“Cairo is becoming an international real estate market and is emerging on the radar screen of an increasing number of regional and global developers, investors and occupiers.” said Thierry Loué, CEO of Jones Lang LaSalle MENA. “The key markets in Cairo are driven by ‘end user’ demand rather than speculative development. As the Cairo market is largely cash driven, it has experienced much lower levels of debt that in many other cities in the region. It is therefore more stable with greater prospects for sustained growth than many of its peer cities.”
He continued: “More than any other regional city, Cairo is characterized by a combination of mature and emerging market conditions. The city is growing rapidly from its constrained historic core to a range of new self-sustaining cities on the urban periphery. We see Cairo as a global city with a tremendous future – which is why we are opening an office here in early 2010.”
Highlights of “Cairo: Open for Global Business” include:
- Growth in the residential sector with an important shift towards affordable housing, as Cairo is a demand-driven market where affordable housing is in short supply;
- the fragmented office market provides significant opportunities for purpose - built international quality office buildings with demand from international occupiers;
- the hospitality and tourism sectors driven by new investment is expected to record an important increase in both international and regional tourists;
- Cairo remains a market with more demand than supply for new, high quality retail development and is significantly under-served as compared with competing markets for modern, professionally managed retail offerings.