Lots of new housing being build but no buyers!
One thing I have noticed and obviously everyone here probably did and so did every Egyptian about the amount of houses/apartments/resorts being built and promoted in the newspapers everyday
I have also noticed that in the last month or 2 at the most...3 real estate exhibitions have been showcased the last one being 3ammar Ya Masr.
Now, I dont get how none of the builders never drop their prices or try to offer better financing. Some DO say that they have long financing but when asked about them, you find that a typical villa in New Cairo will need 30,000 LE every month and every 6 month or 1yr you must pay like 100,000 or so
The thing to stop and ask yourself...doesnt those builders have loans to pay back to the banks?! I mean, the obviously took out a loan to build the place and they will pay it back when people start buying their projects.
Yet, you see that the price per meter in New Cairo is 2500 LE for an apartment or 3500 or higher for a Villa
A quick drive to New cairo around the Petro Sport stadium or around Rehab portrays a vast amount of signs for sale. Not to mention 3 pages or more in Waseet for New Cairo alone
and lets not only focus on New Cairo, but at the resorts being build at either Ain Sokhna or at the North Coast.
When you try and offer the builders that you would like to pay cash they only deduct 10% of the price. and some have the audacity to ASK for 50% down-payment CASH!
When I went to 3amar Ya Masr, it was filled with people that didnt seem/care to buy. They were killing time. Even the sales people didnt look to optimistic with the crowd
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What do you guys think of this??!!! Why hasnt someone tried to make a group like the one that was created for the cars
