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FINANCIAL NEWS
Egyptian pound flotation affects real estate sector
18 Jan 2017
(MENAFN) The flotation of the Egyptian pound has made challenges for real estate shareholders amid 2016, as stated the 2016 Cairo Real Estate overview report.
Accordingly, the Egyptian pound showed signs of increased volatility trailing the devaluation and in Dec 2016, it lost 52 percent of its value.
Furthermore, Q4 witnessed relatively smaller firms cancelling their relocation plans to grade office spaces and they will find spaces of lower quality in less prime areas.
On the other hand, the occupancy rates have increased by 5 percent, while improvement in airport security and development of inbound tourism are the reasons for increased occupancy.
M
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