Ahmed Abdel Rahman_ Businessman Engineer Samih Sawiris, founder of Orascom Development Holding, stated that the real estate market in Egypt is undergoing a correction wave, and survival will be for major developers.
Sawiris emphasized, during his interview with media personality Lamis El Hadidy on the sidelines of the opening ceremony of the 9th edition of the El Gouna Film Festival, that there is no real estate bubble in Egypt, because bubbles do not exist in countries suffering from population growth.
Sawiris explained that the Egyptian market needs at least half a million units annually, and that Egypt will face a deficit estimated at two million housing units in the event of halting construction for 4 years.
He continued: "There is no fear of a real estate bubble, but the concern lies in a state of temporary paralysis that might afflict the market if buyers or sellers withdraw," pointing out that major real estate companies should be able to withstand two years of losses.
