|26 June, 2018

Property prices may increase by 15% in Egypt

Building costs are expected to increase 5%-10%

Image used for illustrative purpose. A general view of residential buildings under construction in El Katameya district of New Cairo March 30, 2013.

Image used for illustrative purpose. A general view of residential buildings under construction in El Katameya district of New Cairo March 30, 2013.

REUTERS/Amr Dalsh

Cairo – Mubasher: Property prices are expected to hike 15% in Egypt following the increase in the fuel and electricity prices, the chairman of JLL Egypt, Ayman Sami, told Mubasher.

Earlier in June, Egypt's Ministry of Petroleum and Mineral Resources has announced raising fuel prices.

Buiding costs are expected to increase 5%-10% in the coming period, Sami said, added that developers usually raise property prices at higher rates.

However, the demand on real estate will grow, as consumers fear another increase in prices, the top official revealed.

Translated by: Muhammad Khalid

Source: Mubasher Exclusive

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