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Egypt real estate prices jump up to 45% in a year as tourism gains drive property market

Thriving tourism and changes to laws in Egypt are driving the price of property in the country.
26.10.23 | Source: Arabian Business

With Egypt expected to witness tourist inflows of 15m by the end of this year, Cairo’s occupancy levels continued to experience healthy growth levels in Q3, rising to 68 per cent in August 2023, compared to 61 per cent during the same period last year, reveals JLL’s Cairo Real Estate Market Overview Report for Q3 2023. 

In the quarter, Revenue Per Available Room (RevPAR) saw a significant increase of nearly 8 per cent, reaching approximately $95 despite the average daily rate (ADR) in Cairo slightly decreasing by 3 per cent (year-on-year) to reach $144 for the year to August 2023.

In addition to the anticipation of tourism levels surpassing 11.7m visitors in 2022 and 13.1m visitors in the pre-pandemic year, 2023 also witnessed major developers and operators translating their interest in Cairo and Egypt into launching new projects, further strengthening the sector’s resilience.