Greater Cairo Real Estate Market Overview September 2015 · 2017-09-26 · landscape has witnessed major transformations, supported by substantial economic and tax reforms. Consequently,

1 Greater Cairo | Real Estate Market Overview | 2015 | Colliers InternationalGreater Cairo | Real Estate Market Overview | 2015 | Colliers International

Accelerating success.

Greater Cairo Real Estate Market Overview

September 2015

Real Estate Overview Report Greater Cairo | Real Estate 2015

2 Greater Cairo | Real Estate Market Overview | 2015 | Colliers International

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Ian AlbertRegional Director (MENA)Valuations and Advisory

Colliers [email protected]

IntroductionReal estate has shown resilience despite political turmoil witnessed across the country over the past four years. Many investors capitalised on real estate (primarily in the residential market) as a hedge against currency risks and inflation with the concurrent rise in the values of property acting as a buffer. Identifying this growing market segment developers successfully focused on delivering housing units targeting the upper- mid and high- end consumer groups.

Since 2014 however, Cairo witnessed increased consumer confidence and economic stability driven partially by externally supported ambitious government economic centric investments, aimed at the country’s infrastructure, and the announcement of a number of new real estate projects. This has translated into renewed investor confidence and in positive inflows into the retail and tourism markets.

The retail market which was historically dominated by traditional souks and high street retail continues to transform, reflecting the changing society and sentiment. In particular Greater Cairo has witnessed a rapid growth in international standard shopping malls and more recently a focus towards high-end retailing.

Tourism has also witnessed a revival with significant increases in visitors resulting in a positive impact on Egypt’s hotel market. Although the number of inbound tourists remained constant in 2014 when compared with the previous year, total tourism spending surpassed 2008 figures. High occupancy rates and increased average length of stay across hospitality establishments have not gone unnoticed by hotel investors/ operators, with a number of high profile international brands such as the Ritz Carlton, St Regis and the Westin entering the Cairo market further supporting the positive sentiment.

Investment extends beyond retail and hospitality with mega projects such as Cairo Airport City and the Suez Canal Expansion driving economic growth and the consequential demand for additional housing, retail and social infrastructure.

Egypt’s large consumer base, positive investor confidence, economic climate that encourages taxation breaks and low labor costs, together with a growing middle class, underline optimistic trends benefitting Greater Cairo’s real estate market.

Ian AlbertRegional Director (MENA)Valuations and Advisory



Residential Market Overview


The Residential MarketAppreciating house prices have driven investments towards Cairo’s undersupplied residential market, as the best hedge against high inflation rates and risks of currency devaluation. Upper- mid and high income residents with sufficient disposable incomes were targeted by key developers, and Cairo witnessed a significant increase in upper- mid and high income units.

Although the volume of residential transactions remain subdued due to the on- going political instability, investor confidence has increased significantly since 2014. In contrast to other regional markets such as Dubai and Abu Dhabi where price appreciation has been driven primarily by a combination of expatriate demand and investor speculation, we see that the upward movement in Greater Cairo’s housing market is underpinned by sustained local demand and unmet supply fundamentals. Moreover, the favourable demographics in Egypt - the young population profile composing of 32% under the age of 15, suggests a continuously growing residential market.

Overall market performance across Cairo’s residential sales and rental market have improved significantly since 2013. Sales prices across apartments and villas increased by 27% and 64% respectively during the said period. Average rental rates on the other hand increased by 14% across apartments, while villas witness a marginal drop during the same period. This marginal decline in villa prices was primarily driven by the drop seen in Zamalek, while prices increased across other areas.

Based on current trends, we estimate that the residential market requires an additional 500,000 units by 2020. This constitutes to approximately 90,000 – 100,000 units every year. Based on historic trends however, average new supply released into the market annually is approximately 45,000 units, meeting only 50% of the required housing units.

Given the significant income disparity, residential demand in Greater Cairo is clearly delineated by income groups, with nearly 70% of residents who can afford unit prices below US$ 58,000. The movement of wealthy and upper- middle income Cairenes to the new communities in order to escape congestion in central Cairo on the one hand, and the continuous housing needs of Cairo’s mid- income segments on the other, constitutes the defining demand drivers of the local residential real estate market.

Mansoor AhmedDirector | Development Solutions



Residential Sector Overview

SECTOR DEFINITIONIn a city market with over 17 million residents, and a population growing at 2% every year, the need for housing units are constant on the rise.

There is also notable a relocation of upper-middle and high income households towards the new communities such as New Cairo, 6th of October City and Al Obour City in order to escape congestion in central Greater Cairo.

DEMANDBased on population growth rates, on average 90,000 – 100,000 units are required every year to meet the demand generated by new households alone.

The pronounced housing need however is skewed towards more affordable housing for Greater Cairo’s middle income residents, representing 77% of Greater Cairo’s population.

Income levels of this majority range between US$ 5,000 and US$ 65,000 per annum, and affordability is limited to units priced below US$ 151,000.

SUPPLYIn 2014, the total existing residential supply exceeded 5.2 million units.

On average, 45,000 new units enter the residential market annually, with a high concentration on economic housing projects sponsored by the government.

GREATER CAIRO POPULATION ESTIMATES

Source: Colliers International Research and Analysis

CAGR 2%25

20

15

10

5

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Popu

latio

n (M

illio

ns)


2009 2010 2012 2013 2014

RESIDENTIAL SUPPLY – ANNUAL COMPLETION

Low Cost Level

Economic Level

Middle Level

Upper Middle Level

Luxury Level

2011

80

60

40

20

Uni

ts (T

hous

ands

)

DEMAND FOR ACCOMMODATION BY HOUSING LEVEL IN GREATER CAIRO


77%Middle

Housing

2%LuxuryHousing

5%Low CostHousing

16%EconomicHousing

6th of October

Mohandessein

Zamalek

Maadi

Heliopolis

Nasr City

New Cairo

Increasingly housing upper-middle

income demographic as high-income earners relocate elsewhere given

chronic congestion problems

Primarily residential area catering to the high income

segment

Close proximity to airport has

effected a notable business orientation

One of central Cairo’s

most upmarket locations

Primarily targeting

upper- mid and high- end residents

Upmarket core of 6th of October City are the gated communities such as Palm Hills and

Beverley Hills


Residential Sector Overview

MARKET GAPBased on the current trends, the residential market requires an additional of 500,000 units by 2020.

With government sponsored programs aimed at economic housing, and key developers launching projects targeting high- income residents, the market gap for affordable housing targeting the majority of middle income residents remains unmet.

MARKET PERFORMANCEAverage sales prices for apartments and villas increased by 27% and 64% respectively since 2013.

Average rental rates for apartments increased by 14% during the same period. The most significant increases were observed in 6th of October City and in Heliopolis.

Unlike apartments, average rental for villas have witnessed a drop of 4% since 2013. This drop is driven by falling prices in Zamalek, with prices rising in the other areas.

MARKET OPPORTUNITIES Based on households income levels, the majority of demand exists across middle income residents (77%), although there still remains unmet demand for upper-mid/ luxury housing units, given the number of high-net-worth wealthy Egyptians in the market.

Low income housing units also remain undersupplied, although not as pronounced as the market gap across the middle income sector.

20Million

Population

6Million

Units Housing Demand

0.5Million

Units Additional Supply Required

Upper- mid / Luxury Housing

Middle Housing

Low Cost Housing

Targeting households with annual income of

US$65,000 – US$125,000


US$10,000 – US$25,000


US$1,750 – US$2,500

Based on the market gap of each housing category, the followingopportunities are highlighted.

MARKET GAP - 2020

POTENTIAL OPPORTUNITIES

AverageVillaRent

US$ 90/m² Per Annum

-4%Change

2013-2015

64%Change

2013-2015

14%Change

2013-2015

AverageApartmentSales Price

US$ 870/m²

AverageVillas

Sales PriceUS$ 2,000/m²

AverageApartment

Rent

US$ 55/m² Per Annum

Sales Market Rental Market

RESIDENTIAL MARKET PERFORMANCE

27%Change

2013-2015




Retail Market Overview


The Retail MarketDriven by significant income disparities, Cairo’s retail market is fragmented between souks, high streets and international quality shopping malls.

Historically, the market’s growth has been cumbersome and cautious, due to slow economic growth and high tariffs on imported goods. However, over the past decade, the market landscape has witnessed major transformations, supported by substantial economic and tax reforms. Consequently, consumer confidence increased notably, which triggered the interest of regional and international retailers to enter the market and capitalise on the large consumer base.

The average rental rates across Cairo’s shopping malls range between EGP 4,500 (US$ 625) per m² per annum and EGP 8,500 (US$ 1,190) per m² per annum, with established Grade A shopping malls operating close to full occupancy. The increasing competitive landscape however, has seen Grade B malls experiencing low occupancy - up to 40% available lettable area. Rents are expected to reflect occupancy levels, with average rents across established, well positioned shopping malls set to increase and maintain a premium over less competitive malls.

Generations X and Y represent 56% of Greater Cairo’s total population. The importance of this demographic is their aspiration for lifestyle products and international brands. This increasing consumer demographic also accounts for the highest dwell time, and therefore F&B/ dinning and entertainment products are some of the key retail components to be factored into next generation shopping malls.

Colliers expects Greater Cairo’s organised retail market to remain undersupplied over the short to medium term. According to existing market sentiments, the market will be in a position to absorb an additional 1.6 million m² GLA of new supply by 2020. Increasing catchment population around new residential communities will also see an offshoot demand for a number of community shopping malls to be developed.

It is expected that, given Cairo’s growing population, young demographics and a growing middle class, primary grade lifestyle shopping malls with family entertainment components will attract high visitor volumes, occupancy rates and rentals compared to less competitive malls.

Stuart GissingRegional Director



Retail Sector Overview

SECTOR DEFINITIONBeing one of the largest retail market in the region, the consumer base for Greater Cairo alone, exceeds 17 million, making it an attractive market for international and regional retailers.

Shopping malls have successfully attracted international brands, meeting latent demand from wealthy Egyptians, and offer a shopping experience modelled on international retailing standards with compiled tenant mixes, food courts, entertainment facilities, and anchor tenants.

DEMANDSignificant income disparities have resulted in consumers being highly price- sensitive and with traditional shopping habits, on one hand, and organised shopping mall activity on the other.

Currently, the demand for organised retail in Greater Cairo is estimated at 2.2 million m² GLA, and is expected to reach 2.4 million m² GLA by 2020.

SUPPLYBy end of 2015, the total organized retail supply in Greater Cairo is expected to reach 1.1 million m² GLA.

An additional supply of 600,000 m² GLA is scheduled to come into the market over the next five years, provided construction timelines are met.

BREAKDOWN OF HOUSEHOLDS’ RETAIL SPENDING

Food &Non-Alcoholic

Drinks

67%

Restaurants& Hotels

8%Furnishing &

Home

8%Clothing & Footwear

10%

Tobacco & Alcoholic

Drinks

7%

RetailSpending

51%

Source: BMI; Colliers International Analysis

RETAIL DEMAND2 600 000

2 400 000

2 200 000

2 000 000

1 800 000

2014 2015 2016 2017 2018 2019 2020

GLA

(m²)

CAGR 3%


RETAIL SUPPLY - ANNUAL COMPLETION

2018

2017

2016

2015

2014

50 000 100 000 150 000 200 000 250 000

GLA

(m²)


Cityscape Mall

Dolphin Land Mall

Hyper One

Dandy Mall

Designopolis Mall

Mall of Arabia

Nile CityTowers First

Mall

The DistrictSun City Mall

City Stars

Maadi City Centre

Golf City Mall

Emerald Mall

Rehab Mall(1 & 2)

Porto CairoCairo Festival CityDowntown Mall

As highlighted in the map, 6th of

October City and New Cairo hold the majority of the existing retail supply

across different retail formats within Greater

Cairo, given the availability of land supply.


Retail Sector Overview

MARKET GAPThe retail market is currently undersupplied by approximately 1.3 million m² GLA.

Despite an additional supply of 600,000 m² GLA expected to come online over the next five years, the market is still expected to remain undersupplied by 1 million m² GLA by 2020.

MARKET PERFORMANCEThe average rental rates in key shopping malls range between US$408 per m² per annum and US$1,200 per m² per annum.

City Stars, Cairo Festival City and Mall of Arabia are achieving the highest rentals, while secondary malls such as Golf City Mall and Sky Plaza are witnessing some of the lowest lease rates.

Occupancy levels for Grade A shopping malls range between 80% to full occupancy.

MARKET OPPORTUNITIESGiven Cairo’s growing population and composition of generations X & Y, primary grade lifestyle shopping malls complete with family entertainment components will attract high visitor volumes, occupancy rates and rentals.

MARKET GAP

2015

1.3million m²

GLA

2020

1million m²

GLA

2010

1.5million m²

GLA

Largest demographics are between theages of 15 – 64

0-1

1-3

3-6

6-9

9-12

12-1

5

15-3

0

30-4

5

45-6

5

65-8

5

85-1

00

Target YoungConsumers

Community Retail

Lifestyle Retail

Young consumers (20- 39 years of age)represent 47% of total population, driving demand for brands coming into the market

Demand for retail components withinresidential communities to meet everydayneeds of the catchment population.

The higher proportion of generation X & Yconsumers and their preferences to spendmore time dining and entertaining outside,make it more likely for the F&B and theentertainment components within shoppingmalls to increase

DEVELOPMENT TIPS


AVERAGE RENTAL RATES FOR KEY SHOPPING MALLS (US$/M²/ANNUM)

City

Sta

rs

Cairo

Fes

tival

City

Golf

City

Mal

l

Dand

y M

all

Maa

di C

ity

Cent

re

Mal

l of A

rabi

a

Port

o Ca

iro

Sky

Plaz

a

Galle

ria40

Aver

age

1, 500

1 000

500

100%80%60%40%20%0%


Occupancy Rate US$/m²/Annum


Hospitality Market Overview


Filippo SonaDirector | Head of Hotels


The Hospitality MarketIn the first half of 2015, the number of room nights sold in Egypt’s key cities (Cairo, Alexandria, Hurghada, Sharm El Sheikh, Luxor) grew by 13% year- on- year. Cairo in particular saw a 39% increase in demand, while Hurghada experienced a decrease of 7% due to strong competition with Sharm El Sheikh.

In another positive move for the tourism industry, August 2015 saw Germany lift its travel ban on all tourist destinations in Egypt. The lift is expected to lead to higher visitation figures from this key source market, which contributed approximately 800,000 tourists and EGP 2 billion (US$255 million) in revenues during 2014. Germans’ length of stay is also expected to increase from its current average of one week, slowly returning to the two week stays witnessed in 2010.

In addition to the traditional source markets, the ministry of tourism is aiming to diversify its demand base, for instance by targeting 200,000 Iranian tourists by 2016, and 1 million Indian tourists by 2017. The tourism authorities are bullishly targeting a total 20 million tourists by 2020, up from 9.8 million in 2014.

The improved confidence in the hotel industry is apparent through the recent signings of international hotel brands, such as the Swissotel Katameya in Cairo, the DoubleTree by Hilton in Ain Al Sokhna, and the Westin Resort in Soma Bay. With the recovery in full swing, hotel investors interested in Egypt are now reaching their highest level of confidence in the last four years.


Hospitality Sector Overview

SECTOR LANDSCAPEEgypt relies heavily on its tourism sector which accounted for over 5% of the nation’s GDP in 2014.

Despite benefitting from a wide tourism market, Egypt’s internationally branded hotel supply is heavily weighted towards the 5-star segment providing various hotel development opportunities across other segments.

DEMANDWith the exception of the Pyramids market, all other hotel submarkets of Cairo rely on corporate travelers.

Hotel demand has seen a notable shift towards eastern (New Cairo) and Western (6th of October City) Cairo in recent years. This shift is due to new business parks providing high quality office spaces and thus appealing to high-profile companies.

SUPPLYSupply remained stable between Q2 2014 and Q2 2015. However six hotels are expected to enter the market by year end 2015, operated by Marriott International, Starwood Hotels, Time Hotels, Kempinski, and Hilton Worldwide.

Internationally branded supply currently represents 64% of Cairo’s hotel market, of which 86% are 5-star rated.

10%3 STAR

HOSPITALITY LAND SCAPE OF CAIRO

20%4 STAR

70%5 STAR

Source: Colliers International

PURPOSE OF VISIT TO CAIRO

15%LEISURE

70%CORPORATE

9%FIT

4%MICE/Groups

2%OTHERS


Q22014

Q22015

FY2015(f)

FY2016(f)

FY2017(f)

CAGR 5%PROJECTED HOTEL SUPPLY | NO. OF KEYS

Source: Colliers InternationalNote: Includes 3,4 and 5-star quality supply

6th of October

Mohandessein

Zamalek

Maadi

Heliopolis

Nasr City

New Cairo


Hospitality Sector Overview

MARKET GAPColliers expects a 7.5% average annual increase in Cairo’s hospitality demand over the next five to ten year period, in- line with Euromonitor’s tourism projections for Egypt.

Given the above mentioned demand growth, Cairo’s hotel market will need an additional 10,540 keys over and above the announced supply by 2025.

MARKET PERFORMANCEGrowth in corporate demand has fueled Cairo’s hotel market performance increase in Q2 2015.

Cairo’s hospitality demand is mainly generated by Egyptian and GCC nationals, accounting for 78% of total guest nights.

MARKET OPPORTUNITIES Due to the large number of currently outdated, and new forthcoming 5- star supply, opportunity lies in developing economy and midscale hotels targeting leisure tourists visiting the pyramids.

Lack of quality serviced apartments appealing to domestic leisure tourists represents an opportunity for international operators to penetrate the market.

Midscale & Economy Hotels

Upscale Hotels

ServicedApartments

In locations near the pyramids catering to the leisure segment

In 6th of October City and 5th Settlement districts to cater to the Upscale business parks

Within Ma’adi district to cater to relocating employees

DEVELOPMENT TIPS

KPIs | YOY % CHANGE

OCC

ADR

RevPAR

Q2 2013 Q2 2014 Q2 2015 ForecastFY 2015

- 14% +6% +43% +26%Occ 50%

+26%US$117+ 29% + 1% +8%

Source: STR Global, Colliers International

14,321Projected

Keys

2015

2,018 Additional

supportablekeys

2020

10,540 Additional

supportablekeys

2025

ADDITIONAL SUPPORTABLE ROOMS



Commercial (Offices) Market Overview


The Commercial (Office) MarketCairo is the acknowledged financial and business centre of Egypt. However the city does not have a clearly defined Central Business District (CBD) as compared to other international and regional cities. Grade A office space currently available for lease within Greater Cairo is located on major commercial arteries that also hold a significant proportion of Cairo’s Grade B office stock.

High occupancy rates across Cairo’s limited Grade A office stock has prompted the conversion of ground floor residential developments into office space as a short-term measure to counter the undersupplied market. However, this has only intensified the existing fragmentation of the office market in Greater Cairo.

The existing undersupplied market is supported by rising rental levels. The average rental rates of office space in key areas within Greater Cairo range between US$300 per m² per annum and US$ 350 per m² per annum in 2015, increasing 6% since 2014.

We are continuing to witness significant demand for office space in new cities from local business entities who are willing to relocate to new offices in less congested areas and into developments with better build quality. In the absence of a defined CBD within Greater Cairo, New Cairo has emerged lately as the capital’s CBD assisted by its location - adequate infrastructure, ease of access, proximity to the Cairo International Airport, and the availability of supporting services.

The market is expected to remain undersupplied in the short to medium term, with an additional 3.1 million m² NLA of new supply required by 2020. We expect rentals to remain strong, especially across developments offering international build quality in districts away from highly dense areas of the traditional city centre.

Hassan Abou AlamSenior Manager | Business Development



Commercial (Office) Sector Overview

SECTOR DEFINITION Egypt’s economy is the third largest in the Arab world, only behind KSA and the UAE.

Despite a labour force of 4.5 million, the city remains fragmented in terms of a Central Business District (CBD).

New Cairo and 6th of October City currently holds approximately 2 million m² NLA of Greater Cairo’s formal office supply.

DEMANDDemand for office space is driven by the volume of workers who actually require office space.

Tenants are considering New Cairo and 6th of October City as favourable commercial districts, given their ease of accessibility and better building quality in comparison with older areas like Maadi and El Dokki.

With demand expected to increase 2% annually, by 2020 cumulative office demand is expected to reach 4.7 million m² NLA.

SUPPLYBased on Colliers research, more than 800,000 m² office space are expected to be completed over 2015 – 2018. There are currently no upcoming developments planned for delivery between 2019 and 2020.

Provided construction timelines are met, cumulative office supply is expected to reach approximately 2.3 million m² NLA over the next 5 years.

GRADE A OFFICE SUPPLY - ANNUAL COMPLETION

2018

2017

2016

2015

2014

100 000 200 000 300 000 400 000 500 000


NLA

(m²)

GRADE A OFFICE DEMAND5 100 000

4 800 000

4 500 000

4 200 000

3 900 000

2014 2015 2016 2017 2018 2019 2020

NLA

(m²)

CAGR 2%


GRADE A OFFICE DEMAND

6th of October

Mohandessein

Zamalek

Maadi

Heliopolis

Nasr City

New Cairo

Movingaway fromtraditionalbusinesscentres


Commercial (Office) Sector Overview

MARKET GAPCurrently, formal office supply in Greater Cairo is witnessing a shortfall of approximately 2.7 million m² NLA. This undersupply is expected to narrow down to 2.4 million by 2020, provided construction timelines are met.

Despite nearly 800,000 m² NLA expected to come online during 2015 – 2020, the market still requires an additional 480,000 m² of formal office space to be delivered annually in order to meet market equilibrium in 2020.

MARKET PERFORMANCEAverage rental rates of office space in key areas within Greater Cairo range between US$300 per m² per annum and US$350 per m² per annum. The highest rentals are achieved in New Cairo, averaging at US$ 370 per m² per annum.

The overall market witnessed an average rental growth of 6% during 2014 – 2015, underpinned by the limited primary grade office stock in the market.

MARKET OPPORTUNITIESWith demand for office space expected to outweigh supply over the next five years, there is a potential market gap that can be met by new primary grade office space.

Tenants are likely to prefer locations away from the traditional city centre in order to avoid severer traffic congestion and pollution experienced in the downtown areas of Cairo.

MARKET GAP

2015

2.7million m²

NLA

2020

2.4million m²

NLA

2010

1.8million m²

NLA

AVERAGE RENTAL RATE FOR GRADE A OFFICES(US$/M²/ANNUM)

AND OCCUPANCY LEVELOccupancy LevelRental Market

Av. Office RentUS$ 340/m²

Per Annum

6%

% Change 2015

70%to 80%Occupancy Level 2015


New Cairo90th The demand for commercial lands in

New Cairo is towards the 90th street,given the majority of commercial developments are located in the vicinity

PROMISING MARKETS


6th of October City

6th of October City is another key location for residential and commercialland demand, based on Colliers ground research

6th

21

Mega Projects - Market InsightsA number of national mega projects are planned and implemented including Cairo Airport City, Suez Canal expansion, and New Capital City that are likely to drive demand for additional real estate products.

SUEZ CANAL EXPANSIONThe Suez Canal expansion will increase the Canal’s annual revenues from US$5.3 billion to approximately US$13.2 billion in 2023. According to the Suez Canal Authority’s projections, daily transits will rise from their current level of 49 ships to 97 ships by 2023.

One of the canal expansion’s positive impacts is a planned scheme of establishing an airport in Ain Sokhna. This will enhance the corporate demand for residential, commercial, retail, education and healthcare facilities along with hotel rooms, especially in the East side of the City Centre. Airports and aviation sector around the Suez Canal are also planned to compliment the major investment being made to expand the Suez Canal.

CAIRO AIRPORT CITYCairo Airport City is aimed at positioning Cairo as the centre of the region through a series of logistical, retail, and recreational developments. There is a study to link the Airport City with the new Suez Canal through a new railway line with Ain Sokhna port, and Cairo International Airport. Cairo Airport is likely to be a major assembly and distribution centre of passengers and cargos.

The Airport City is a complete city around the airport and will include a new trade free zone, cargo village, factories belonging to the civil aviation for packaging, and food outlets. In addition, an entertainment area, administrative offices, hotels and a hospital are planned or under construction. The project is expected to provide more than 120,000 jobs on the short and long term. This will translate to additional demand for residential units, commercial space, and hotel rooms.

NEW CAPITAL CITYThe New Capital City is expected to be a new administrative and financial district, extending Cairo eastwards to the Coast of Red Sea. According to the Egyptian Government and the master planners, the City will be a new urbanization area that is projected to host over 7 million residents. The new city is expected to be surrounded by local schools, religious buildings, civic amenities and shops.

The project is expected to attract domestic and international investors. Therefore, a stronger demand for real estate developments is anticipated in the future.

29,000 mi² Area of proposed logistics around

canal

97 ships Daily transits

by 2023 US$13.5bn Projected Revenues

by 2023

Suez Canal Expansion

More than 120,000 job

Creation

2,8mn m² Aero City

Commercial Entertainment

District:

5mn m² Cargo & Logistics

Village

447mn m² Cairo Airport Core

7 Million residents

Greater Cairo | Real Estate Market Overview | 2015 | Colliers International


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DisclaimerThe information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

Ian AlbertRegional Director | MENA [email protected]

Stuart GissingRegional Director | MENA [email protected]

Mansoor AhmedDirector | Head of Development Solutions | MENA RegionHealthcare | Education | Public Private Partnership (PPP)[email protected]

Filippo SonaDirector | Head of Hotels | MENA [email protected]

Hassan Abou AlamSenior Manager | Business Development | EgyptMobile +20 106 094 [email protected]

Colliers International | MENA RegionDubai | United Arab Emirates+971 4 453 7400

Documents

Greater Cairo Real Estate Market Overview September 2015 · 2017-09-26 · landscape has witnessed major transformations, supported by substantial economic and tax reforms. Consequently,