Dubai: JLL released its second quarter report of Cairo Real Estate Market Overview that assesses the latest trends in the office, residential, retail and hotel sectors.
The company expects the vacancy rates to increase limiting prospects for further rental growth. That is because there is over 770,000 sq m of retail floor space scheduled to be completed over the next 18 months.
According to the report, New Cairo has seen a boom in rental growth which could be due to the availability of better infrastructure, accessibility and parking. “All sectors of the Cairo real estate market have continued to exhibit positive performance and improved sentiment,” said Ayman Sami, Head of Egypt Office at JLL MENA, in a statement.
According to the report, an additional of 28,000 units are due for completion during the second half of 2015, the majority of which are located in 6th of October, a suburban. JLL expects many of these projects are likely to be delayed into 2016 and 2017.
