The most expensive rentals were found to be New Cairo compounds, while Nasr City were the most affordable rental area within the same period
OLX Property, the leading property platform in Egypt, unveiled intricate insights into the property scene in Egypt in its property market trends report for the period between January to October 2017. The report disclosed intelligence on property buyers and sellers behavior on the platform, as well as the most searched residential areas.
The report was issued following OLX’s participation as the official property portal of “Next Move” exhibition 2017, which was held from the 14th to 16th of December 2017 in Cairo International Convention Center.
Based on the huge number of data accumulated on the platform, OLX indicated users’ preferences and behaviors as well as the property market supply and demand trends and shares them with the public as an indicator to reflect the direction of this market.
According to the report, OLX Egypt received more than 5.5 Million Egyptians per month, 30% of them were browsing OLX Property, which received a total of 55 million visits over 2017 (13 times the number of tourists who visited Egypt in the first seven months of 2017*).
It is worth mentioning that each user visits OLX Property on average 5 times per month and spends 14 minutes in each visit browsing properties for rent and sale. This reinforces the leading role of OLX Property locally.
In this regard, Dina Gobran, OLX’s General Manager of Egypt, said “This report shows our users’ behaviour on the platform and their preferences, reflecting the trust that Egyptians have in OLX Property, which is a testimony to empowering them making better investment and renting decisions. OLX Property caters to all user demands, budgets and tastes through the diversity of the properties listed and the increased demand on new cities, compounds and relatively more expensive properties.”
The most searched keywords on OLX Property section included: New Apartment, Sheikh Zayed, Twin House, Garden, New Rent, Apartment for Sale, Nasr City, New Cairo, New Heliopolis.
Property for Sale
Property for sale registered 72% of the total visits to OLX Property from January to October 2017. Nasr City was the top searched area followed by New Cairo, Fifth settlement, 6th of October, Heliopolis, New Administrative Capital, Al Mokattam, Katemya and North Coast.
Commenting on the above insights, Dina added, “Satisfying the growing demand on housing is at the top of the planning and development agenda of the country. As the report shows, the interest in property has encouraged new developers to penetrate the market and satisfy the growing demand. This was also a driving force for OLX to advance an easy-to-use and trustworthy platform that enables property seekers close successful deals”
Property for Rent
Property for rent received 28% of the total visits to OLX Property. Moreover, the report unveiled Sheikh Zayed and Al Maadi to be the top searched areas in 2017 followed by Fifth Settlement, Heliopolis, Marina, Al Rehab, Nasr City, Faisal, Al Haram, Giza.
Overall, the intelligence highlights the growing trend of Egyptians moving to new cities at the outskirts of Cairo due to population growth in old cities.
Ayman Sami, Country head of JLL Egypt commented: “people moving to the outskirts of Greater Cairo who still haven’t completed fitting out their properties will pursue temporary rentals. New Cairo remains as a major hub for business and is a driver for temporary accommodation. This is reflected in the higher rental rates”.
Most Expensive Areas
The report also reveals interesting insights into property market activity and price per geographical location. The most expensive neighborhood was found to be Zamalek with average sales price of 17,000 EGP/m2. With rent, the most expensive area was reported to be New Cairo, where prices varied based on finishing type.
Sami continued:” The higher interest rate on Certificates of Deposit is also delaying purchasing decisions, which has had a positive impact on the rental market, hence the rent rates started to increase in New Cairo. This also has limited the amount of funds that are available to make cash payments and created an opportunity for primary sales to lead the growth further.”
Most Affordable Areas
Ain Shams was identified to be the most affordable area with an average sales price ranging from 3,000-6,000 EGP/m2 while Nasr City was identified as the most affordable rental neighborhood
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.ir.jll.com.
About JLL MEA
Across the Middle East and Africa (MEA) JLL is a leading player in the real estate and hospitality services markets. The firm has worked in 35 countries across the region and employs over 600 internationally qualified professionals across its offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Al Khobar, Cairo, Casablanca, Johannesburg, Lagos and Nairobi. www.jll-mena.com ;
About OLX Group
OLX Group is the world's leading online classifieds platform present in more than 40 countries across six continents. We connect local people to buy and sell used goods, services, cars and properties. We make it fast and easy to buy or sell almost anything through your mobile phone or on the web.
Through brands including OLX, Avito, dubizzle and letgo, OLX Group is the home of online classifieds in high-growth markets. We are the leading destination for buying and selling used goods and services in 35 countries, and the #1 mobile app in our category in more than 22 markets. Globally we estimate that around 11 million items are exchanged through our platforms every single month, giving products a second life and reducing their ecological footprint. OLX Arabia is actively expanding in the MENA region in Bahrain, Egypt, Kuwait, Lebanon, Oman, Qatar and Saudi Arabia
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© Press Release 2017