Mohamed Al-Assal , board member of Misr Italia Holding Company said the pound devaluation has little effect on real estate market compared to land prices.
Al-Assal added that the rise in land prices constitutes 40% of the construction cost.
On the sidelines of press conference held Thursday at the Egyptian Expo and Convention Authority (EECA), Al-Assal said Misr Italia recorded a growth rate of 25% during 2015.
Al-Assal noted that New Cairo is the most promising area for the real estate market, followed by 6th of October City and Ain Sokhna.
“The company seeks partnership with the government,” Al-Assal said. “The company is currently focusing on the local market and doesn’t seek markets abroad.”
He pointed out that the Cityscape exhibition is a milestone and an accurate indicator of the Egyptian real estate market.
