Engineer Ahmed Qadri, CEO of SAK Real Estate Development Company, said that property prices will not witness a decrease in the upcoming period, despite the announcement of a decline in prices of several basic construction materials, such as iron and others, following the collapse of the foreign currency in the parallel market and the liberation of the exchange rate. Additionally, an announcement about attracting Emirati investments and the influx of foreign currency into the central bank has been announced.
Qadri added that the Wisdom Bridge deal positively impacted Egypt’s economic situation, creating a state of balance, market regulation, control over the dollar crisis, and a strong signal of Egypt’s ability to attract foreign direct investments.
During a phone call to a TV program, Qadri pointed out that property prices may experience a period of stability shortly, but they will not decrease after the recent increases. This is because the market witnessed increases in property prices during the past months that did not match the significant increases in primary building materials. These increases led to a halt in sales for several developers, causing uncertainty among companies and their inability to price their properties in line with the expected increases.
He continued, Due to the instability of prices, some companies have resorted to postponing sales until the vision becomes clear, affirming that with the availability of foreign currency, market regulation, and increased production, prices will stabilize, which is extremely important for both customers and companies.
He also emphasized that with the continued decrease in building materials prices, we may again see offers and special facilitations for companies to purchase real estate units, which disappeared during significant price increases in the past months.
Qadri also mentioned that other factors affect the rise in property prices, such as electromechanical components like fire systems, HVAC systems, elevators, and others, as most of these are imported from abroad using foreign currency. He emphasized the necessity of working on local manufacturing of these components in the upcoming period to meet companies’ needs for these products and avoid crises in case of currency shortages, given their availability is essential for project completion. He confirmed that the Egyptian government is taking serious steps to restructure the national economy and modernize the industry. This matter will be considered shortly due to its importance to the real estate sector as one of the most significant economic sectors contributing to the country’s GDP.
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