Cairo – Mubasher: Real estate prices in Egypt are likely to be stable this year, the Financial Times (FT) said in a look ahead at property prices in Europe, the Middle East, and Africa in 2019.
A huge number of properties will be offered in 2019, but prices are likely to remain stable due to a robust demand resulted from the rapidly growing population and that most purchases are in cash, the London-based newspaper added in a recent report, citing an analyst.
Moreover, high inflation and fuel price hikes are among the factors that support the current stable prices, which will push the cost of construction materials higher, according to the report.
The current oversupply may prevent major developers from launching new projects, which in return will further bolster the current prices.
The report highlighted that the New Administrative Capital located in the east of Cairo and the area surrounding the new Grand Egyptian Museum in Giza are expected to be remarkably active within the next two years.
