The real estate sector has witnessed heightened demand during the past few months following the flotation of the pound of the pound, with most companies have recording an estimated growth in sales volume ranging from 30% to 40%, according to VP of Coldwell Banker Mohamed Banany.
The increase is largely attributable to class A and B buyers, who continued to show interest in the real estate market despite economic challenges, as well as Egyptian buyers residing abroad and finding a suitable investment in real estate.
Demand has been particularly noticeable on units with prices in the range EGP 250,000 to EGP 3 million.
“Buyers have shown great interest in investing in properties because they consider real estate as a saving tool and a safe investment haven. Also, the increase in sales were contributed to from Egyptians abroad who felt that this is a cheap way to pump investment in the country,” Banany noted.
Additionally, developers have contributed to sales growth by largely offering affordable down payment methods and longer installment periods as an attraction to investors.
Some of the project launches that were successful in selling included projects launched by developers such as Palm Hills, SODIC, Inertia, and Mountain View phase II, who all launched from four to five projects in November and December, Banany stated.
Investors know that the selling price of units will continue to increase through 2017 due to the currency devaluation and the shortage in foreign currency, therefore investing and purchasing real estate during this period is considered a safe choice.