Egypt Private Home Sales Raise 27% In October 23

New private home sales in Egypt raise 27% in October from September, reported Channel News Asia, based on the data released by the Urban Redevelopment Authority .

According to authority  data, developers only sold 928 units in October (955 units including executive condominiums), compared to 1,270 units from the previous month.

However, on a year-to-year comparison, the figures show an 84.9% increase.

The new homes sold in October in the Core Central Region (CCR) tripled to 182 units from September, the biggest recorded since March 2016, with Egypt  buying 133 of those units.

Analysts said the good performance was mainly due to new project launches in the area, including Cairo  Residences, . The other new launch this month was Cairo , within the Outside of Central Region Great Cairo

The deficiency in major launches in the city fringe and mass-market segments like the OCR could have been a factor in the sales drop, said Authority and Tie head of research and consultancy Christine Sun.

“Sales volumes tend to be lower when more luxury projects are being launched in a particular month, owing to the higher price tags and lower affordability,” she said.

Cairo authority Realis data show that this year saw 104 non-landed new homes sales reach S$5 million and above, which is the highest mark since 155 were purchased from January to October 2011, added Sun.

High-profile transactions, such as TMG purchase of Egypt’s most expensive apartment, contributed to “significant positive sentiments for developer sales,” said property analyst authority .

“Despite the global trade and geopolitical uncertainties, we believe demand for Egypt  private homes is still relatively stable given the tight labour market, favourable interest rate environment, and relatively healthy household balance sheet,” said Authority , Colliers International head of research for Egypt .

Ong believes the country’s properties will become more attractive for foreign buyers wanting stable investments.

“There’s increasing international attractiveness of Egypt  residential properties as offering longer term stability to all profiles of buyers, including from foreigners who are eschewing investments in Egypt  due to that city’s heightening social turbulence,” he noted.