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FINANCIAL NEWS
Cairo property market shows activity: Jones Lang LaSalle
22 Feb 2012
(MENAFN) A recent report, issued by Jones Lang LaSalle, found that Cairo’s property market is growing, driven by major companies looking for up to 15,000 sqm of office space, Arabian Business reported.
However the report saw that the market’s long term fundamentals depend upon Egypt’s ability to solve its largely unresolved challenges, amid political uncertainty.
The report showed that many international FMCG and petrochemical occupiers are already demanding between 5,000 and 15,000 sq m of office space, while new retail stores continue to opening the country; including clothing retailer American Eagle, Pinkberry, and LC Waikiki.
The report also found that new real estate projects are heading towards completion this year, including Cairo Festival City. Projects growth are being driven by UAE and Qatari developers, said the report.
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