Heritage is the accumulation of civilization and cultural wealth over time, and urban heritage are the visible evidence of that civilisation. Recent years have seen a rise in the importance of investing in urban heritage in general and sustainable investment in particular. By revitalising the ideals of society and heritage, investments in heritage sites hope to boost economic activity. Investment is regarded as one of the most crucial elements in the field of urban conservation because it plays a role in determining the importance of protecting and choosing its policies to handle heritage.
Reviving the Lost Economic Heritage
Property investment or real estate investment industry is specialising in the restoration of heritage buildings in Egypt. A collection of exceptional buildings, streets, and regions showcase Egypt’s modern architectural history. They are regarded as national wealth and constitute Egypt’s contemporary urban cultural civilization. The modern architectural legacy in Egypt is governed and protected by two Egyptian laws and their legislations. As per the Egyptian General Authority for Investment, real estate is one of the most essential sectors contributing to the economic growth of Egypt, affecting more than 90 construction-related industries. The real estate industry in Egypt is considered a labour-intensive industry as it employs almost 8% of the labour force. Egypt’s real estate investment value rose steadily since 2001. The real estate industry has taken into consideration to rebuild the historical buildings to boost the economic sectors of the nation. The industry has taken steps to revitalize the heritage of Egypt along with investments in other real estate sectors. It contributes to or finances ongoing projects. The industry analyses the market and also owner circumstances in the target places, purchase and finance homes there, and then benefit revenues for these properties, on a monthly or annual basis.
In terms of real estate, investments in Egypt have typically gone well during economic downturns too. Even though Egypt has a high rate of inflation, many people look to real estate as the most lucrative form of investment. The real estate market in Egypt has been booming for the past ten years due to the constantly shifting needs of the public and the ongoing development. The real estate industry of Egypt specialises in repurposing historic structures to serve as important elements of urban infrastructure. The market assembles a portfolio of buildings that, when reincorporated into the community, might bring cultural and social advantages to various communities. The industrial efforts are concentrated on redeveloping these historic sites into fully functional properties with a symbiotic relationship towards their contemporary surroundings in order to transfer into the future. The government of Egypt is also aiming to reconstruct the historic belongings of various companies like that of Al Ismaelia.
Economic Potential of Old wine in New bottle
Al Ismaelia is a real estate company in Downtown Cairo, Egypt. By bringing mixed-use quality designs that emphasise on enhancing the lives of the general people through thriving creative and cultural projects, the company hopes to restore the vibrant spirit and waning historic magnificence of Downtown Cairo. It has gradually been reconstructing up to 23 buildings in the centre of Cairo. The company works in a way that it takes the structures, negotiate rent agreements with the people or businesses renting the apartments, do the necessary interior and exterior improvements, and then simply rent the buildings to the private sector. So far, they are enjoying good returns on their investments.
Al Ismaelia was founded in 2008 with the intention of conserving Downtown Cairo’s and West El Balad’s architectural history and experience while restoring the area’s classical magnificence. The company’s mission is to restore the long-lasting glory of Downtown Cairo by providing new investment options, delivering a rare chance in the Egyptian real estate market, and upholding the confidence of the current investors in the area. In order to encourage people to live, work, shop, and socialise in the Downtown area, the company places a strong emphasis on rejuvenating the neighbourhood by fostering and expanding the arts and cultural sector.
Al Ismaelia also won few outstanding awards due to its remarkable works in building the history again. International Business Magazine has handed over the “Best Real Estate Investment Company Egypt 2022” and the “Most Innovative Commercial Redevelopment Company Egypt 2022” awards to Al Ismaelia for its excellent performances and breakthrough in its fields. The organization currently owns 23 iconic heritage properties in the city’s centre and aspires to become a top real estate investment firm that buys, manages, restores, renovates, and leases historic structures to offer a modern experience that combines Downtown’s historical legacy and contemporary culture.
Recently, Al Ismaelia invested 69 million EGP to reconstruct Downtown Cairo’s Iconic Building, the old French Consulate and launched Consoleya; a joint venture between Al Ismaelia for Real Estate Investment and the renowned entrepreneur Hanan Abdel Meguid. Al Ismaelia intends to preserve Downtown Cairo’s history and bring a mixed-use quality idea to structures that are 150 years old. This will significantly advance Egypt’s 2030 goal of attaining all-encompassing sustainable development.
Heritage powered Economic Growth
For both individuals and communities, investing in the preservation, renovation, and continuous use of historical buildings and other historic locations in Egypt provides financial advantages. Increased property prices, more tax collections, more jobs, rejuvenated neighbourhoods, and economic prosperity can all result from heritage conservation.
The part of the real estate investment industry working in the heritage buildings of Egypt is continuously striving to preserve the country’s cultural and traditional heritage. Moreover, the property investment industry is growing fast with all its appliances. The property investment industry is growing rapidly along with Egypt’s population that is growing by 2 million people a year. There is a continuous demand for residential property at all price points. Additionally, both domestic and international investors have a high need for commercial and administrative space, notably in the New Administrative Capital. The housing market in West Cairo and Sphinx Airport will also benefit from the openings of new museums in Egypt. This is consistent with Egypt’s ambitions to advance and grow within this region.
Blog By Tasleem Majumder
