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according to JLL MINA’s latest MENA House View – April 2011
JLL MENA, the world's leading real estate
advisory firm, predicts a positive medium to long term outlook for the
Cairo real estate market despite the current challenges following Egypt’s recent political upheaval.
Despite the negative short term economic impact of the recent revolution, Egypt’s economy will continue to grow. In the short term, real estate activity in
Cairo will remain depressed due to the on-going uncertainties dominating the post-revolution period. 2011 could therefore represent something of a ‘lost year’ with decisions to lease or purchase real estate delayed until the ‘dust settles’ and greater certainty returns to the market after the elections later in the year.
“Irrespective of the recent developments, the basic fundamentals of the Cairo real estate market have not changed and looks positive for the medium to long term. Egypt could emerge stronger eventually through greater transparency and business friendly policies. Such a scenario could make the country more attractive for business in the long term in comparison to the pre-revolution period. Local demand will remain a strong driver for real estate growth as normalcy returns with restoration of peace and security across Egypt”, commented
Ayman Sami, Head of
Egypt Office, JLL MENA.
Although H1 2011 is expected to remain subdued, some sectors are expected to experience positive moment towards the end of the year.
“Egypt was and will remain as one of the most attractive real estate markets in the MENA region in terms of its potential long term opportunities, growth and diversity. The Cairo market is the flag bearer of the country’s real estate industry and will lead the road to recovery when existing uncertainties eventually settle down. In the present climate, there remains (albeit reduced) liquidity in the system and those opportunistic investors currently active in the market could be rewarded by an ability to negotiate more attractive deals than those available at the end of 2010 before the recent unrest”, concluded
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