SCZONE showcases investment opportunities to eight Japanese companies    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egypt's PM meets Tokyo governor, witnesses signing of education agreements    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Egypt's Sisi, France's Macron discuss Gaza ceasefire efforts in phone call    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Rental market performance better in New Cairo than 6th of October City: JLL
The financial performance of Cairo hotels improved slower than the occupancy rate, says Sami
Published in Daily News Egypt on 13 - 10 - 2015

All sectors of the Cairo real estate market showed positive performances during quarter three (Q3) of 2015, according to a Jones Lang La Salle (JLL) report.
The report said that the rental market performed better in New Cairo than in 6th of October City, where rental prices for apartments and villas declined in dollars during Q3.
The report added that the office market performed exceptionally well over the past quarter, as Cairo's office space supply reached 911,000 sqm in Q3.
Domestic demand in the residential market remains positive, however, prices have declined in dollars, due to the recent devaluation of the currency by the Central Bank of Egypt (CBE).
The report added that the retail and hospitality sectors continued to show slow but steady growth during Q3.
Head of JLL in Egypt, Ayman Sami, said the devaluation of the Egyptian pound resulted in a decrease in the sales prices of apartments and villas in New Cairo, as well as apartments in 6th of October City.
Sami added the only exception was for villas in 6th of October City, where shortages in the new supply resulted in a modest price increase (3%), despite the currency devaluation.
No new developments or major new phases were completed across the residential market in Q3, with only minor additions to the supply in Rehab and Cairo Festival City, according to Sami.
Sami noted that Q3 of 2015 witnessed the opening of Mirage Mall in New Cairo and the completion of a further 8,000 sqm of retail within Cairo Festival City.
"No further projects are due to be delivered in 2015 as construction delays continue," added Sami. "Vacancy rates in existing retail malls remained largely unchanged over Q3, but vacancies have fallen by 5% to 17% over the past year."
Pertaining to hotels, occupancy rates rose 53% this year from January until August, compared to 41% in the same period of 2014.
Sami added that the increase reflects the return of confidence and increasing visitor arrivals.
He noted that the financial performance of Cairo hotels improved slower than the occupancy rate, with the average daily rate increasing from January to August 2015 by 2% compared to the same period in 2014.


Clic here to read the story from its source.