit facilities. And with emerging markets being tipped as the main contributors to world economic growth in 2009, investors will be looking at diverse realty markets in countries like Egypt as very attractive homes for their money”
Coldwell Banker Intercontinental Affiliates is the leading full-service real estate provider in the region with sub-franchising rights to 36 countries across the Middle East, Eastern Europe and Central Asia.