Shady Mahmoud: The stability of real estate prices after the Central Bank’s decision to fix the interest rate

The Central Bank’s decision to fix the interest rate will have a positive impact on the real estate sector, explaining that the situation in the real estate sector remains as it is without the movement of prices, Shady Mahmoud, Marketing Director of Ibtkar Real Estate Development Company.

He added that the decision supports the wheel of investment and increases the movement of buying and selling in the real estate sector, explaining that the company has many projects in New Cairo, which will be launched one project after the other, according to the timetable for offering projects.

He pointed out that the real estate sector is one of the most contributing sectors to the national product by no less than 20%.

He pointed out that the real estate sector is the first destination for Egyptians to invest their money, despite the increase in real estate prices during the past years, the demand for real estate is still going on.

He explained that the sector witnessed many developments during the last period, as companies resorted to innovation in new marketing solutions, including extending the payment period for residential units, as well as reservation advances and other sales solutions to stimulate sales.

The Monetary Policy Committee of the Central Bank of Egypt decided, in its last meeting, to keep the rates of the return on deposit and lending for one night and the rate of the main operation of the Central Bank at the level of 18.25%, 19.25% and 18.75%, respectively, and the credit and discount rate were kept at the level of 18.75%.