By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    As Egypt decides to establish tourist chambers, federation, what is in it for tourism industry?
    As Egypt decides to establish tourist chambers, federation, what is in it for tourism industry?
    June 6, 2023
    FRA extends deadline for electing Egyptian federation for securities’ board for 3 months
    FRA extends deadline for electing Egyptian federation for securities’ board for 3 months
    June 6, 2023
    New MoU signed to develop SMEs in industrial zone in East Port Said
    New MoU signed to develop SMEs in industrial zone in East Port Said
    June 6, 2023
    CI Capital records revenues of EGP 1.6bn in 1Q 2023
    CI Capital records revenues of EGP 1.6bn in 1Q 2023
    June 6, 2023
    International Conference of Institute of National Planning discusses various types of governance
    International Conference of Institute of National Planning discusses various types of governance
    June 6, 2023
  • Politics
    PoliticsShow More
    Arab League calls on Security Council to shoulder its responsibilities, oblige Israel to end occupation
    Arab League calls on Security Council to shoulder its responsibilities, oblige Israel to end occupation
    June 5, 2023
    Institute of Diplomatic Studies holds training course for diplomats from South Sudan
    Institute of Diplomatic Studies holds training course for diplomats from South Sudan
    June 5, 2023
    Al-Sisi participates in African meeting on mediation in Russian-Ukrainian crisis
    Al-Sisi participates in African meeting on mediation in Russian-Ukrainian crisis
    June 5, 2023
    Washington, Riyadh call for new ceasefire agreement in Sudan
    Washington, Riyadh call for new ceasefire agreement in Sudan
    June 5, 2023
    Iran hopes to promote ties with Belgium, Europe: FM
    Iran hopes to promote ties with Belgium, Europe: FM
    June 5, 2023
  • Interviews
    InterviewsShow More
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    May 31, 2023
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Egypt has approximately 1 million new citizens to house every 8 months: report
Share
Notification
Latest News
As Egypt decides to establish tourist chambers, federation, what is in it for tourism industry?
As Egypt decides to establish tourist chambers, federation, what is in it for tourism industry?
Tourism
FRA extends deadline for electing Egyptian federation for securities’ board for 3 months
FRA extends deadline for electing Egyptian federation for securities’ board for 3 months
Business
New MoU signed to develop SMEs in industrial zone in East Port Said
New MoU signed to develop SMEs in industrial zone in East Port Said
Business
CI Capital records revenues of EGP 1.6bn in 1Q 2023
CI Capital records revenues of EGP 1.6bn in 1Q 2023
Business
International Conference of Institute of National Planning discusses various types of governance
International Conference of Institute of National Planning discusses various types of governance
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Egypt has approximately 1 million new citizens to house every 8 months: report
Business

Egypt has approximately 1 million new citizens to house every 8 months: report

Elsayed Solyman
Last updated: 2017/07/03 at 3:50 PM
By Elsayed Solyman 4 Min Read
Share
SHARE

Egyptian cities are growing rapidly, with an average annual national population growth rate of 2-3% over the past decades. As a result, the country has approximately 1 million new citizens to house every 8 months, says a recent report issued by OLX.

The report also presented insightful data on the property market trends by comparing two of the major cities in the Middle East.

OLX chose Cairo, a historical bustling city, and Dubai, an ideal representative of modern organized cities, to provide indicative data for property seekers.

The comparative review highlights the property prices for the rent and sale of a 1-bedroom apartment in Cairo vs. Dubai, taking into consideration up-market communities in both cities.

OLX Egypt 2016 data showed the top locations searched for in Cairo are Nasr City, Al Maadi, Sheikh Zayed, Heliopolis, and the Fifth Settlement.

These results demonstrate the Egyptian property trend moving towards urbanisation, as property seekers are on the look-out for areas such as the Fifth Settlement and Sheikh Zayed, where the long-term investment is worthwhile as prices are always on the rise.

Moreover, these areas are usually associated with a higher social-economic class of residents. On the other hand, areas such as Nasr City, Al Maadi, and Heliopolis remain a preference for people who are looking for proximity to the downtown area where governmental services are available.

In Dubai, the average median rent for a 1-bedroom apartment per month for a property in a prime district costs around EGP 28,500. While in Cairo, renting a 1-bedroom apartment would require a budget of EGP 5,000 per month.

The median price for a 1-bedroom apartment in Dubai is EGP 7,800,000, which is over seven times the price of a 1-bedroom apartment in Cairo, which costs EGP 1,000,000.

Commenting on these market insights, Momtaz Moussa, OLX’s general manager of Egypt, said, “Egypt is a massive market with substantial potential for growth, not only for local investors, but also for Egyptians who live outside of Egypt and are interested in investing.”

“The recent EGP flotation has contributed to increasing the investments in residential real estate. This confirms our findings from our study that was presented during Cityscape Egypt 2017 and showed a 51% increase in traffic from the GCC,” he added.

The cost-of-living index in Dubai is approximately 186.15% higher than in Cairo, with the city ranked 196 out of 517 cities in the world, with an index of 72.61.

Local Purchasing power in Cairo is 76.92% lower than in Dubai, with the cost of living ranked 511 in the world, with an index of 25.37.

According to the report, last year witnessed substantial economic changes due to currency fluctuations in Cairo.

This shifted the users’ preference from reaching out to brokers for the next property purchase or rental, towards online search on OLX Property in Egypt where they have an overall view on the market prices. Therefore, their decision on the next property for sale or rent is built upon extensive research and comparisons, as users tend to spend an average of 14 minutes each visit on OLX Property.

When it comes to buying and selling apartments, OLX Property received an average of 3.4 million visits per month in 2016.

It is also worth mentioning that each user visited the OLX Property four times per month in 2016. Egyptians spent a total of +63m minutes browsing OLX Property in 2016.

You Might Also Like

As Egypt decides to establish tourist chambers, federation, what is in it for tourism industry?

FRA extends deadline for electing Egyptian federation for securities’ board for 3 months

New MoU signed to develop SMEs in industrial zone in East Port Said

CI Capital records revenues of EGP 1.6bn in 1Q 2023

International Conference of Institute of National Planning discusses various types of governance

TAGGED: citizens, house, OLX, population
Share this Article
Facebook Twitter Email Print
Previous Article Japanese bank Sumitomo Mitsui confirms Frankfurt as European base after Brexit
Next Article Egypt inflation likely to rise 3-4.5% after fuel price hike: Kojak
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

As Egypt decides to establish tourist chambers, federation, what is in it for tourism industry?
As Egypt decides to establish tourist chambers, federation, what is in it for tourism industry?
Tourism
FRA extends deadline for electing Egyptian federation for securities’ board for 3 months
FRA extends deadline for electing Egyptian federation for securities’ board for 3 months
Business
New MoU signed to develop SMEs in industrial zone in East Port Said
New MoU signed to develop SMEs in industrial zone in East Port Said
Business
CI Capital records revenues of EGP 1.6bn in 1Q 2023
CI Capital records revenues of EGP 1.6bn in 1Q 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?