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Monday, 20 March 2017

Property in Sheikh Zayed, Maadi lead searches in Egypt

Our top real estate searches last year were Sheikh Zayed, Maadi, Nasr City, Fifth Settlement, and Heliopolis, according to the results of a report from classified ads company OLX (pdf). “In general, we can say that there is a migration from Central Cairo and Giza to the outskirts with residential supply there growing from 113,000 to 126,000 units between 2015 and 2016,” says Ayman Sami, Egypt chief of real estate advisory outfit JLL. “It is interesting to note that there is still demand for areas like Heliopolis, Nasr City and Maadi… The main drivers for the selection process is either being close to work or being close to their extended families which is a cultural aspect in Egypt,” Sami adds. JLL also notes that Egyptians still prefer to buy rather than rent, with rentals seen as a temporary result of the migration from the city to the outskirts before moving to permanent homes.

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