Egypt Construction Sector Grew 20% in 2024

Egypt’s construction sector expanded by 20% in 2024, drawing EGP 56 billion in new investments, according to Hossam Heiba, CEO of the General Authority for Investment and Free Zones. Heiba highlighted the Ras El Hekma development as one of the country’s largest investment deals, bringing in over USD 35.7 billion in foreign capital. He added that recent reforms placed the housing sector under the Investment Law, offering incentives such as tax breaks, residency permits for foreign staff, a 2% customs duty on imported equipment, and the ability to hire up to 20% foreign labour. A Fitch report cited by Heiba described Egypt’s real estate market as showing “clear strengths and tangible growth,” supported by infrastructure upgrades, stronger macroeconomic indicators, and easing inflation. Still, he noted delays in the long-awaited Real Estate Development Law and emphasised the Authority’s efforts to stabilise legislation and strengthen the sector’s role in national growth. In February, Egypt also launched the region’s first official real estate marketplace using Multiple Listing Service technology, providing access to over two million real estate professionals to boost visibility and investment opportunities.