He confirmed that prices increased by more than 38% during the first half of 2023
Dubai – Al Arabiya.net
Published on: September 20, 2023: 02:23 PM GST Last updated: September 20, 2023: 04:56 PM GST
CEO and Managing Director of Tatweer Misr, Ahmed Shalaby, said that the real estate sector in Egypt is resilient and remains a safe haven for investment, despite the challenges the sector is currently facing around the world.
He pointed out that the challenges facing the sector in Egypt are more severe due to a group of factors, most notably the rise in interest rates and the decline in the local currency exchange rate.
Shalabi added in an interview with Al Arabiya that there is an increasing demand for the real estate sector, despite the high costs, stressing that real estate companies achieved good performance during the first half of the world.
He continued: “A study by JLL showed that real estate prices in Egypt rose by 38%, adding that his personal estimate is that the rise is much higher than that, and we will even witness increases in the future, but this rise has helped companies increase construction, implement hedging programs, and work on Storing raw materials for a long time.
The launch of the “Cityscape” real estate exhibition in Cairo was announced earlier today, Wednesday, amid unprecedented economic challenges facing the Egyptian real estate sector, which led to successive increases in costs, as a result of the rise in the prices of construction inputs and the decline in the value of the pound.
Despite the economic pressures that have plagued developers, some analysts believe that it has proven the strength of the real estate sector as a safe haven for investment.
According to a recent report issued by The Board Consulting, which specializes in consulting work, 10 real estate companies achieved sales worth 168 billion pounds in the first half of the current year with a growth rate of 88% compared to the same period last year.
2023-09-20 12:56:10
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