Egypt has many old and historic neighborhoods between its arms where you see tall buildings designed in unique architectural styles.
These buildings are well-known for their wide spaces, high ceilings and servants’ staircases. Even elevators in these buildings feature unique style and always remind us with those we used to watch in classic Egyptian films.
The most famous examples of these neighborhoods are: Downtown, Abaseya, Abdeen, Garden City and Zamalek. Properties in these historic neighborhoods may be in competition with the new cities, and their prices are somehow similar to villas and houses inside modern compounds, which may be somehow strange.
The one-million-dollar question is:
Do historic neighborhoods raise the value of the property or make it less?
Simply put, historic neighborhoods may enhance property value. It may raise up the price to reach EGP 1,000,000 for the unit. Meanwhile, it may affect negatively and lower its price if the neighborhood looks more like slums. Of course, nobody wants to live in such a neighborhood which dramatically lowers its price.
Maybe you had thought about the neighborhood of your future home in another way. However, if you look closely across history, you will figure out that this is what usually happens.
Nowadays, we see a number of historic neighborhoods that have very high prices of their properties, and the reason behind this is that those neighborhoods managed to retain not only their unique architectural design, but also the civilized human interaction between their residents and the cleanness of the streets and means of transport within their different parts.
Another Side of historic neighborhoods
On the other hand, there are historic neighborhoods that lost their value gradually and changed upside down. No traces of the old architecture and streets can be seen and were substituted by new ones. In addition, the behavior of their residents has changed which resulted in losing all the historical value and lowering the prices of their properties.
One important thing to put in mind is that many headquarters for big companies are located around these historic neighborhoods. They also include different workplaces such as banks, telecommunication companies, restaurants, cafes and recreational places that overlook the Nile River. It also has some historical destinations such as Aquarium Grotto Garden, Cairo Opera House, and so on, which give those neighborhoods an edge over the new cities.
This is a different point of view that you should take into consideration when comparing between buying a property in one of the new cities’ compounds or in one of these historic neighbourhoods that for sure will keep their value for a long period of time.