Cairo Egypt
Cairo’s real estate market remained stable in quarter two supported by government initiatives, despite challenging global economic conditions, according to JLL’s Cairo Real Estate Market Performance report.
“The real estate market in Egypt continues to benefit from the various initiatives that have been put in place by the government across all sectors. We anticipate this to continue driving demand and attract international investments in the mid-to-long term,” said Ayman Sami, country head, JLL, Egypt.
Primary and secondary rents in the retail market have increased by 5% to 10%, respectively, annually. These are expected to remain stable with mall operations gradually getting back to normal. Landlords continue to offer incentives to support tenants that include waived service charges and rent-free periods. Some landlords have also adopted a revenue-share model to support retailers to account for the loss of sales.
E-commerce is still on the rise as consumer preferences lean towards online shopping, allowing for a prominent number of home-grown businesses to emerge.
Also read: E-commerce set to grow in Egypt
The government continues to support the sectors most impacted by the pandemic with initiatives such as allowing corporates to pay income tax in three instalments rather than one. The government has also increased the tax exemption limit from EGP8,000 to EGP15,000 for all employees, while increasing the annual income of the public sector and state employees by 7% and 12%, respectively.
In light of travel restrictions, the hotel market witnessed a significant decline as occupancy levels registered 42% in the YT May 2020, the lowest rate registered since 2013.
In a move to soften the impact on the hospitality sector and boost domestic tourism, the government allowed hotels to reopen to local tourists in May and operate at 25% capacity – provided the properties comply with strict precautionary guidelines. The government has also committed part of the EGP43.11 billion ($2.7 billion) emergency support loan granted by the International Monetary Fund (IMF) to the hospitality sector, in an effort to support the sector further.
For all the latest retail news from the Middle East, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha B / 
The Ministry of Industry and Advanced Technology (MoIAT) in cooperation with Lulu
What does it take to sustain profitable growth in the post-IPO phase?
Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in
“Retail is a people’s business. When building a retail brand or the
From being one of the first retailers in Dubai to ban single-use
For starters, Rabbit is a growing e-commerce grocery platform in Egypt always
In 2024 grocery retail major Choithrams has achieved several milestones underscoring its
Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital
The regional grocery retail market is evolving fast keeping pace with constantly
From ethical and local sourcing to adopting cutting-edge technologies to curb food
/ 
The Dubai Duty Free (DDF) has recorded sales of $1.94 billion up
Saudi Arabia’s retail sector is rapidly transforming under Vision 2030. E-commerce, brick-and-mortar
At the heart of retail lies the consumer, Deloitte pointed out while
The GCC retail industry is projected to grow at a compound annual
In what comes as a significant announcement, Middle East based eyewear majors
Emirati Gen Z women are seeking collaborative, culturally diverse and creatively enriching
The retail landscape in the Middle East is undergoing a seismic shift,
GMG’s Everyday Goods – Retail division celebrates expansion milestone hitting 60 stores
Among several others, three key factors have fuelled the growth of homegrown
Previous Article
