James Charnaud

Although some of my colleagues have been to Cairo earlier this year, this was my first visit since the Arab Spring. I have to say, it was a little quieter than normal, but most people are back to their day to day business.

From a real estate point of view the market has stagnated. Banks are not lending and, unless there is a pre-lease agreement, all construction activity has stopped. This is understandable given the questions over the future, but all the Egyptians I spoke with have a positive outlook and are all waiting to post-elections in 2012 for an upswing.

From a commercial point of view no one can say where rental levels are as the market is not being tested. Those owners I spoke with are now quoting rentals about 20% down from the end of 2011 but until some serious requirements come into the market it will be hard to gauge the true rental level.