Chairman of Beta Egypt for Urban Development Company Alaa Fekri expected the first quarter of 2019 to see lower real estate sales than the same period last year, Invest-Gate reports.

Fekri attributed his forecasts to the expected new price hikes and added taxes, which are to be reflected on the unit’s final price.

Fekri elaborated that interest rates of lands offered by the New Urban Communities Authority (NUCA) are currently very high, adding that the authority has to reconsider such interest rates to stimulate urban area development.

He pointed out that real estate developers need to be given a more clear vision by the state regarding the development of Upper Egypt cities before being offered for developers, adding, “The state usually focuses on offering lands in east and west of Cairo, while cities of Upper Egypt do not get so much of interest.”