Egypt's approval of property ownership by foreigners boosts real estate sector: Report

A report by JLL MENA, a prominent property consultancy firm, shows the transformations in Cairo's real estate market in 3Q 2023.

The report attributes the positive developments in the real estate sector to the government's endeavours to attract greater foreign currency inflows and promote investment.

Residential sector
 

The residential sector in Cairo saw the handover of approximately 7,000 units in 3Q 2023, with expectations to deliver nearly 9,000 more units in the fourth quarter of the same year.

The report highlights that the surge in demand for new residential units has driven their prices significantly higher, resulting in an increase of 40 percent to 45 percent in 6 October city and New Cairo during the last quarter.

Rental rates have continued to rise at a swift pace, with annual increases of 22 percent.

"Despite the significant price increases, the residential market has been gaining momentum," the report added.