With a dramatic increase in sales over the past year, Palm Hills Developments is stronger than ever in 2024. The leading real estate company is kicking off the year on a strong note and has been making headlines over the past week for an expected increase in property prices.
In this blog, we will dive into the factors driving this upward trend in prices and explore the implications for buyers and investors.
In a recent interview, the Chairman of Palm Hills Developments – Yasseen Mansour – has announced that the company doubled its construction over the past year and is expected to double it once again in 2024.
In addition to the peak in construction work, the company is witnessing tremendous growth in sales across its projects.
But what really caught the attention of everyone watching is his prediction for this year.
Mansour said that in 2023 prices increased by 70-80% however in 2024 they are expected to increase by 50-60%. He went on to add that this percentage increase might not be affected by the floating of the Egyptian currency.
The main factor behind this surge in property prices is the constant change in currency rate and the global economic crisis which affects prices of raw materials and construction.
Another key factor contributing to Palm Hills Developments‘ decision to raise prices is the dynamics of the real estate market.
Demand for premium properties in desirable locations like New Cairo and North Coast has been steadily increasing, driven by factors such as population growth and a desire for upscale living. This surge in demand has created a competitive landscape.
What does all that mean for interested buyers and investors?
A price surge indicates a potential appreciation in property value over time, making it an attractive prospect for investors seeking long-term returns. And of course, those looking for a new home will also benefit greatly from holding a rewarding asset.
In fact, in his interview, Mansour emphasized that property prices have never declined before. This highlights the promising growth of an investment in Egyptian real estate.
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