Consultantcy says record participation of major real estate developers and new projects point to signs of improved sentiment in Q1
Jones Lang LaSalle (JLL) has said the real estate market in the Egyptian capital, Cairo, continues to face a challenging time, but clarity is returning to the Egyptian market.
With much depending on the outcome of the current political process and the forthcoming Presidential elections, the general outlook continues to be cautious but optimistic on the long term, as demand exists across a number of sectors, JLL said.
The consultancy cited the record participation of the major real estate developers at the first Cityscape Egypt in late February as well as the announcement of several new projects by developers among the signs of the improved sentiment over the first quarter.
Other indications include the active demand for up to 10,000m2 of office space from international occupiers, in addition to retailers continuing to open new stores with recent examples including Go Sport who signed the contract for their first store in Egypt at Dandy Mall.