Residential supply in the outskirts of Cairo and Giza has grown from 113,000 to 126,000 units, an increase of 13% in 2015 and 2016, an OLX Properties Egypt report says.
In its first Property Market Trends Report, OLX Properties Egypt notes that it has identified top search places such as Sheikh Zayed, Maadi, Nasr City, Fifth Settlement and Heliopolis and has noticed the growing residential units in the outskirts of Cairo and Giza.
“In general, we can say that there is a migration from Central Cairo and Giza to the outskirts with residential supply there growing,” says Ayman Sami, Country Head – Cairo Office, MENA at JLL, a real estate and investment management company.
Sami adds: “It is interesting to note that there is still demand for areas like Heliopolis, Nasr City and Maadi. All those districts continue to host many multinational corporate. For example, Citystars caters for the Nasr City and Heliopolis residents; and Maadi still hosts several oil and gas corporate.
According to Sami, the main drivers for the selection process is either being close to work or being close to their extended families which is a cultural aspect in Egypt. “Other drivers include accessibility, being close to major attractions, destinations or airports,” Sami says.