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00:00 More than half a billion dollars is the size of foreign investments in Egyptian real estate during the first half of the current financial year,
00:07 with a growth of 54% compared to the equivalent period of the previous year.
00:13 A growth that came as a result of local currency refunds, which enhanced the liquidity and competitiveness of real estate in Egypt,
00:20 and with the support of government decisions that facilitated the purchase of real estate for foreigners
00:25 and their ownership of an unlimited number of real estate, including foreign currency.
00:31 We are working on laws that allow foreigners to own either national or residential property.
00:38 We also worked on infrastructure. There are many ways, such as the increased network of connections,
00:46 and the improvement of the infrastructure. This is the way for the developer or foreigner who wants to live in the country
00:57 to find that the country is attractive to this investment.
01:01 Another thing is the difference in currency.
01:04 It is true that the recent currency refund may reflect the increase in foreign currency to buy real estate in Egypt,
01:10 and it is welcome to export real estate and increase the country's resources from the hard currency,
01:15 but there are fears that this will lead to an increase in the prices of real estate in Egypt and the risk of local sales.
01:22 Now you are buying with dollars, or with the Riyal currency, or with the Dirham, whatever the currency is.
01:27 So you are buying with the Weda. When you convert it to local currency, you can find that the price is a little more than the normal price.
01:34 This will reduce the local demand.
01:38 There is no doubt that there is a demand for real estate.
01:42 This is the result of the marriage, the children, and many other things.
01:47 But the presence of the foreign element to buy gives a little pressure on the offer,
01:57 so there is no doubt that it will increase the prices.
01:59 The estimates indicate the doubling of the sales of 20 real estate companies in Egypt in the past year,
02:04 where its value exceeded 700 billion pounds.
02:08 The importance of the liberalization of local currency in increasing foreign purchases of Egyptian real estate,
02:12 as well as after the government allowed non-Egyptians to own real estate,
02:17 the hard currency credit card, in a step aimed at increasing the country's dollar resources.
02:23 Farouk Youssef, CNBC Arabia, Cairo.