JLL Egypt director Ayman Samy said the residential market is a store of value in Egypt, especially in light of the currency fluctuation and high interest rate.
In an interview with Al Arabiya, Sami added that the Egyptian pound’s 35% drop in the exchange rate since the start of the year has encouraged people to pump their savings into residential real estate.
He pointed out that the price increase varied between 7% and 13%, depending on the region The end of the first nine months of this year.
He said real estate developers raised unit prices by 10% last week after devaluing the currency, adding that this increase could create demand for real estate at the current stage amid currency fluctuations.
Sami revealed that there is a quarterly increase in demand amid expectations that the price index will continue to rise, which creates greater motivation for buyers.
He said that most of the real estate demand comes from within Egypt, but the decrease in the price of the currency could increase the demand from Egyptians residing abroad or foreigners because the price of foreign currency real estate has fallen.
JLL Egypt, a real estate consultancy firm, said the third quarter of this year saw price increases in the secondary market, as well as off-plan sales, averaging 10%.
The company confirmed in its report that Cairo saw an increase in demand for administrative space in the third quarter of this year, despite the prevailing economic conditions and the general slowdown in the sector.
