The New Cairo and New Capital Developers Association held an emergency meeting on Wednesday, February 15, 2023, to address the pressing challenges facing the Egyptian real estate sector and property development companies, as well as to explore the investment opportunities available in the upcoming period.
Eng. Mohamed El-Bostany, Chairman of the Association and Vice President of the Real Estate Investment Division at the Federation of Egyptian Industries, stated that the conference scheduled for the same date would highlight the major issues affecting developers, particularly pricing concerns in ongoing projects, especially within the New Administrative Capital and fourth-generation cities.
El-Bostany emphasized that the real estate market is entering a period of uncertainty and concern, with expectations of a potential 30% increase in property prices, driven mainly by the rising costs of building materials.
He further noted that this situation would compel developers to raise apartment prices, advising clients to make swift purchasing decisions, as the current moment represents the best opportunity for real estate investment before anticipated price hikes take effect.