2024-05-08 10:35:00
1:35 p.m.
Wednesday May 8, 2024
Books – Muhammad Abdel Nasser:
JLL, the real estate consultancy firm, released its new report on the performance of the real estate market in Cairo during the first quarter of 2024, in which it indicates a significant increase in investor confidence amid the boom in inflows. foreign direct investment. and the concrete steps taken by the Egyptian government to achieve stability of… The price of the currency, which represents a turning point in the sustainable growth and development of the real estate market in Egypt.
The residential units sector got off to a good start during the first quarter of this year, as more than 7,000 units were completed, mostly under planned development projects, leading to an increase in the Total supply of residential units on the market at approximately 276,000 units, and approximately 24,000 units are expected to be completed by the remainder of 2024.
Construction and delivery works have seen significant progress in this sector, as many developers have started launching new projects and announcing expansion plans, including New Cairo and its upcoming eastward expansion.
The secondary market (which is resale) in Cairo has seen an unprecedented rise in sales prices, with prices rising sharply in a short time, reaching an annual increase of around 83% in the 6th of October City and 95 % in New Cairo. prices saw a sharp annual increase of 42% on October 6 and 43% in New Cairo.
Ayman Samy, Head of JLL’s Egypt Office, said: “Real estate, as a major driver of the economy, is a key pillar of Egypt’s growth process and, in light of encouraging government policies aimed at boosting economy and the greater stability that accompanies it. in the price of the currency, the market is expected to witness… Significant expansion in the coming period, as local and international investors, owners and parties involved in the real estate sector prepare to reap gains in the during this year in light of continued growth. and increasing capital flows and major investments in infrastructure, and the long-term outlook for the real estate market in Cairo remains positive thanks to renewed confidence in the Egyptian economy and continued demand for various types of asset classes real estate.
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