Investors, Developers Look to Cairo

CAIRO, EGYPT-According to the City Profile compiled by Jones Lang LaSalle, Egypt, and Cairo specifically, is emerging as an international real estate market for developers, investors and occupiers. The country’s emergence on the scene is due in large part to five years of government efforts to open the property sector to foreign investment.

In 2004, the government began selling large plots of land along the urban core to developers. This spurred a development boom around the cities and created new communities. To further drive the market, the government is now working to restructure real estate related regulations to further attract investors and developers.

The JLL report found that “despite the global economic turmoil, the underlying fundamentals of the Cairo real estate market have remained largely intact during 2009.” Executives believe the market will continue to grow in 2010 and beyond.