Egyptian property market has been given a positive outlook

A new report has predicted "healthy long-term prospects" for the property market in Egypt, it has been announced.

The report, published by Markaz, has said that the lack of mid-price real estate in the country could lead to an overall increase in housing prices.

It looks at the country's economic cycle dating back to 1986, forecasting annual increases of six per cent until 2014-15.

Income growth is cited as the main factor in buoying the real estate market, with more individuals in better paid jobs supporting the rising demand for property.

"After going through the moderate impact of the economic slowdown, Egypt's real estate sector is expected to provide healthy long-term prospects in all of its sub-segments," the report claims.

Earlier this year, real estate and investment firm Jones Lang LaSalle claimed that Cairo's housing market was benefiting from its location and a growing economy.

It also said increasing demand for property was being fuelled by the fact that there is a major shortage of houses.

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