The EGP float has worked out well for Egypt’s real estate market

The EGP float has worked out well for Egypt’s real estate market, suggests AMEInfo. Demand for residential units continues to be strong through Q1 2017 and is expected to remain steady. The market intelligence firm points to the announcement of several new projects across 6th of October City and New Cairo during the quarter, and the interest in the New Administrative Capital. “Following the increase in unit prices in EGP terms, many developers are now offering more lenient and attractive payment plans to alleviate the effect of the decrease in purchasing power.” On office units, tenants may have been losing out as the EGP weakened. But the market is dominated by banks, so this should not cause too much damage, the report suggests.