Fathallah Fawzy, chairperson of Fathallah Fawzy Office for real estate development consulting, confirmed that the cost of implementing and building a residential square metre will rise by 60-80% over the coming two months, as a result of the increased prices of construction materials and production inputs after the Egyptian pound’s flotation. The cost of implementing a residential square metre (half-finished) will reach EGP 4,000 instead of EGP 2,000 and EGP 2,500. He pointed out that prices of building materials, especially iron, will not decrease; however, they will stabilise. He explained that the current stage requires activating the role of consulting offices and real estate development experts under the attention of real estate developers to expand the size of their investment and to explore opportunities. He added that the office provided consultation for many companies, including Polaris, Lake Side by Ernst & Young, Delta Capital, and others.

Source: Daily News Egypt January 16, 2017 15:35 UTC