LIVING "By the Real Estate Leaders" Winter 2018 Issue #14 | Page 10

Egypt’s Real Estate
Expectations And Aspirations
To say Egypt’s economic landscape
has changed throughout the last
few years would be an understate-
ment. The ups and downs of the
Egyptian pound, and the many
fluctuations which occurred on
the economic scene have drasti-
cally changed the real estate
market in Egypt. In this article, we
attempt to predict how the real
estate market will change in the
year 2018, based upon our findings
from previous interviews conducted
throughout 2017.
The 25th of January Revolution is
arguably the most prominent
event which resulted in the
domino-effect we all witnessed in
the Egyptian economy and subse-
quently in the real estate market
during the past few years. How-
ever, in the year 2017, the most
significant event which affected
the real estate market is the floata-
tion, which was followed by the
devaluation, of the Egyptian
pound. According to real estate
expert Mr. Ashraf Riad, Broker
Owner of RE/MAX RFM, this is the
most prominent event that
changed the real estate scene in
Egypt last year.
8
The
changes, according to our
findings, were not entirely positive.
As prices sky-rocketed, the Egyptian
people’s ability to purchase real
estate was negatively affected.
Suddenly, the number of people
with the ability to purchase homes
dropped significantly.
This was not only the case in Cairo,
but Alex