• Local developer plans two projects in Egypt
  • Company also negotiating projects in the GCC
  • 45,000 new units enter Egypt’s residential market annually

Egypt’s North Africa Company for Real Estate Investment (NOAF) is set to develop two projects in greater Cairo within three years, according to a company statement.

The firm said the projects will be developed in the New Cairo area and the Fifth Settlement near Cairo’s International Airport.

The first project is the EG£700m ($89.4) Katameya Gardens scheme, which will be made up of 340 villas. The second is the EG£600m ($76.6m) Nest Cairo project, which is owned by the New Urban Communities Authority (NUCA).

The company statement also went on to say “NOAF is negotiating on a number of projects in the Gulf as it is intends to open a new branch in the UAE in September to promote its projects.”

In 2014, Egypt’s total existing residential supply exceeded 5.2 million units. On average, 45,000 new units enter the residential market annually, with a high concentration on economic housing projects sponsored by the government, according to a report published by UK real estate firm Colliers.

The Colliers report goes on to say that demand continues to be driven by middle income families, although there still remains excess demand for the higher end of the market from high net worth Egyptians who are more confident to invest in real estate following four years for instability.