Cairo’s real estate market continued to perform positively in the first quarter of 2019, indicates JLL’s Q1 Cairo Real Estate Market Overview report. Strong growth and positive sentiment reflect the successful measures taken to enhance security, boost tourism and overall investor demand across all sectors.
“The real estate market in Egypt witnessed a strong start to the year with healthy demand levels and all sectors remaining in the upturn stage of their cycle. The country continues to benefit from the positive sentiment created by planned cities and projects. We anticipate these projects to not only continue driving domestic demand, but also to attract significant international investments in the months to come,” says Ayman Sami, country head, JLL, Egypt.
Retail supply in Cairo remained unchanged at 22.6 million sqft of GLA, as no new retail centres were delivered to the market in Q1. An additional 4.1 million sqft of retail space is expected to enter the market by the end of the year, including Madinaty Mega Mall which is partially open; City Centre Almaza; and The Yard Mall.
Most of the future supply is in New Cairo, with limited announcements in West Cairo. New developments are largely focused in areas that lack existing purpose-built good quality retail, which will contribute to their success. East Cairo continues to be the main focus for new retail developments. The creation of the New Administrative Capital has provided a stimulus for developers to expand their existing or planned projects or announce new brands to accommodate the growing consumer demand.
While retail rents remained relatively stable on a quarterly basis, they recorded a notable increase over the past year reflecting healthy demand across Cairo. Retail vacancies remained stable in Q1, but are expected to increase as major projects are completed during the rest of 2019. This does not necessarily insinuate rents will decline; indeed, they could actually increase as the new developments will offer more luxurious and superior quality space. The locations of some of those new developments in areas not currently well served for retail space – for example, Centre Almaza – could also support rental growth in 2019. Developers are continuing to innovate and offer interactive concepts such as leisure and cultural activities – including events, concerts, activations events – to provide an enhanced retail experience to visitors.
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
Snapchat has been betting big on Augmented Reality’s (AR) retail future consideringJune 22, 2021 | By Jibran Chouguley
Union Coop has opened its 23rd branch within the UAE in Jumeirah
Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and
UAE-based Al Maya Group announced that it will be boosting import of
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
UAE-based REDTAG will launch its specialized, new outlet in City Centre Deira
Extravagant, conceptual, great food and views are some of the ways that
UAE-based Al-Madina Group opened two new projects, Crown Mall and Mango Hypermarket,
Abu Dhabi’s state investment company ADQ is in talks to invest about $500 million
UAE-based REDTAG has launched its latest retail outlet on at Doha’s City Center
UAE-based Carrefour has opened a new store at the world’s busiest international
The once powerful department stores that anchored malls and streets around the
FILA has opened its new futuristic flagship store in Dubai Mall. The 158m²
Who isn’t a sucker for discounts? Customers today are spoiled for choice
The various e-commerce and virtual retail stores that cater to different product
UAE-based Times Square Center is getting ready to reveal its newly refurbished,
A private helicopter carrying the chairman and managing director of Lulu Group,