The global housing market has always been a relatively stable one, however, any change in a currency’s value can immediately be seen in the real estate industry. The real estate Egypt industry has been blooming for years. But with the latest changes in the Egyptian pound’s value, there are notable changes in the price rates of residential and commercial properties.
Maybe purchasing a property is not as easy as it used to be but nonetheless, it’s one of the best investment opportunities. Imagine if you were one of the lucky few who purchased a house in Maadi in the 70s or a townhouse in the 5th settlement in the 80s. You would have at least tripled your investment by now. With that in mind, let’s take a look at the price rates’ changes over the past three months.
Real Estate Egypt
At the start of November, the currency was devalued and as a result, Egypt’s real estate prices increased ranging between 7% and 22%. This comes to an average increase of 11%.
To put that into more perspective, we previously conducted a comprehensive analysis of the industry and the market. While putting into consideration different property types and different areas. So you can really take a wide look at the real estate Egypt market and how it’s been functioning for the past months. Keeping in mind, that the research was conducted for a period of three months ending July 2022.
New Administrative Capital
The newly established area, New Administrative Capital, has been gaining momentum as it includes numerous international investment opportunities and Egypt’s administrative facilities. The New Capital features a wide array of residential compounds. The prices of residential properties in New Capital increased by 14%.
5th Settlement and New Cairo
Sprawled across 70,000 acres, The New Cairo area includes the 5th settlement, Madinaty, Third Settlement, Rehab, First settlement, and others. Overall the residential properties’ price rates in the New Cairo area increased by 11%.
North Coast
The North Coast has been one of Egypt’s favorite summer destinations for decades. Accordingly, people rush to have beach houses in the luxurious area. After the recent increase, properties in the North Coast increased by 14%.
6th Of October
The 6th of October city includes a wide range of prestigious and luxurious residential compounds including Palm Hills October, Pyramid Hills, Mountain View City, and Badya. In general, the price rates of residential properties in 6th October surged by 8%.
Changes in Property Types in Real Estate of Egypt
The property types itself in the real estate Egypt industry have witnessed some increases. For instance
- Twin houses increased by 16%
- Meanwhile, apartments surged by 14%
- Whereas standalone villas have risen 9%
- Finally, townhouses increased by 8%
Delivery Date Changes
Another factor to consider is the delivery date changes, for example
- The prices of the residential properties that are ready for immediate delivery grew by 6%
- However, the price rates of properties with delivery dates after 2023 increased at a higher rate of 13%
Finishing Status
Last but surely not least is the changes in price rates according to the finishing status
- Core and shell properties surged in price by the highest rate of 15%
- Whereas semi-finished properties’ prices have grown 12%
- Lastly, the fully-finished properties only increased by 11%
Commercial properties
Commercial properties also witnessed some surges in their price rates, in fact
- Office spaces’ prices increased by 11%
- Whereas retail properties increased by 10%
Should You Invest In Real Estate Egypt Market?
In the end, the real question is how good an investment in the Egyptian Real Estate market is. Any investment has its own risks but the real estate industry is one of the most reliable investments. As it has been proven over and over again that it only grows in value over time. That being the case, we can confidently say that real estate is one of the best options to store money value in Egypt.
