Aqarmap, Egypt’s Real Estate Demand Index, recorded a growth of 7% in property sales in April, after a period of decline in March (coinciding with the holy month of Ramadan) due to steady hikes in prices.
Although Ramadan usually witnesses the peak of advertising campaigns for most real estate companies, real estate sales are witnessing a regular decrease during this month and a severe slowdown in sales.
In addition to the usual slowdown of the real estate market during Ramadan, its percentage increased this year due to a significant increase in prices of properties as a result of changes in exchange rate, the increase in prices of building materials and the increase in construction costs by more than double. However, it was noticed that demand returned and increased in April, as many customers believe that it is still a safe haven and the best store of value of their money. Besides, their fears of steady increase in all kinds of commodities, especially real estate.
Meanwhile, real estate demand stabilised in February at the same size of demand ended in January of the same year, recording a slight increase of not more than 1% compared to the previous month.
Aqarmap index, which measures the level of real estate demand in the Egyptian market, recorded a qualitative increase in January, by 9.5% compared to demand in December 2022. This increase coincides with the liberalisation of the exchange rate of Egyptian pound that took place during the month of January. This prompted consumers to search for real estate to buy and invest in.