By: Abdullah Bedeir
Cairo – Mubasher: Egypt’s real estate sector is expected to attract more foreign investments in the coming years, JLL Egypt chairman said on Wednesday.
The property sector is forecast to witness higher growth until 2021, Ayman Sami added at a real estate event, noting that Egypt would be among the top international real estate investment destinations.
Rising demand in the real estate market has been supported by a growing population as well as declining inflation and interest rates in the North African nation, Sami told reporters, projecting that Egypt’s residential sector would witness further growth in 2019 on the back of foreign investments.
In 2018, residential rentals experienced higher growth, due to reduced purchasing demand.
The JLL Egypt chairman indicated that residential units would remain cheaper than those in other countries, expecting the retail occupancy rate to rise, supported by the growing number of projects.
In February, the Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) cut overnight deposit and lending rates by 100 basis points to 15.75% and 16.75%, respectively.
Translated by: Zeinab Adel
