Egypt Has 'lots Of Potential'

Egypt Has 'lots Of Potential'

There is still room for growth in the Egyptian property market, according to a leading developer in the country.

Speaking to Overseas Property Professional, Orascom has suggested that the sector is still an emerging market and has a lot more "potential".

Samih Sawiris, chief executive officer of the company, explained to the news provider that the mismatch between supply and demand in the country meant that developers have not really suffered from the global economic crisis.

"While in the Red Sea area we have a 12-month season, the second home market outside of the Red Sea is totally underdeveloped. If you compare it with Morocco, Tunisia and Turkey you can see the market is a long way from saturation," he said.

Mr Sawiris added that the lack of mortgage availability was also a blessing in disguise, as it meant that the market was not flooded with distressed homes from people defaulting on them, as has happened in Spain and the US.