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Developers to reel from stringent economic measures

Developers to reel from stringent economic measures

Cairo: Developers expect demand on housing units to dwindle in the months to come until a rebound may take place late this year after the negative effect of the latest economic decisions start to wane.

Chairman of Beta Egypt for Urban Development Eng. Alla Fikry said that level of demand on the property sector seems " natural and congruent with forecasts of most developers," as he noted that the Egyptian market remains robust enough to excel in attracting foreign as well as local investments.

" Demand on housing units during this and last year lags behind levels achieved in 2015, reflecting the bad effects exercised on the local economy as a result of declining Egyptian pound," said Fikry.

Chairman of Real Estat Egypt ( Era) Magdy Aref said that rises in costs of building housing units have driven up prices to levels that makes the largest segments of Egyptian unable to cope with although developers have already provided payment facilities.


" I expect sales of housing units to dwindle in the months to come, but by early next year a boom in sales may take place when the economic reforms bear fruit," said Aref.

 

Source: Al-Mal Newspaper 

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