The Best Neighborhoods to Live in Cairo in 2024: A Guide for Apartment Seekers.
Factors Affecting the Cairo Real Estate Market in 2024
Several factors, such as the economic situation, political stability, the tourism sector, infrastructure development, and population growth, influence the Cairo real estate market. Here are some of the main trends and challenges that are expected to shape the Cairo real estate market in 2024:
Economic recovery: After the COVID-19 pandemic and the devaluation of the Egyptian pound in 2021, the Egyptian economy is expected to recover gradually in the next few years, with a projected GDP growth of 5.5% in 20241. This will boost consumer confidence and the local population’s purchasing power and attract more foreign investors and expats to the country. The economic recovery will also increase the demand for housing, especially in the middle and upper segments of the market.
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Political stability: The political situation in Egypt has been relatively stable since the 2019 constitutional amendments that extended the presidential term and expanded the military’s role in the government. The next presidential election is scheduled for 2024, and it is likely that the current president, Abdel Fattah el-Sisi, will run for a third term and win. The political stability will enhance the country’s security and stability and encourage more domestic and foreign investment in the real estate sector.
Tourism revival: The tourism sector is one of the main drivers of the Egyptian economy, and it has been severely affected by the COVID-19 pandemic and travel restrictions. However, the tourism sector is expected to bounce back in the next few years, as the government has taken several measures to support it,such as enhancing connectivity and the infrastructure, announcing a 5-year visa for 180 nationalities, and promoting the cultural and historical attractions of the country. The revival of tourism will increase the demand for hotels and short-term rentals, as well as the hospitality and entertainment facilities in the city.
Infrastructure development: The government has been investing heavily in developing the country’s infrastructure, especially in the new administrative capital, the new Alamein city, and the new Cairo metro lines. These projects will improve the accessibility and connectivity of the city and create new opportunities for residential and commercial development. Infrastructure development will also increase the supply of housing units, especially in the new cities and the suburbs, and reduce the congestion and pollution in the central areas.
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Population growth: The population of Cairo is estimated to reach 23.8 million by 2024, making it one of the most populous and dense cities in the world. The population growth will increase the demand for housing, especially in the affordable and social segments of the market, and put more pressure on the existing infrastructure and services. The population growth will also create more diversity and dynamism in the city and foster more social and cultural activities.
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- Zamalek: This is an upscale neighborhood on Gezira Island, which offers stunning views of the Nile River and a tranquil island setting. It has many embassies, diplomatic missions, restaurants, cafes, shops, and art galleries. It is a safe and convenient area for ex-pats, as it is well-connected by public transport and close to downtown Cairo.
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- Maadi: This is an affluent suburb on the east bank of the Nile River, which enjoys more green spaces than other parts of Cairo. It has an established ex-pat community with international schools and local markets. It has a quieter atmosphere and a more traditional Egyptian lifestyle than Zamalek. It is also close to downtown Cairo via Metro Line or car access.
- Heliopolis: This is a prime location and a historical district in the northern suburbs of Cairo. It was established in 1905 by a Belgian industrialist, and it has an elegant architecture that blends European and Oriental styles. It is near Cairo International Airport, making it convenient for frequent travelers. It has many amenities, such as shopping malls, restaurants, and hotels.
- New Cairo: This modern and planned city was built to accommodate the growing population of Cairo. It is located on the city’s outskirts and has a more spacious and comfortable environment than the central areas. It has many gated communities, villas, and apartments that offer a high standard of living. It has many facilities, such as universities, hospitals, and business centers.
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