In its recent report on the Egypt market, real estate consultant JLL reveals that the residential sector performed strongly throughout 2018 but the performance of the off-plan sector wasn’t as strong illustrating buyers’ preference to wait for completed units in 2019.
The report noted that the strongest performing sector of the sales market were villas in New Cairo, which saw a 16% increase in sale prices over the year. The fourth quarter (Q4), however, saw prices remain relatively stable.
“With most of the demand being captured by sales of new properties, the secondary market has remained stagnant, with few sales and a fall in average prices reported in some locations.
“The strongest performing market has been Sixth of October, which recorded increases of 17% in apartment and 14% in villa rentals in 2018. This increase in rentals can be partly attributed to a shift of residents’ lifestyles, with more interest in renting rather than purchasing units, with other tenants leasing units on a temporary basis awaiting the delivery of their off-plan units,” according to the report.