{"id":609035,"date":"2023-10-30T00:00:00","date_gmt":"2023-10-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/fears-of-devaluation-drove-cairo-real-estate-prices-up-in-3q-2023-jll\/"},"modified":"2023-10-30T00:00:00","modified_gmt":"2023-10-30T00:00:00","slug":"fears-of-devaluation-drove-cairo-real-estate-prices-up-in-3q-2023-jll","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/fears-of-devaluation-drove-cairo-real-estate-prices-up-in-3q-2023-jll\/","title":{"rendered":"Fears of devaluation drove Cairo real estate prices up in 3Q 2023 -JLL"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Safe houses: <\/strong>Cairo\u2019s residential housing market has been \u201cgaining momentum owing to the continued fear of further devaluation\u201d even as developers hike prices, global real estate consultancy firm JLL said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/1330.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> announcing its most recent quarterly Cairo Real Estate Market Overview. Heightened demand and soaring inflation have triggered a significant rise in property prices in the capital, with average prices in Sixth of October rising 40% in 3Q 2023 and 45% in New Cairo, according to the report. Prices in both areas were 38% higher than the <a target=\"_blank\" href=\"https:\/\/www.jll-mena.com\/en\/trends-and-insights\/research\/the-cairo-real-estate-market-overview-q2-2023#:~:text=The%20rental%20market%20within%20the,respectively%2C%20on%20an%20annual%20basis.\" style=\"\" rel=\"noopener\">previo<\/a><a target=\"_blank\" href=\"https:\/\/www.jll-mena.com\/en\/trends-and-insights\/research\/the-cairo-real-estate-market-overview-q2-2023#:~:text=The%20rental%20market%20within%20the,respectively%2C%20on%20an%20annual%20basis.\" style=\"\" rel=\"noopener\">us quarter<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the trend:<\/strong> Many people are deciding to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/20998ac6-3132-4431-bb99-7003e1ce392a\" style=\"\" rel=\"noopener\">invest in real estate to hedge<\/a> against a volatile EGP, driving up demand and causing prices to rise. Developers have also been hiking prices to offset the impact of inflation, leading several to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/20998ac6-3132-4431-bb99-7003e1ce392a\" style=\"\" rel=\"noopener\">report record sales<\/a> figures this year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rents and deliveries are on the rise: <\/strong><\/p>\n<ul>\n<li><strong>Residential rental prices<\/strong> continued their rapid rise in 3Q, increasing 22% y-o-y in Sixth October and 18% in New Cairo.<\/li>\n<li><strong>Unit deliveries <\/strong>rose about 17% on the previous quarter, with around 7k residential units handed over during the three-month period. This brought the number of units in major gated communities to 262k. Up to 9k new units are expected by the end of Q4.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>New foreign ownership laws in the pipeline could give the industry a further boost: <\/strong>JLL expects the plan to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b0c6f4b-6d39-4fb0-8c54-25ad6efe0e39\" style=\"\" rel=\"noopener\">lift the cap<\/a> on the number of properties foreigners can own to further boost the market, as foreigners \u2014 especially from the Gulf \u2014 purchase holiday homes and second homes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a different story for the commercial property sector, which remains \u201csubdued\u201d:<\/strong> In contrast to residential units, the average office rent in Cairo decreased by around 3% y-o-y, settling at USD 361 per square meter per year, according to the real estate consultancy firm. While landlords initially raised rent prices in anticipation of a currency devaluation, rates stabilized as the threat became less immediate, according to the report. Office vacancy rates rose to 12% from 10% recorded during the same period last year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many are deciding to invest in real estate to hedge against a volatile EGP<\/p>\n","protected":false},"author":1,"featured_media":609036,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7371],"tags":[130,838,72,2234,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-construction","tag-devaluation","tag-enterpriseam","tag-foreign-exchange","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"ba47e9f9-1b51-4698-b466-8b5d18ed081e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1413.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fears of devaluation drove Cairo real estate prices up in 3Q 2023 -JLL","related_issue":[609026],"teaser":"Many are deciding to invest in real estate to hedge against a volatile EGP","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.4111f0a3-2f9b-4895-aba7-e8367eea1a05.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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