In a bid to bolster foreign currency reserves, Egypt is contemplating a collaborative initiative with the private sector to sell real estate units in US dollars to foreigners and expatriates, as per a statement released by the Cabinet. Prime Minister Mostafa Madbouly chaired an extensive meeting with top finance and housing officials to delve into this proposed real estate initiative. The potential benefits, including the initiative’s capacity to fortify the Egyptian Exchange’s performance and invigorate domestic real estate demand, were among the key points discussed during the session.
An agreement on the initiative’s terms was drafted, aiming to echo previous endeavours undertaken by the Egyptian government. Past initiatives, priory launched in 2022 and 2023, paved the way for foreigners to acquire real estate without constraints and facilitated duty-free importation of vehicles for expatriates.
Egypt’s pursuit of this real estate strategy comes amidst a severe US dollar liquidity crunch, with approximately USD 20 billion exiting the local market in search of higher interest rates offered elsewhere due to tightened monetary policies.
