Amid increases in the prices of construction inputs due to the flotation of the pound, various real estate developers have resorted to different measures in order to compensate the additional costs, with increases in unit prices announced almost universally, while some developers have chosen to offset these price increases by extending installment plan periods.
Al Borsa recorded price increases in 23 different residential projects belong to 10 real estate developers, ranging between 3% and 30%. Other developers have announced plans to increase prices, but have yet to implement them.
Palm Hills project have registered a 15% increase in prices, while Sodic and Tiba Real Estate investment increased prices by 30%. Emaar and Al Ahly settled for a 5% increase, and Misr Italia Group will be increasing their future project prices by 30%, while their current project includes a 5% increase in the units.
The increase in prices came amid plans to extend the periods of payment and increase the number of installments.
The companies that chose to increase their selling prices have also offered to facilitate payments through increasing the number of installments and extending the payment period over seven to eight years, rather than five to six years, according to Nehad Adel CEO of B2B for Investment and Real Estate Marketing.