Occupancy of Cairo hotels doubles in the first five months of 2022

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Data from JLL, a New York-listed real estate and investment professional services firm, showed occupancy rates in hotels Cairo It increased to 60 percent in the January-May period, compared to 32 percent in the first five months of 2021.

The company’s report forecast for real estate market There is a large influx of tourists and investors in Cairo during the coming period following the completion of a construction project The Grand Egyptian Museum Expected in September and supported by government efforts to promote the tourism sector, including reforms in visa issuance systems and marketing campaigns.

The director of the company’s office in Cairo, Ayman Sami, said: "We expect all sectors in the real estate market to benefit from the positive impressions established by government efforts, which will result in improved domestic demand in addition to attracting a large influx of foreign investments in the coming years.".

As for the office space sector in Cairo, the report indicated that the average required rents increased by three percent in the second quarter of the year on an annual basis to reach regarding $340 per square meter annually, while the average vacant office space in the city increased to ten percent, compared to nine percent in the previous year. The second quarter of 2021.

He said that the sector witnessed only a limited number of deals due to the uncertainty caused by the recent decline in the value of Egyptian Pound and inflationary pressures, prompting landlords to increase rents.

For the retail sector, outlet rents in major and secondary malls rose on average one percent during the second quarter of the year, with a vacancy rate of ten percent over the same period.

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Data from JLL, a New York-listed real estate and investment professional services firm, showed occupancy rates in hotels Cairo It increased to 60 percent in the January-May period, compared to 32 percent in the first five months of 2021.

The company’s report forecast for real estate market There is a large influx of tourists and investors in Cairo during the coming period following the completion of a construction project The Grand Egyptian Museum Expected in September and supported by government efforts to promote the tourism sector, including reforms in visa issuance systems and marketing campaigns.

Ayman Samy, director of the company’s office in Cairo, said: “We expect all sectors in the real estate market to benefit from the positive impressions established by government efforts, which will result in improved domestic demand in addition to attracting a large influx of foreign investments in the coming years.”

As for the office space sector in Cairo, the report indicated that the average required rents increased by three percent in the second quarter of the year on an annual basis to reach regarding $340 per square meter annually, while the average vacant office space in the city increased to ten percent, compared to nine percent in the previous year. The second quarter of 2021.

He said that the sector witnessed only a limited number of deals due to the uncertainty caused by the recent decline in the value of Egyptian Pound and inflationary pressures, prompting landlords to increase rents.

For the retail sector, outlet rents in major and secondary malls rose on average one percent during the second quarter of the year, with a vacancy rate of ten percent over the same period.