Egyptian housing prices plummet
The Egyptian housing market is struggling with the fall of the nationwide real estate index, writes Global Property Guide. For the year, by the first quarter of 2019, this figure dropped by 22.61%. This trend is particularly noticeable against the annual growth of 4.33%, which was recorded in Q1 2018. Recall that in March 2018, analysts talked about the revival of the Egyptian real estate market.
Nominal housing prices also dropped over the year by 11.66% - from the first quarter of 2018. At the moment, the cost of apartments, even in the capital, Cairo, is not so high - $ 831 per square meter.
However, experts expect an improvement in the market. In Egypt, there is a high demand for housing, due to a sharp increase in the number of inhabitants - in recent years, the population of a country of 100 million has increased by an average of 2.5 million people every 12 months.
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