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11:41 a. M.
Wednesday 09 September 2020
Books – Muhammad Abdel Nasser:
Real estate prices in some of the most sought-after neighborhoods and older areas of Greater Cairo have been affected by the application of the Conciliation Law on some building violations, as various brokers and real estate marketing experts have confirmed that prices have significantly decreased and the application of the Conciliation Law has become evident, in light of the stagnation of the sale and purchase movement after the crisis. Crown.
The Real Estate Registration and Documentation Authority sent a circular No. 24 dated September 2, 2020 to the real estate registry offices nationwide, in relation to the infringing real estate and its transactions.
The publication stipulated that the real estate registry offices and their mandates will refrain from proceeding with the procedures for real estate registration applications, except after obtaining a certificate approved by the competent governor or his authorized representative, indicating that there are no violations on the property.
“Masrawy” made a comparison between the prices of the apartments in various areas of Greater Cairo to monitor the size of the change in prices and how they were affected by the Reconciliation Law regarding some building violations, in order to implementation of the law, which ends on September 30.
According to real estate marketing experts and the Aqarmap index, the size of the change in prices was as follows:
Prices are going down in Faisal:
The start was in the Faisal area, where demand has decreased since the beginning of 2020, since the price per square meter within semi-finished units ranged last November, between 2,800 and up to 3,100 pounds, especially in areas such as Al-Matbaa, Talbiya, Mariotia, Al-Thalini Street, and the first Faisal Street.
But in the current period, the purchase demand has decreased due to the repercussions of the Corona virus, and the implementation of the Conciliation Law in some building infractions, since the Faisal area is considered one of the areas with the most real estate infractions, according to a member of the House Committee on Housing, the price per square meter ranged from £ 2,500 to £ 2,700. An average decrease of 20%.
1500 increase per meter in the pyramid:
In the Al-Haram area, the price per square meter rose by between £ 1,000 and £ 1,500, at rates of 25% due to a lack of supply and increased demand over the recent period.
At the end of 2019, the price per square meter reached 4,000 in some areas, such as Mariouteya, Al Haram Street and Omraneya, but now it ranges between 5,200 and 5,600 pounds.
Al-Ahram Gardens .. The great retreat:
In the Hadayek al-Ahram area, housing unit prices have fallen dramatically over the recent period, as the average price per meter during the last months of January and February reached 3,400 pounds, but during the recent period the Average price of the meter reached 2,700 pounds, a decrease from 600 to 900 pounds per meter.
Experts and brokers attributed the drop in prices to the reserve of those who wanted to buy during the last period as a consequence of the Conciliation Law in some infractions of the building, and the few sales operations took a long time between the seller and the buyer, as a result of the latter’s attempt to verify the validity of the papers and the position of the building for construction infractions.
Nozha and Nozha Area 2 (Suez Bridge):
In the Nozha and Nozha 2 area, real estate brokers in these areas confirmed that sales have almost completely stopped in the recent period, noting that the sale was going well in the first of 2020, but with the start of the implementation of the Conciliation Law in some construction violations, sales stopped.
Picnic areas are considered one of the most violated areas in Cairo, where the height of the buildings reaches 15 to 20 floors, and the prices of the apartments ranged between 220 and 270 thousand without any final finishing, and the spaces go from 100 meters to 130 meters.
Ain Shams and price increase:
In the Ain Shams area, unit house prices increased at average rates amounting to 900 pounds per square meter.
The price per square meter at the beginning of 2020 was 3,200 pounds, and the 120-meter apartments amounted to 380 thousand to 400 thousand pounds, but in the recent period, prices increased by almost 10%, as the average price per meter square reached 4,300 pounds during the last two months.
