Real estate prices have jumped in financially distressed Arab countries, where exchange markets are witnessing continuous turmoil that has declined the value of their national currencies. The prices of luxury real estate witnessed a significant increase in four Arab countries, namely Yemen, Egypt, Lebanon, and Jordan, despite the worsening economic, financial, and living conditions there, the increase in poverty rates, the suffering of citizens, and the erosion of their purchasing power.
In Egypt, luxury real estate witnessed a great deal of spending, despite the economic and financial crises the country is going through. The real estate market also witnessed a huge rise in the prices of residential and administrative units, driven by the decline in the value of the Egyptian pound against major currencies.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
