Property Finder expects a strong boost in real estate sales
Property Finder, an online real estate research platform, expects the Egyptian market to witness a strong boost in real estate sales, especially in the second half (2H) of this year.
The boost is supported by four main elements, the launch of the Central Bank of Egypt (CBE) for the real estate financing initiative for middle income of EGP 50bn, the fall in the price of the dollar against the Egyptian pound, the raising of the credit limit, and payment facilities made by real estate developers.
Property Finder said in its study that raising the credit limit, which comes in the framework of improving economic indicators and increasing the gross domestic of Egypt, including real estate loans for personal housing by 40% of total income, which will help in making the purchase decision for many, in addition to the payment facilities that real estate developers applied which could be 10 year interest-free instalments, which started in the 2H2019. These are expected to show its effects in the next year.
On the expectations for next year, Mohamed Hammad, managing director of Property Finder, stressed that the launch of the Central Bank for Medium Housing initiative is EGP 50bn, with easy conditions, provided that the unit price does not exceed EGP 2.25m, and the unit price is paid for 20 years maximum, with a 10% diminishing interest in addition to requiring finishing as an essential selling element, thus will support sales activity very well in 2020.