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Egypt is again undergoing another period of unsettling change, a culmination of almost two years of economic uncertainty and social turmoil. We all hope that the current turmoil is resolved as peacefully and quickly as possible and that the country can work towards national reconciliation and growth as soon as possible to the benefit of everyone living in this wonderfully diverse and exciting country. Q2 is characterised by further uncertainties with office vacancy rates rising to 25% due to limited take-up activity. Residential units have witnessed an increase of circa 8% in the asking sales prices and further delays are anticipated in the introduction of new retail stock due to delays in project completions. On the Hotels front there has been a slight improvement in RevPar, due to higher occupancy rates.
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10 July 2013