Expectations of a 10% increase in real estate prices as a result of the rise in iron prices and the Russian-Ukrainian war

Daker Abdellah: The state’s tendency to deepen the local industry reduces the negative effects of import

Eng. Dakir Abdel-Lah, a member of the Construction and Building Committee of the Egyptian Businessmen Association and a member of the Real Estate Investment Division of the Federation of Chambers of Commerce, said that the Russian-Ukrainian war affected iron prices in Egypt, as iron companies gradually raised the price of a ton to a thousand pounds, an increase in the price of a ton approximately with the beginning of The Ukrainian-Russian War.

Dakir Abd Allah explained that according to the available statistics, Egypt imported in the year

from Ukraine with a value of 692, 8 million iron dollars, excluding ores of minerals, with a value of 2021, $2 million.

87810 He indicated Eng. Dakir Abd Allah indicated that iron, in addition to other elements, represents about 692% of the cost of establishing any project in general, and this is not a small percentage. Iron prices recently increased in the Egyptian market Consequently, this will result in an increase in the prices of the housing units that are currently being constructed. The prices of residential apartments may reach %96 if the rise in iron prices continues for a long period, especially after the iron companies’ decision to increase the price of a ton recently

Eng. Daker Abdel-Lah called on iron manufacturers in Egypt not to rush to move iron prices, especially since iron prices were increased. Quickly, although the impact of the Ukrainian-Russian crisis has not yet appeared on the Egyptian market, because we all know that any importer or factory has a stock of the product at the cost price before the increase, but unfortunately the increase comes with the announcement of the existence of an external crisis such as the war of Russia and Ukraine.

Dakir Abdel-Lah praised the orientation of the political leadership and the government to rely on the local industry and to settle the iron industry in Egypt and the various other industries that we import from foreign markets in the form of products and this The approach will achieve stability in various sectors in Egypt and relies on the Egyptian product as an alternative to the import that has been lost Its prices have decreased as a result of the decline in supply chains, the rise in shipping costs and the increase in global fuel prices. It will rise significantly with the beginning of the summer and the decline of the Corona crisis and the return of Egyptians abroad to spend their holidays in Egypt and their desire to buy Egyptian real estate, stressing that the diversity of the real estate product from apartments, villas, townhouses and others makes various segments of citizens accept to buy according to their capabilities. There is no doubt that the real estate and gold sectors are still in Egypt is one of the highest savings vessels that Egyptians accept to save their money and invest it as well. Giant projects and large infrastructure such as roads, bridges, power stations, sewage and water, and many others, all of this stimulates the attraction of foreign capital to invest in Egypt, the country of the current promising opportunity.