Foreign buyers make use of EGP float and buying property

Egyptian developers are finding the EGP flotation useful as overseas buyers “are willing to be enticed” by the devaluation, according to Gulf News. If at all there has been any inactivity, it is largely confined to the smaller developers,” Zeyad Tarek Al Beshry, General Manager at Al-Futtaim Group Real Estate, says. He says property buyers are following institutional funds who are “wanting to come in and buy up the currency.” Al Beshry says “when a high-end villa with a price of USD 500,000 suddenly becomes USD 250,000, it will have to stoke interest from overseas.”