Property market slump seemingly ended with a EGP170mln deal

Turki al-Sheikh, head of Saudi Entertainment Authority, bought a EGP170mln villa at Katamya Heights, signaling the termination of  Egypt’s real estate market slump.

The deal was concluded last week and inked by Turki al-Sheikh without him attending the  signing  ceremony amidst Coronavirus -induced precautions. The full cash amount of the deal was transferred to seller, sources told Osoul Misr Magazine.

The seller is Egyptian businessman Sherif Mahmoud who is agent of EGYBEL, a leading manufacturer of aluminium doors and windows. Mahmoud is a member of Jaguar Land Rover Bentley Maserati’s agent Mohmed Mahmoud family. 

The deal reflects the resurgence of demand in Egypt’s property market and the Arab investors latent confidence in the Egyptian market.

Property experts believe more contracts are coming down the road with a plethora of sales already executed at the country’s  mega projects, be they pertinent to new housing units or existing ones. 

A world drive towards reopening the economies is facilitating property purchases made by local, Arab or foreign investors.