Developers expect more sales stability, mergers in real estate market in 2019

Real estate developers predicted that in 2019 the real estate sector will witness a state of relative stability in sales as a continuation of the last quarter of 2018. They stressed that if fuel prices rise, this will reflect a 15% increase in real estate prices during 2019.

They also pointed out that despite the fact that companies achieved twice as much sales in 2018 compared to 2017, they did not achieve their targets due to weak purchasing power of customers. Furthermore, they called on the Egyptian government to reduce land offer rates, which saw large quantities, especially in east Cairo, for at least two years, in order to give the companies the opportunity to complete the implementing existing projects.

Moreover, they demanded from the government to develop a mechanism to provide mortgage finance with an interest rate that is commensurate with citizens' income.
Tatweer Misr's Managing Director (MD) and board member, Ahmed Shalaby Egypt's real estate market may witness mergers, rather than market exits