As Egypt’s development grow, Ministry of Housing has said it will offer 2,500 acres of land to real estate developers in an effort to reach its goal of doubling the amount of inhabited land by 2052. The land will be used to create a new administrative city.
The new administrative city, which has been proposed as Egypt’s new capital city when complete, has seen some opposition but continues to be supported by the government as a way of attracting foreign investment into the country and of easing Cairo’s chronic congestion and overcrowding problems as Egypt’s development grows. Cairo is said to be one of the busiest cities in the world, with a population of approximately 10m in an area of 528 km sq.
As the development of new areas creates homes for Egyptians, parts of Cairo will become available for renovation. The city itself has been a draw for tourists for many years but has suffered since the events of 2011. The allocation of new land for development outside of Cairo is aimed at allowing Cairo to flourish, boosting business and investment and improving the quality of the environment for existing inhabitants.
Whilst the currency devaluation of October 2016 has resulted in some uncertainties in the real estate sector, Cairo remains an attractive long term investment opportunity on the back of a large and young population and Egypt’s strategic location at the crossroads of Africa, the Middle East and Europe.
Building on a great track record of assignments in Egypt over recent years, JLL MENA opened its office in Cairo in 2010, its first branch in Africa. This office forms part of our MENA business, headquartered in Dubai, which also includes offices in Abu Dhabi and in Saudi Arabia, as well as a far wider network of contacts and mandates across all leading Middle Eastern and North African economies.
Cairo is the largest city in the region, the 9th largest urban area in the world, and its historic positioning as an international crossroads for trade between three adjoining continents are today again driving a renewed economic focus and significance as a major business centre. JLL MENA will be the first international real estate services firm to open in Cairo, a strong signal to the wider marketplace and a statement of intent to our clients that we intend to be everywhere they need us to be.
Author: Ayman Sami
As Head of JLL’s Egypt office Ayman oversees the delivery of all services including development consulting, property management, real estate research, retail and office leasing, capital markets and valuation services, to ensure that the highest level of local and international expertise is being used.
Prior to joining JLL, Ayman has worked on projects in Egypt in the areas of real estate development, land and asset valuations, as well as market research and analysis for major establishments. He holds a Bachelor of Science Degree in Marketing Management from The American College of Greece – Athens, Greece.