Chairperson of MBG Developments Mahmoud Al-Adl has stated that the influx of Sudanese refugees to Egypt has contributed to increasing the real estate market demand and unit prices, especially in downtown areas in Cairo and Giza. This obviously led to a large increase in property price to reach approximately 50%, compared to real estate prices in the past year. He noted: “There is no real estate company that does not have debts to New Urban Communities Authority (NUCA) or to any other entity that owns lands; likewise, there are no real estate companies that develop projects and then market them. He further added that mortgage financing for units under construction has become an evitable and urgent matter in this difficult economic period in order to avoid a recession in the local real estate market. The sector’s investments contribute 25% of the GDP exceeding EGP 200bn, according to Al-Adl.

Source: Daily News Egypt June 12, 2023 21:20 UTC