Savills appoints Catesby Langer-Paget to lead the launch of its operations in Egypt

23 December 2018

Savills announced the appointment of Catesby Langer-Paget as the Head of Egypt to lead its launch in the fast growing market. The agency is expanding its regional presence into Egypt at a time where an influx of industry reports is emerging to highlight the great growth potential of the Egyptian real estate market.

As part of an ambitious expansion plan within the Middle East and North Africa (MENA) region, Savills, the globally renowned player within the real estate sector arrives in Egypt shortly after its acquisition of Cluttons Middle East. The agency aims to grow its regional capabilities to play a key role in Egypt through catering to different stakeholders within the real estate market and supporting the property project lifecycle with a robust service offering.

Steven Morgan, CEO at Savills Middle East said. “We have a great determination to be at the forefront of the resurgence of the Egyptian real estate market. Launching our presence in Egypt represents a key part of our regional development strategy. We aim to leverage our wide range of experience that we believe will be of significant value for all the different stakeholders within the sector. With a historic, accountable track record across the region and a great deal of experience accumulated across different countries, we believe Catesby Langer-Paget is the ideal man to lead the growth of our business in Egypt.” 

In his previous role at Cluttons, Catesby Langer-Paget was already in charge of several major clients in Egypt, including the Government of Canada, global pharmaceutical company Novartis, 3M, Omani Sovereign Wealth Fund and Citi Bank. In his new role, Catesby will look to bring over the wide range of capabilities and services that Savills offer globally to establish the agency’s presence as a key player in the Egyptian real estate market.

Commenting on his appointment as the Head of Egypt at Savills Middle East, Catesby Langer-Paget said, “The Egyptian market is showing very promising signs of expansion and is set to regain its position among the leading real estate markets within the region. The growth witnessed by the residential and commercial real estate market is driven by multiple factors, including the government’s ambitious plans to address the increasing population needs as well as its support for entrepreneurial initiatives as a key economic driver.”

“We’re looking forward to an exciting year in 2019, starting with the launch of One Zamalek, a Savills managed building on the northern tip of Zamalek, featuring 21 exclusive apartments available for sale and they are already attracting a lot of interest. The commercial real estate market will also be a key focus for us with several major announcements expected next year,” he added.

Egypt’s ever-growing population figure means the country requires between 175,000 to 200,000 units every year, to meet the shortage in housing units that is said to be around 3.5 million. Egypt has been proactively working over the past couple of years on developing enormous real estate projects, including emerging cities such as the New Administrative Capital, Future City, Al Alamein City, New Mansoura City, New Fayoum City, New Aswan City and others.

The Egyptian government has embarked on a series of reforms aimed to attract foreign investment, providing an outline of fiscal incentives. This includes tax incentives such as exemptions from stamp duty as well as tax breaks across the board, with further encouragements made for investments in underdeveloped zones.

Savills operates from over 600 owned and associate offices and employs more than 30,000 people in over 60 countries, with expertise spanning valuation, building consultancy, project management, environmental consultancy, planning and research. Savills is well positioned to offer an important contribution to support the growth of the main driving sector of Egypt’s economic recovery.

 
 

Key Contacts

Fay Lloyd

Fay Lloyd

Head of Marketing & Business Development Middle East

Dubai

+971 (0) 4 365 7700