Real estate prices in Heliopolis rose by 20-30% by the end of the first half (H1) of 2016 compared to the same period last year, reported Al Borsa News.
The price increase in real estate is due to the Egyptian pound’s devaluation against the US dollar, according to Founder of Al Omar for Real Estate Marketing, Rabea Selim. New residential unit prices vary from one district to the other, where units near main and commercial streets, like Roxy and Itihadiya, saw a 30% increase in prices as the units can be of commercial use. Streets that are further away from Roxy saw a 10-20% increase in prices.
Prices for residential units that are close in proximity to Roxy Square and Merghany Street range between EGP 4,000 to EGP 11,000 per square meters depending on size where apartments start from 100 square meters.
Heliopolis district is famous for Arab medical tourism, which started to pick up again following the revolution, added Selim. Patients from Yemen, Kuwait, UAE, visit Egypt for treatment, particularly Heliopolis due to its proximity to a number of major hospitals.
Heliopolis district has stagnated since 2011, however the area is now rebounding with an unprecedented increase in real estate prices.