A Study of Factors Affecting Apartment Prices in Gated Communities: The Case of Cairo, Egypt

Aly Karam, Robert Simons, Amad Almsaodi and Samuel Owusu Agyemang

AfRES from African Real Estate Society (AfRES)

Abstract: The Greater Cairo Region (GCR) is considered by Statista (2021) as the twelfth urban agglomeration in the world with a population of 21 million. According to Aqarmap, there are around 800 gated communities in the GCR with around 20,000 listings currently for sale. A hedonic regression model is used to determine the factors affecting the listing prices of these apartments. Factors such as unit size, finish, views, floor height, community amenities, distance to highway interchanges, shopping centers, sales terms, developer reputation and proximity to poor residential areas are included. The model R2 is .63. Controlling for location and sale date, results show that list price most affected by unit size, level of finish, and cash sales terms. We believe this is the first housing regression model focusing on Cairo.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2023-01-01
New Economics Papers: this item is included in nep-ara and nep-ure
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