Friday, May 18, 2012
Gulf News
Dubai While clarity is returning to the Egyptian real estate market after the revolution last year, the upcoming presidential elections should create more certainty in the second quarter of 2012, according to a report by Jones Lang LaSalle.
Demand for housing in urban locations is likely to continue as more companies decentralise and employees seek residences closer to their workplace, the report said.
The residential segment saw an improvement in performance and sentiment in the first quarter after the closure of some legal cases over land ownership, according to the report titled ‘Cairo Real Estate Market Review: Q1 2012’.
Meanwhile, on the retail side, there were no additions to the supply of malls in Cairo in the first quarter, but the coming months could witness an additional supply of 160,000 square metres, which includes Emerald Centre and Capital Mall.
By the end of 2014, total gross leasable area could double its current level to reach around 1.6 million square metres as new malls and retail projects enter the market.
Super-regional and regional malls will account for 29 per cent of total mall-based retail stock by 2015 in Cairo, which is currently under supplied with malls.
EGYPT
By Deena Kamel Yousef?Staff Reporter
Gulf News 2012. All rights reserved.
