In conjunction with the launch of the new phase of “Beit Al Watan” lands, Al Aqariya monitored the overprice trend for plots designated for Egyptians living abroad in Badr City and Obour City. The required overprice varies depending on the plot size, level of distinctiveness, and area.
For the plots offered in Badr City, the overprice ranges between EGP 2.5 million and EGP 3 million, in addition to the amount paid in USD. In Obour City, the overprice increases by 25%, with landowners setting a range of EGP 5 to 7 million as overprice, excluding the amount previously paid in USD.
Continuing the series of surprises, investigations into this phenomenon revealed that some brokers and small-scale real estate development companies enter into confidential agreements with individuals working abroad. These agreements involve the companies applying for the plots on behalf of these individuals in exchange for a specified sum of money. These companies handle the payment of the reservation amount in USD. If the application is successful, they receive an agreed-upon fee while managing the remaining financial obligations related to the land.
The current period has witnessed a significant increase in interest in the sales movement and demand for these plots. This can be attributed to the exchange rate stabilization, rising prices, and the suspension of offering premium plots to Egyptians working abroad. These factors have contributed to a 10% to 20% increase in the overprice, matching the surge in market rates and the dollar value determined by banks at the time of installment payments.
