Up to 18,000 residential units were delivered in the city of Cairo during 2022, bringing the city’s total stock to 246,000 units, Invest-Gate reports.

Around 35,000 units are planned to be completed in Cairo during 2023, according to JLL’s Cairo 2022 Year in Review report.

Around 193,000 sqm of office gross leasable area (GLA) was delivered in 2022, bringing Cairo’s Cairo’s total office stock to around 1.9 mn sqm.

More than 400,000 sqm of floor space is slated for completion in 2023.

“In light of two devaluations of the Egyptian pound against the US dollar last year, and forecasters anticipating a continued depreciation of the local currency in the short-term, many property developers have put sales activities and new project launches on hold,” JLL says.

In Q4, average office rents in Cairo reached $347 per sqm annually, up 5% YoY. Over the same period, the office vacancy rate droped to 8%, down from 10% in Q4 2021.

“We remain cautious on the timely delivery of a portion of this pipeline. Activity in the fourth quarter picked up, partially as tenants wanted to capitalize on current prices before the next anticipated depreciation in the Egyptian currency,” JLL notes.

Last year, approximately 93,000 sqm of retail space was completed in Cairo, pushing the total stock up to 2.9 sqm.