Egypt's Sodic to take part in Cityscape
Dubai, October 4, 2009
Leading Egyptian real estate developer Sodic has announced its participation in the upcoming Cityscape Dubai exhibition, taking place from October 5 to 8 at the Dubai International Convention and Exhibition Centre.
'We are taking part in Cityscape 2009 with a positive outlook on the real estate sector in Egypt and the Egyptian economy in general,' said Maher Maksoud, Sodic's managing director.
Despite the global economic climate, Egypt has weathered the financial storm better than expected. The country's economy has been steadily growing in 2009 and has registered significant growth of 5 per cent, beating IMF forecasts. Also, with inflation dropping from double to single digits, Egypt’s real estate market has proved to be resilient in 2009.
With population growth that surpasses one million per year and the continuous migration of residents from the congested city centre to the ever-growing suburbs, demand for Egyptian real estate remains solid, due to significant unmet demands for housing, office and retail space, particularly in Cairo’s Eastern and Western suburbs. Improved infrastructure and road works in these suburbs has further encouraged development in these areas.
As Egypt’s real estate development industry players work towards satisfying this demand, Egyptian customers have become more discerning and are looking for well-designed products that deliver better value.
Despite the global economic situation, Sodic is committed to showcasing its projects in Cityscape as it is one of the most widely recognised platforms for presenting the largest and best real estate projects, he added.-TradeArabia News Service