Cairo property market on the up despite egypt instability

Egypt is struggling with political unrest and economic instability but the Cairo property market is improving regardless, according to new reports.

Indeed, vacancies in Grade A office buildings fell by 29 per cent in the final quarter of 2012, according to Jones Lang Lasalle.

Development is on the up too, with 600 new residential units completed in East and West Cairo in the first quarter of 2013, reports World Property Channel.

At the same time, prices have risen, with asking prices for apartments in New Cairo climbing 4 per cent to $1,180 per square metre compared to the previous quarter. Values of villas increased too, rising 9 per cent to $1,974 per square metre.

Most surprising of all are the tourist figures, which have grown by 10 per cent in January 2013 from the start of 2012, with visitor arrivals increasing despite numerous street demonstrations and political turmoil.