مصر.. زيادات الحديد تضع أسعار العقارات في مهب الريح
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00:00 The rising prices of iron in Egypt have reached levels that are expected to reach 50,000 pounds per tonne,
00:07 an increase of about 30% in the first month of the new year,
00:12 as a result of the declining exchange rate in the market.
00:17 This is a further burden on the real estate sector, which is mainly suffering from the rising prices of building materials,
00:24 which has affected their expectations towards the real estate companies to impose new price increases on units at a rate of no less than 35%,
00:34 amid fears of slowing down construction costs and handing over units to customers.
00:39 Of course, there will be an impact in the coming period on the rising prices of real estate.
00:44 Of course, these increases will be gradual, we will be able to increase them once,
00:49 and this will allow us as real estate development companies to see the stages,
00:54 of course, we will not stop implementing at the current time,
00:58 but we may move to faster stages,
01:01 meaning that instead of the stage being, for example, on a larger area,
01:05 I will try to expand the areas of the stages and increase the stages,
01:09 in order to be able to benefit from the money provided to build in it as soon as possible.
01:15 The construction costs, local currency withdrawals, inflation and financial pressures,
01:20 have pushed real estate companies to target new shares of customers outside Egypt,
01:25 and have developed an external marketing policy in an attempt to deal with the losses of currency differences.
01:31 Despite these pressures, they have not met the local demand, which is growing on the real estate sector.
01:38 There is a demand, and there will be a demand on the real estate sector.
01:41 Why? Because people are trying, not everyone is trying to convert the money they have into gold or dollars,
01:49 no, everyone is thinking of putting it in real estate, which is safer and more secure.
01:54 Many developers, unfortunately, have had very big problems due to the major changes,
02:00 which has led to the projects being extended for longer than necessary.
02:06 This indicates that the production capacity of steel in Egypt is about 15 million tons,
02:12 while the actual consumption is about 7.5 million tons.
02:17 The prices of steel in Egypt have risen significantly due to the shortage of dollars.
02:22 The rise has affected the construction costs and has caused a major increase in real estate prices.
02:28 Farouk Youssef, CNBC Arabia, Cairo.