ArabFinance: The Egyptian market is considered one of the “biggest transformation” stories across the region, despite the challenges seen in 2020, according to a JLL report.
The positive view was driven by a “strong government commitment” to develop infrastructure, in line with enhancing private sector partnerships and boosting the business environment.
The reforms were coupled with “the flexible approach to handling the pandemic by allocating 2% of the country's gross domestic product (GDP) to support the more vulnerable economic sectors and industries,” Sami added.
Cairo's commercial market registered the handover of 27,000 square meters of the gross leasable area during the fourth quarter of 2020, JLL elaborated.
The capital’s residential market saw the completion of nearly 2,500 units during 2020, bringing the total stock to around 162,000 facilities, according to the report. JLL expected an additional 26,000 units to be delivered this year.
“Cairo’s hotel market saw the delivery of around 400 hotel keys across the capital in 2020, bringing the stock to around 23,000 keys,” according to JLL.
Hotel occupancy levels reached 28% in the year to November 2020, while average daily rates and revenue per available room decreased by 17% and 69%, respectively, JLL said.
Fitch Solutions said last year that the Arab republic would register the highest GDP growth at 4% in the region during the 2020-2024 period.