Encouraging Property Prospects for Egypt

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The hangover from the Arab spring has had knock on effects for the property market in Egypt but things look like they’re turning around as growth seems to be on the horizon.

A new report from specialist consultants Jones Lang LaSalle suggests that concerns about the political and economic future of the country are receding, although there is still uncertainty around the government's ability to turn things around.

“It is a challenging time but we are optimistic about the long term fundamentals of the Cairo real estate market,” head of Jones Lang LaSalle’s Egypt office Ayman Sami said.

The report has indicated that major international companies are reviving interest in the commercial sector, with office spaces offering up to 15,000 square metres being particularly in demand.

Multi national petrochemical companies already occupy between 5,000 and 15,000 square meters of office space and are looking for more similar sized units.

The expansion of the retail sector is also proving to be a significant positive factor, with major American retailers including American Eagle and Pinkberry, and Turkish clothing retailer LC Waikiki making investments.

“If the country is able to address its political issues then we are confident that activity will return to the market relatively quickly as demand exists across a number of sectors,” Mr Sami commented.

Major construction projects underway are nearing completion this year which will also impact on the state of activity in the market. Amongst the most important of these is the Cairo Festival City development.

Developers and investors from the United Arab Emirates and Qatari are playing a major role in the increase in both confidence and activity, and examples such as the $21.77 million hospitality project in Shark El Sheikh awarded to Drake and Scull International highlight the scale of developments underway.

If you are interested in an Egyptian investment, you should carefully consider how to send money internationally. One thing to bear in mind is that foreign currency exchange rates quoted by banks are almost always worse than those available through specialist currency dealers.

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Encouraging Property Prospects for Egypt

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