Window shopping vs Interested buyers: Real Estate in Egypt

The improvement in Egypt’s macroeconomy follows the govt. reforms that were a part of a $12.4 billion subsume the International financial Fund (IMF) in Gregorian calendar month 2016. The Egyptian economy has since created some exceptional progress within the last 3 years with a major increase in foreign direct investment. In fact, the UN agency recently recommended the strict program which has seen Egypt’s economic growth amongst the very best in the Middle East. 

Reform plans, including grant cuts and currency flotation, have helped stabilize the economy however have conjointly caused a considerable strain on shopper purchase power. Nonetheless, the important estate market has remained buoyant and with success managed to adapt to changes in demand and supply.  

The bulk of demand for residential units was within the type of new off-plan property sales that caused activity in the secondary market to stay at a standstill as sales and asking costs reduced. this transformation is attributed to new developments providing new homes at competitive prices and with extended payment plans of up to ten years. Amongst the various residential unit types, villas significantly in New Cairo were the foremost sought-after after. These appreciated by up to 16% throughout the year. In some areas like the sixth of Gregorian calendar month town old a rise of 17% and 14% in lodging and villa rentals respectively. this is often giant as a result of owners look the completion of their off-plan property.

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