North Africa 'catching up with GCC'

The exponential development activity in GCC countries has been impressive over the last couple of years but North Africa is quickly catching up, a report has said. Colliers' latest real estate overview on the Middle East and North Africa (Mena) region confirmed as much, pointing out that Abu Dhabi, Cairo, Damascus and Tripoli are the places to be in the Mena region.

"Cairo is the best for office development. There is little existing supply and nothing completing [current supply] within the next three to four years," said John Davis, chief executive for Colliers International's Middle East operations. "It may come as a surprise but Damascus is the one for residential development as there is a huge undersupply. We reckon over 100,000 units are required over the next five years," he added. Libya is tipped for hotel developments and Abu Dhabi got the thumbs up for more retail.

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