Knight Frank Enters Egyptian Real Estate Consultancy Market
Knight Frank has entered the Egyptian market, as the global consultancy seeks to establish a presence in the country’s booming real estate sector.
Launching its presence through a new office in Cairo, the new office will provide Knight Frank’s local and international clients with a range of offerings, including investment advisory, property management, transactions, and real estate broking across the commercial and residential segments.
“With a population exceeding 109 million, and the country’s impressive portfolio of approximately 2 billion square feet of active real estate, Egypt stands as an alluring prospect that beckons us. It is with great pleasure that we add our Cairo office Middle East and Africa network,” said Zeinab Adel, partner at the company.
According to in-house research from Knight Frank, the Egypt real estate market currently contributes approximately 16% to the nation’s GDP and is poised for further growth. “Egypt’s magnetic blend of rich heritage, strategic geographical location, and burgeoning economy propels it to the forefront of investment destinations. The property sector presents a wealth of opportunities in both residential and commercial domains,” Adel added.
Cairo’s real estate landscape alone is worth real estate investments of over $20 billion per year, with $16 billion dedicated to the residential sector, attesting to heightened demand for housing.
Alongside building up a local roster of clients, Knight Frank’s Cairo office will serve as a gateway for its international clients seeking to invest in Egypt.
Faisal Durrani, partner and Head of Middle East Research at Knight Frank, outlined: “Egypt has always held a special place in the minds of GCC investors and we are starting to see a demand renaissance of sorts, with GCC buyers increasingly looking at the Egyptian second homes market, particularly on the north coast of the country.”
During 2021 alone, the UAE invested in 71 projects worth $5.6 billion, with the most significant being The Agtech Park in Egypt, where UAE’s Abu Dhabi Fund for Development supported the establishment of an agricultural technology park to enhance Egypt’s agricultural productivity and promote innovation in the sector.
Going forward, Middle East-based sovereign wealth funds have articulated plans to infuse up to $120 billion into the country, indicating their strong confidence in Egypt’s market growth.
The US, UK, Germany, and France are among other major investors in Egypt, with Knight Frank well represented in those countries as well. The firm has over 480 offices worldwide, including in the United Arab Emirates, Saudi Arabia, Bahrain, Qatar, and Egypt.
“This extension has come at the request of our clients who would like our integrated service offering to be available in Egypt’s growing and dynamic gateway market,” said James Lewis, Knight Frank’s Middle East Managing Director. “We are excited the Middle East region is expanding into North Africa and connecting further into our wider Africa network.”
Major real estate consulting rivals including CBRE, Cushman & Wakefield, JLL, and Savills also have a presence in Egypt.
Source : Consultancy Me
