Property prices levelled off down from post-flotation hikes, Aqarmap
Egypt’s real estate market recordedprice hikes of 60 to 80% since the currency flotation back in 2016, but started to level off as of last year, according to chief executive of Aqarmap Emad El-Masoudi.
Sluggish sales were the real estate market’s reaction to the price hikes triggered by flotation, he told Osoul Misr Magazine.
“ With the government unleashing the 4th generation cities and offering massive lands for development, new players came to the fore to enrich the market and fuel competition while targeting bigger sales.”
Developers became obliged to upgrade their marketing tools through using greater number of marketers in order to reach out to clients and achieve the targeted sales, he noted.
Supply remains lower than demand which showed little let up even against the backdrop of surging projects and developers.” Additionally, achieving sales targets is hindered by the clients’ declining purchasing power and the relatively diminishing income levels.”
El-Masoudi predicted property financing to pick up in the wake of the Central Bank of Egypt’s initiatives and state support.
“ Companies became less capable of delivering housing units with more than 10-year installments to clients.”
As of last year, prices started to level off recording the 20-25% highs that were dominant during the pre-flotation period, he explained.
