Real estate sector growth rate hit 11.6 in 9 months

Minister of Investment Ashraf Salman said Sunday the growth rate of the real estate sector in Egypt hit 11.6 percent in the first nine months of the current financial year.

In a speech before a forum on real estate industry in Egypt, the Minister said the real estate sector share in Gross Domestic Product hit 4.1 percent in the first nine months of the financial year 2014-2015.

Egypt has 31 public sector construction companies while the private sector has 36,000 companies, the minister said in the forum organized by the American Chamber of Commerce in Egypt (AmCham).

The construction sector is one of the most lucrative sectors in Egypt as the total investments in the sector hit 13.7 percent of total investments in the period from July 2014 till March 2015, he concluded.