Real estate prices are expected to rise by about 15-20% in the coming days, due to the increase in building materials prices, against the backdrop of the Ukrainian war and the devaluation of Egypt's pound, according to MP Tarek Shoukry.
In press statements, Shoukry added that the prices of cement and iron have already been increased by more than 40%.
Concerning the units that have already been sold, but not yet delivered, Shoukry affirmed that Real estate developers will bear the losses for the reserved units, before prices rise.
Moreover, he also said that a request for a three-month extension of the project delivery deadline has been submitted to Prime Minister (PM) Moustafa Madbouly, to allow developers to assess the current situation and its impact on the real estate sector.
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