The global real estate consultancy firm Jones Lang LaSalle said that the government's commitment in Egypt to developing infrastructure projects, strengthening public-private partnerships and advancing the business system has made the real estate market Al-Masry is one of the region's biggest transformation stories.
Jones Lang LaSalle issued its latest report on the performance of the Egyptian real estate market under the title: The Egyptian Real Estate Market Harvest for 2020, at a time when the International Monetary Fund raised its expectations for the growth of the economy Al-Masri to 3.5% halal 2020.
Director of Jones Lang LaSalle's office in Egypt, Ayman Sami, said: There is no doubt that the various structural reforms implemented by the government during the past few years, in addition to its flexible approach to dealing With the pandemic, by allocating 2% of GDP to support the most affected economic sectors and industries, they helped mitigate the impact of the economic shock to a certain degree during a challenging year.
Sami added: The government's commitment to increasing transparency, enhancing competitiveness and improving governance during the outbreak of the global pandemic, and the strict measures it required to maintain the security and safety of citizens, are incentives to increase support for the Real estate.
The commercial space market in Cairo witnessed the completion of the first project for office space in 2020 with the delivery of 27 thousand square meters of the total rental space in the last quarter of the year, while The slowdown in commercial activity during the year prompted landlords in central and western Cairo to be more flexible with regard to prices and lease periods. The rents of premium properties in New Cairo maintained relatively stable.
On the housing market level in Cairo, last year witnessed the completion of nearly 2,500 units, bringing the total stock to nearly 162,000 units, and 26,000 units are expected to be delivered. New during 2021.
In terms of performance, demand in the rental market has maintained its resilience, especially with the entry of the second half of the year, which has led to an increase in rents of 8% in Sixth of October and 5% in New Cairo.
With the impact of traditional stores in the beginning of 2020 by curfews, the market of retail outlets in Cairo witnessed the rapid trend of grocery stores, medicines and others to develop their platforms on the Internet to support Its business and continue to interact and communicate with consumers.
The Jones Lang LaSalle report indicates that this step reflected positively on the logistics and warehousing sectors in Cairo and contributed to accelerating their growth, and the average rental rates offered continued to increase annually. ..
