According to JLL’s ‘A Year in Review’ report on Cairo’s real estate market, the city’s hospitality sector has experienced a significant boost in Q4 2023 due to the enduring appeal of its historic and cultural sites, attracting global tourists, Invest-Gate reports.

The residential and office sectors also demonstrated resilience during the same period, while the retail market faced challenges but saw growth in local fashion and F&B brands.

Despite anticipated economic challenges such as a temporary slowdown in GDP, increased inflation, higher interest rates, foreign exchange shortages, and import constraints in 2024 and 2025, Egypt’s real estate industry has maintained positive momentum. The sector has leveraged its strengths to adapt and identify growth opportunities.

Egypt’s tourism industry has played a crucial role in driving overall growth, with tourism numbers around eight times higher than the global average of 4.5%. From January to October 2023, Egypt recorded approximately 13.9 million tourist arrivals, representing a nearly 36% increase compared to the same period the previous year. October 2023 witnessed the second-highest number of tourist arrivals since October 2010, with around 1.3 million tourists visiting Egypt (an 8% increase compared to October 2022).

Ayman Sami, Country Head of JLL Egypt, emphasized the strong position of the hospitality market in Egypt, driven by the rapidly growing tourist demand and increased investment in leisure and tourism infrastructure. He expects the hospitality sector to continue growing in the coming years.