Real estate, automotive sectors affected by local currency devaluation: OLX Egypt
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Loading... - Ulrich Scholz
- 20 Jun 2022
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LX Egypt has spotted a decline in real estate and automotive listings after the Egyptian currency devaluation, based on the behavior of 6 million users.
The study showed a 15% reduction in real estate listings during June compared to May, and 35% decline in June car listings compared to March.
Furthermore, the number of real estate sellers and buyers decreased in May by 10% and 27%, respectively. Meanwhile, the demand rate for real estate increased in May by 2% monthly, although it is less than the usual rate of compared to the same period of each year.
The survey added that the reduction of listings was due to the drastic hike in property prices, in both primary and secondary markets, in addition to stagnancy in the buying and selling process until prices stabilize.
The situation is the same when it comes to the automotive sector. The demand rate on cars declined by 11%, in addition to a reduction in both buyers and sellers numbers by roughly 35% during May compared to March 2022.
OLX’s report confirmed that the global economic situation has affected the local economy in all countries, therefore the purchasing power and decision-making process, especially in these two main sectors, namely real estate and automotive. Read More...
