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The major finding of this report are as follows:-• While the Egyptian economy showed signs of improvement in the final quarter of 2013, these have yet to have a positive impact on the real estate market;• All sectors of the market remaining at or close to the cyclical trough of their cycle. Prime rents remained stable in most sectors of the market in Q4 2013, although small falls were recorded in the residential and retail markets;• Significant levels of new supply entered the retail and residential markets as a number of major projects were completed in Q4. The most significant completion was the Cairo City Festival retail mall which opened in November 2013 with the first IKEA store in Egypt;• Performance in the hotel sector has remained subdued, as the number of tourists visiting Egypt declined by almost 20% in 2013. This has resulted in a dip in average hotel occupancies in Cairo, that stood at 48% in 2013.
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15 February 2014