Cairo Property Improves, Despite Country Instability

As Egypt waits for parliament elections and pending loans, the Cairo real estate market is witnessing improvement in all sectors according to recent reports.

Vacancies in Grade A office buildings shrank to 20 percent for the first quarter, a decrease from 29 percent in the fourth quarter of 2012. One significant example was New Cairo, a satellite city of Cairo created in 2011, witnessed the completion of a new 6,700-square-foot Grade A office project in the first quarter of 2013, bringing the total stock in Cairo to approximately 791,000 square feet.

Residential real estate in particular improved greatly in the first quarter, according to the same reports. Approximately 600 new residential units were delivered in east and west Cairo in the first quarter, including the New Giza project with 175 apartments. Asking prices for apartments in New Cairo increased 4% to US $1,180 per square meter from the last quarter. Prices for villas also reported an increase to $1,974 per square meter, up 9% from the previous quarter.

One of Egypt's leading real estate companies, Sixth of October Development and Investment, SODIC, reported strong revenue of EGP 122 million in 2012.

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