Egypt saw its construction project awards value almost double during the first nine months of 2021 compared to the same period in 2020, a report from global real estate firm Jones Lang LaSalle (JLL) has revealed.
The north African country saw the value rise to almost $2 billion from almost $1 billion last year.
The country’s building boom will establish 37 new smart cities with associated infrastructure, including a high speed rail link from Ain Sokhna to Alexandria.
This comes amid the government’s plans for the Egypt Vision 2030.
JLL forecasts a tender price inflation growth of between 2.5 percent to 6.5 percent in 2021.
Regarding commodities, especially steel, the real estate company anticipates a decrease from recent highs during the end of 2021 and into 2022.
