The future of the Egyptian real estate market still uncertain

17.03.2011 11:47
Articles about real estate | The future of the Egyptian real estate market still uncertain The economic consequences of political upheaval in Egypt, according to preliminary estimates, were not as severe as originally anticipated. Nevertheless, some developers have "sound the alarm, but realtors say the absence of Russian buyers.

The representative of the development company Orbit Alliance Barry Clark is optimistic. According to specialists, long-term political upheaval have served the real estate market of Egypt. Transparency in the sector will increase, and, consequently, increase the interest of investors, reports The Move Channel.

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"Short-term effects of the revolution in Egypt was not very ambitious. According to recent data from the country brought only a quarter of those funds, which analysts expected. This suggests that the region is less panic than expected ", - said Barry Clark.

At the same time one of the largest developers in Egypt's Palm Hills Developments said that in 2011 he will have to fight for their existence, despite a record number of sales in 2010. Company representatives point out that in light of recent political events in 2011, they expect a significant reduction in the level of sales in the first half of new contracts may not be transmit Ameinfo.

However, according to company founder Cheda Olga Mishina, Egyptian developers are not yet ready to go on a serious decline in prices. "At a recent show they gave us a small discount, noting that it is not going to" give the gift of an apartment. " According to the developers if they fail to achieve their objects, then redirect them to the tourists, which will allow for four years to recoup the construction of real estate ", - adds the expert.

In this case deals with buyers from Russia to Egypt yet, said the head of Akar Real Estate Anastasia Osama. According to experts, the main obstacle - the lack of flights between the two countries. "Even those people who are willing to make a down payment for a property, can not do it. Reservation is valid for one month, and when to resume flights to Egypt are not known. Maybe in two months. Buyers interested in, but the real deals are not happening. "

"In the airports of Hurghada daily arrivals of tourists from Britain, Switzerland, Czech Republic, Poland, Ukraine, Holland, Latvia, Germany and other countries. In this case, Russia is still banned flights to Egypt. Accordingly, what may be the deal, when people can not fly to the country? At this moment, we can not build long-term forecasts of market development, as have no dynamic performance analysis ", - concludes Olga Mishina.
Content tags: Overseas property
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