egypt property market starting to stabilize
Last Updated : GMT 05:21:58
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Last Updated : GMT 05:21:58
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In framework of developments

Egypt property market starting to stabilize

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Arab Today, arab today Egypt property market starting to stabilize

Cairo’s property market has started to stabilize.
Cairo - Arab Today

Cairo’s property market has started to stabilize following a stretch of volatility due to the pound’s devaluation and temporary fallout from economic reforms the Egyptian government has instituted during the past year.

“While conditions remain challenging, particularly in the retail sector, investors and developers are responding to the country’s resilience by continuing with existing projects and launching a number of new ones,” property consultancy JLL noted in its latest report.

“Elevated interest from major investors and developers suggests the residential sector is close to the bottom of its current cycle, indicating a potential improvement in some areas in 2018,” it said.

Egypt’s further expansion of satellite cities, aimed at redirecting urban growth and reducing population density in Cairo, has underpinned strong demand on the residential sector.

With inflation ticking up, developers were offering more flexible payment plans and small unit sizes to adjust to reduced spending power of consumers.

Rents are now considered to be close the bottom of the cycle with little further fall expected over the next 12 months, JLL said. Demand for rental properties continues to include local residents who are awaiting the delivery of their own apartment or villa, it added.

The office market meanwhile has seen minimal further decline in rentals as developers offering occupiers offer fixed exchange rate caps and other incentives, while the hotel and tourism industry has seen a rise in investor interest with new projects being announced not only in Cairo but also across Egypt.

Occupancy rates have improved markedly over the past year on the back of more competitive room rates and further government campaigns to boost both domestic and international tourism, JLL said.
The retail market however has seen the greatest negative pressures, JLL said, as retailers have been squeezed by higher consumer prices and diminished consumer purchasing power.

“As would be expected in such circumstances, there has been a shift toward ‘value for money’ and day to day convenience sales have become an increasingly important sector,” JLL said.

 

 

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