Real estate market sees demand surge despite economic conditions: Egypt

Real estate market sees demand surge despite economic conditions: Egypt

The real estate market in Egypt is seeing increase in demands despite higher prices, with annual inflation rates exceeding 40%, which has been reflected on the sales of real estate developers, Palm Hills Development Company’s (PHDC) CEO Hazem Badran told Asharq Business on August 23rd.

High inflation and the significant drop in the local currency’s exchange rate did not affect the demand for the real estate sector, Badran said.

He attributed this to the increasing population in the country, which supports the strong demand for housing units, in addition to Egyptians' preference for real estate as the most important tool for investment and hedge against inflation.

Badran also revealed that prices of residential units of Palm Hills may rise by a range between 13% and 14% within a year.

It is worth mentioning that Palm Hills reported an 8.87% year-on-year (YoY) increase in consolidated net profits for the first half (H1) of 2023.

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