Demand for Egypt’s real estate shrank in June: Aqarmap – Daily News Egypt

Real estate demand index Aqarmap revealed a slowdown in demand for real estate in the local market last June following a period of growth, recording a value of 2,549 points — a decrease of 8% — compared to when it last increased in May by 3% and its value reached 2,772 points.

The monthly report of the Aqarmap index attributed the slowdown to the change in exchange rate of the EGP against the USD and the advent of the Eid Al-Adha holiday.

Meanwhile, the change in exchange rate of the EGP in the first quarter (1Q) of 2022 led to a remarkable increase in the real estate sector’s sales, despite the fluctuation in demand at the time, Aqarmap disclosed.

The index noted that demand for property in the Egyptian market jumped unusually in the last half of March, coinciding with the announcement by the Central Bank of Egypt to float the EGP, as it seems that the demand for real estate increased directly by investors wishing to buy units before their prices were raised by real estate…

Read Full Story: https://dailynewsegypt.com/2022/07/17/demand-for-egypts-real-estate-shrank-in-june-aqarmap/

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