Abdel Hamid Al-Wazir: Real estate sales will grow after raising interest rates during the coming period

The increase in interest rates has a positive impact on the real estate sector, indicating that the real estate market will not witness a decline in sales, said Dr. Abdel Hamid Al-Wazir, Chairman of the Board of Directors of Arabisk Real Estate Development Company and Chairman of the Support and Follow-up Committee of the New Cairo and Administrative Capital Developers Association.

He added that real estate prices are witnessing an increase of no less than 20% during the current period, after the increase in interest rates, pointing out that real estate sales during the summer season have increased by a large percentage, and he expects that sales will increase even more during the months of September and October, after the increase in interest rates.

Abdel Hamid Al-Wazir indicated that the real estate sector will remain a safe haven for customers, explaining that real estate prices increase annually by no less than 30%, as the real estate sector achieves many gains, so the real estate sector will not witness a decline in sales during the coming period.

He emphasized that the real estate renaissance that the real estate sector witnessed during the past years, especially in the new cities, made the sector achieve a high growth rate of the gross domestic income, as the state launched many new cities.