1 Day
Source:
الشرق الأوسط
Egyptians face losses from high property prices
Many Egyptians who purchased housing units in the real estate market, especially in areas like the North Coast and New Cairo, are considering reselling their units due to currency exchange fluctuations and their impact on property values. The "Aqar Exit" platform has facilitated the sale of thousands of units by owners facing difficulty in paying installment deadlines, with total values reaching up to 50 billion Egyptian pounds. Nearly half of the purchase requests come from buyers looking to acquire these units. Reports indicate that some buyers purchased properties as a way to preserve the value of their savings amid currency turbulence, but they faced losses upon resale due to declining prices or penalties imposed by developers, which can sometimes amount to 20% of the unit's value. The Egyptian government has begun reviewing real estate project contracts to regulate the market and prevent delays or losses, amidst rising construction costs and the declining purchasing power of buyers.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)