Ayman Sami, the head of a real estate consultancy firm, revealed a dramatic increase in housing prices and rentals in Egypt. Between the second quarter of 2023 and the second quarter of 2024, rental prices surged by 122%, while property sales prices experienced a significant rise of 175% to 180%.
Housing Prices and Rental Rates
During an interview on the program “Ala Mas’ouliyati” with TV host Ahmed Moussa on Sada El Balad channel, Sami highlighted that the highest increase in rental prices was observed in East Cairo. He attributed these substantial price hikes to the impact of inflation, which directly affected real estate developers who had previously sold units at prices below cost.
This situation led to losses for some developers, prompting them to increase prices in new contracts to offset these losses and protect against future risks.
Egypt’s Real Estate Market
Despite these increases, Sami emphasized that Egypt’s real estate market remains attractive to investors. He pointed out that the Ras El Hekma deal has bolstered investor confidence in the Egyptian market, leading to a rise in partnerships and investments in recent months.
