Demand for housing in Egypt could be fuelled by lack of property

The housing market in Egypt is set to grow in the coming year, according to a new report.

Real estate and investment firm Jones Lang LaSalle has claimed that Egypt's capital city Cairo is benefitting from its growing economy and ideal location at the crossroads of Africa, the Middle East and Europe.

The report stated that there is an increasing demand for housing fuelled by the fact that there is a major shortage in all types of property.

"For a growing range of investors, the deregulation of the real estate sector and the increasingly large and affluent middle class population make Cairo an attractive capital destination," it said.

The firm stated that although demand for real estate in Cairo will slow over the coming year, overall it will continue to increase, driven by both individual and corporate investment.

The Egyptian government is currently stalling its plans to implement new property tax laws in the country, according to Middle East business company Zawya.