Tarek Shoukry, head of the Real Estate Development Chamber at the Federation of Egyptian Industries and deputy of the housing committee in the House of Representatives, anticipates a marked escalation in property values. This comes in the wake of the Central Bank of Egypt’s move to hike interest rates by 6%.   Shoukry expressed that the rate increase is a double-edged sword: it’s expected to mitigate inflation and lower the cost of goods, benefiting the populace. However, the flip side presents a harsh reality for businesses and investors. The additional 6% on interest rates pushes borrowing costs to the brink of 30%, posing a daunting challenge for developers contemplating expansion or securing loans for ongoing projects.   Shoukry also highlighted that a…

According to Hisham Okasha, NBE Chairperson, this deal represents a promising investment opportunity that aligns with the bank’s strategy to diversify its investment activities and strengthen its presence. Yehia Abou El-Fotouh, Vice Chairperson of NBE, expressed pride in completing the transaction, emphasizing its potential impact on real estate market recovery. The real estate sector is crucial for the Egyptian economy.   Hyde Park, a leading company in real estate investment within new cities and urban communities, boasts a licensed capital of EGP 10bn. Its land portfolio exceeds 6 million square meters, enabling the establishment of several projects. Notable among these are the Hyde Park project in Fifth Settlement (1,177 feddan), the Towny project in 6th of October City…