At the end of March, the index recorded a cumulative of only 2% to February,
The Aqarmap Real Estate Demand Index revealed a slowdown in the demand for real estate in the local market last June after an era of growth, registering a price of 2,549 issues, a minimum of 8%, to the last 3% accumulated in May and its price reached 2,772 copies.
The monthly report of the Aqarmap Index attributed the slowdown to the update in the replacement rate of the EGP against the USD and the arrival of the Eid Al-Adha holiday.
Meanwhile, the update in EGP’s interchange rate in the first quarter (Q1) of 2022 led to a noticeable increase in real estate sales, despite fluctuating demand at the time, Aqarmap revealed.
The index noted that demand for real estate in the Egyptian market jumped unusually in late March, coinciding with Egypt’s central bank’s announcement to the EGP, as it appears that demand for real estate increased directly through investors who want to buy. sets before their costs increased through asset developers.
At the same time, many corporations have announced the cessation of their sales until the fiscal scenario stabilizes in the market, while some corporations have begun to increase their costs to keep pace with emerging structure costs.
However, the call temporarily returned to its general point at the end of March, coinciding with the arrival of the holy month of Ramadan, which is experiencing a halt in sales.
At the end of March, the index recorded only a 2% increase through February, with the price of the index reaching 3,300 issues on March 25.
The price of the Aqarmap index is calculated using a set of equations based on exact figures and statistics collected from the Aqarmap search engine, comprising more than 200,000 real estate units, in addition to the presence of around 2 million visits to the site according to month. It is also based on economic and statistical knowledge that makes it possible to assess the overall scenario of the real estate sector in Egypt.
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