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Commercial property 'a growing market in Egypt'
09 Feb 2010
Egypt has a growing need for more commercial office space as more international companies set up in the country, it has been suggested.
According to an article in the National, demand is increasing thanks to a growing economy and a current lack of available property.
The article explained that many buildings in Egypt are centuries old, meaning there is a lack of high-quality commercial real estate on the market.
Blair Hagkull, head of the Middle East office of the property consultancy Jones Lang LaSalle, told the news provider that his company is opening its first office in the country.
"Cairo has a really strong economy," he said. "It's been less impacted than many parts of the Gulf because consumption is local consumption."
Egypt's government is also seeking to assist the residential real estate market and is preparing to put new legislation before parliament which, if passed, will make it easier for people to access mortgages, reported Daily News Egypt last week.
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