Cairo real estate market is on path to recovery, JLL

The real estate market in Egyptian capital Cairo has witnessed an ongoing uplift in performance across most sectors with the residential sector, in particular benefiting from increased sale prices in 2018, said leading property expert JLL.

Increased investor confidence is evident across the residential market with developers reporting positive sales performances and construction of the New Capital City fast on track, sated JLL in its report.

The report noted that sales sector continues to outperform the rental sector, with sales prices increasing, while rentals have fallen marginally across all sectors, during the second quarter. This reflects healthy sales demand from millennials entering the prime home buying age and the country’s fast growing population.

Egypt’s GDP growth is expected to accelerate to 5.3 per cent in the 2017/2018 fiscal year compared to 4.2 per cent in the previous year, said the property expert citing the Oxford Economics data.

According to JLL, this accelerated growth was manily due to stronger industrial production, recovering tourism, and increased investment.

"The second quarter shows that there has been a notable shift in demand from the secondary sales market to newly developed units being offered directly from developers, as the former has become relatively less affordable," explained Ayman Sami, JLL’s country head in Egypt.

Almalnews Contribution Time: 18-Jul-2018 13:40 (GMT)
Almalnews Last Update Time: 18-Jul-2018 13:40 (GMT)