With rising demand from the low- to middle-income segment, the Cairo property market is attractive with a demand shortage of around two million residences foreseen by 2015, said the organisers of an upcoming property show in Cairo.

The third edition of Next Move, the largest real estate investment and finance exhibition in Egypt, will run from April 28 to May 1 at the Cairo International Convention and Exhibition Centre.

The event will highlight numerous upcoming local property opportunities being driven by factors such as the country’s rapid demographic growth, office space shortage, and an expanding middle class sector.

“Egypt’s property markets have been performing exceptionally well over the past two years due to steady population and business growth,” said Ahmed Ghozzi, chairman, ACG-ITF, one of the two co-organisers of the event and the top exhibition organiser in Egypt.

“Next Move is an important platform for industry stakeholders to identify opportunities, address market gaps and sustain industry growth. Its significance will be further highlighted this year as the world looks forward to the start of economic recovery and investors display greater confidence in investing into the property sector,” he added.

Egypt’s real estate industry is expected to perform strongly again within the next 12 months amidst expectations of continued real GDP growth, sustained interest among domestic businesses to invest, and rapidly recovering national tourism.

Next Move 2010 will build on this optimism and feature key prospects within its expanded 25,000 sq m of exhibition space.

Egypt’s real estate sector is estimated to have grown by around 3.7 per cent in 2009, in spite of the global financial crisis, with the residential market offering particularly strong potential for the next decade due to the current shortage of three million units with additional demand for 150,000 units per year, a statement said.

“Conditions are ripe for the local property sector to take its productivity to the next level,” said Yasser Ghazi, chairman, Lead Marketing Solutions, the other co-organiser of the event and a leading global company in project marketing.

“With incentives such as exemption from capital gains taxes, lower prices and close proximity to major European travel destinations already in place, we can look forward to increased investment and financing activity. Next Move is the place to be for those planning to capitalize on the burgeoning Egyptian market,” he concluded. – TradeArabia News Service