US-based commercial real estate services firm JLL unveiled that the Egyptian market experienced a “roller coaster ride” last year, with a wide range of “booms and busts” being addressed by the government in line with Egypt Vision 2030, Invest-Gate reports
Most sectors of Cairo’s real estate market started 2019 on a positive note, yet remained soft by the end of the fourth quarter of 2019, with the government currently undertaking extensive strategic plans to stimulate growth and drive investment opportunities, JLL’s 2019 Year End Real Estate Market report highlighted.
“The year 2019 was intriguing on so many levels for Egypt. It will be remembered as a year which saw our country addressing a wide range of changes and challenges right across the real estate sector,” according to Ayman Sami, JLL’s Country Head – Egypt.
The report also highlighted how the Central Bank of Egypt’s (CBE) move to consecutively cut key interest rates last year proved positive.
Additionally, “The good news is that after the shock of fuel subsidy reforms wore off, and with price pressures alleviated in recent months, we are expecting domestic demand to strengthen in the forthcoming period,” Sami noted
JLL referred to the Egyptian government’s plans to ease doing business, lure more foreign direct investments, reinforce the role of the private sector through partnerships (PPPs), and enhance the country’s overall investment climate.
“The government is committed to achieving the goals of Egypt Vision 2030, with a special focus on sustainable urban development, while bolstering the advancement of Upper Egypt,” Sami elucidated.
The JLL report also discussed the concept of ‘smart cities’, particularly given the technological developments that are planned for the country, along with a new batch of fourth-generation cities, many of which will be in the New Administrative Capital (NAC).